TarabutWe have partnered with , a MENA-based open banking platform. flossa Bahrain-based digital lending platform that streamlines the digital lending experience for FLOOSS.
This partnership pioneers Bahrain’s first open banking-enabled digital lending service. This partnership streamlines FLOOSS’s digital lending experience and dramatically reduces loan approval times for Tarabut to just minutes. proof of income product.
Bahrain-based FLOOSS’s digital loan app offers consumer loans of up to BHD 750 with repayment terms of up to 12 months.
The company was able to shorten the loan approval process to just a few minutes, a significant change from the previous two-week process. By leveraging open banking APIs, the newly launched product enables instant approval of loans, eliminating traditional multi-day approval processes.
FLOOSS approached Tarabut with the goal of providing a seamless lending process for its customers. It provides easy access, saves both money and time, increases security, and digitizes the traditional manual lending process.
Tarabut transformed the customer journey by providing direct access to customer payroll information, eliminating the need to manually submit payroll verification during the application process.
Fawaz GhazalFLOOSS CEO said: Customers expect more from their financial services providers.
“Working with the Tarabut team, FLOOSS was able to implement a customer-first solution that reduces loan processing times to minutes, anytime, anywhere, and more seamlessly than any other lender.
“We are proud of our innovative work and look forward to further announcements with our partner Tarabt in the Kingdom of Saudi Arabia in the near future.”
“Promoting financial inclusion and developing Bahrain’s financial infrastructure”
In Bahrain, the demand for personal loans is steadily increasing, with a significant increase of 11.9% in 2022, reaching a total of BD5.7 billion, or 38.2% of GDP.
Access to credit remains important for consumers: it supports financial goals, emergencies, investments, and plays an important role in financial well-being. Tarabut’s income verification product enables FLOOSS to provide seamless and fast loan approvals, making it easy for consumers to access the funds they need, when they need it.
Abdullah AlmoayedTarabut’s Founder and CEO also commented on the partnership: He is one of the leading lending platforms in Bahrain.
“Together, we are promoting financial inclusion and developing Bahrain’s financial infrastructure, in line with Bahrain’s plans for a strong financial ecosystem. Everyone has access to affordable and efficient financing facilities. This partnership is an important step towards that goal.”
Tarabut explains that transforming the lending sector is a key priority as it works with more banks, corporates and financiers in the MENA region.
Powered by open banking technology, these partnerships are designed to help financial institutions maximize revenue, enrich the customer experience, and reduce operational costs.
