Dana Fintech and Merchant Bay announced a partnership to extend embedded digital lending for SME RMG factories.
According to a press release, under this partnership, Merchant Bay will use Dana's embedded lending engine to generate business credit score of SME RMG factories to enable them for digital financing through partner banks on same platform for instant end-to-end digitally originated digital SME loan and invoice finance applications.
Merchant Bay is a B2B tech-enabled platforms created as a critical channel for sales, marketing and order management of apparel. Merchant Bay's multisided platform as a service creates supply chain visibility and make factories take data driven decision to increase efficiency. Merchant Bay is now connected to 300+ SME RMG factories.
Dana Fintech is an embedded lending platform for banks and network partners to offer digital loans and BNPL to SMEs and individuals through digital credit scoring API, BNPL engine and digital underwriting engine. Currently, Dana is working with three network partners and two leading commercial banks.
This tie-up will bring SME RMG factories under digital financial inclusion leveraging data-driven insights and digital lending capabilities for lenders.