Success matters to everyone, but for small and medium-sized enterprises (SMEs), it is integral to their survival. And for an SME to be successful, it needs a supportive network.
A new business’s primary focus should be developing its core competencies and satisfying its customers. But while doing so, getting support from outside the company from time to time is essential. During this period, having a banking partner that understands the needs of the business and provides financial assistance to help it prosper can make all the difference, especially when starting up.
Guidance and support from the right banking partner were critical for Bayzat -- a health insurance, HR and payroll software company, especially when they launched.
“We wanted a banking partner that understood our needs as an SME, as a fast-growing company, and that is what RAKBANK does best,” says Talal Bayaa, Co-founder and CEO of Bayzat, which has since been named by Forbes as one of the most promising UAE-based start-ups. “RAKBANK has built its brand on SMEs and entrepreneurs, and they continue to live by that brand,” Bayaa added.
RAKBANK Business offers products and solutions to ensure that businesses function smoothly. These offerings give owners more time and energy to devote to developing their products and services.
Setting up a business and running it is time-consuming. To help alleviate the impact of this concern, one of the benefits RAKBANK Business offers is the ease of opening accounts. The RAKstarter account, for example, can be processed in minutes and is available for new businesses that have been in operation for less than a year. This account further helps businesses by not imposing extra charges for not maintaining a set monthly balance. In addition, free remittances and preferential forex rates ensure the business starts on the right track. To allow for market flexibility and future expansion, RAKBANK Business accounts are also available in various currencies, including AED, USD, EUR and GBP.
Having RAKBANK Business as a banking partner also means business owners can access the appropriate account for every stage of their company’s growth. When a business takes off and its banking requirements change, RAKBANK Business will remain by its side, providing support through its three business accounts. These accounts include RAKstarter, RAKBANK Current Account, and Business Elite – all of which have various and specific merits, depending on the size of the business.
The benefits of this flexible and ever-evolving financial and banking support are evidenced by the effective operations and success of another RAKBANK partner — the UAE-based app Lamsa.
“The UAE’s environment is very supportive when it comes to starting a business,” says Badr Ward, Founder and CEO of Lamsa. “All the way from setting up to having the right
foundation, RAKBANK gave us the sail to push forward. They supported us throughout our journey from the early beginnings to growth and scale around the region and beyond.”
The Lamsa App is now ranked as the top app for children in the region by Apple and Google and has raised over $25 million in funding so far.
Undoubtedly, different needs will always arise in any venture’s journey to success, but with RAKBANK Business navigating the way, business owners are assured of having a trusted partner even amidst rough waters.