InvoiceMate, a blockchain and AI-powered invoice financing enabler has partnered with retail technology provider 24SEVEN to support the retail supply chain across the UAE.
The partnership will potentially strengthen financial inclusion for thousands of SMEs by combining retail and payments data with blockchain financing solutions.
SMEs in the UAE typically face challenges with invoicing and cash flow, with around 60 percent of invoices settled late and B2B payments taking an average of more than 40 days to be settled.
InvoiceMate’s blockchain invoicing and financing solutions will converge with 24SEVEN’s retail hardware and software technology, to enable new ways for retailers and their suppliers to manage capital. The deal is expected to provide a further boost to the UAE’s total annual retail market which is forecasted to reach $100 billion by the end of 2024,
Jarrar Shah, Co-Founder and CEO of 24SEVEN said, “It’s no secret that cash flow is critical, but until now it’s been particularly difficult for SMEs in the UAE retail sector to access the financing they need. We’re excited to bring InvoiceMate’s game changing blockchain financing solutions to our retail partners. Through this partnership we will be able to provide better access to finance for retailers and suppliers and support their daily operations.”
Muhammad Salman Anjum, Founder and CEO of InvoiceMate added, “Combining 24SEVEN’s expertise and sales data, with InvoiceMate’s blockchain and AI technology is a winning combination to boost the UAE’s retail economy. Stakeholders across the retail supply chain will be able to access the cash they need, when they need it, and turbocharge their daily operations.”
How it works
24SEVEN will enable real-time data at the Point-of-Sale (POS) through its Optima hardware devices and bespoke software, while credit scoring these stores using their AI-powered credit scoring application. InvoiceMate’s embedded financial technology will ‘plug in’ to enhance the options available for invoicing and working capital management.
Blockchain financing provides a number of advantages over traditional invoicing processes. Firstly, it reduces the risk of fraud or manipulation, as invoices are recorded on a transparent, immutable and secure blockchain ledger. Processing is also faster, so decisions can be made quicker to provide businesses with necessary working capital, improving liquidity for retail operations. Additionally, by using real-time retail data directly from the point-of-sale rather than credit history or collateral, blockchain invoice financing can be more inclusive and flexible.
