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InvoiceMate and 24SEVEN Look to Offer Blockchain Financing Solutions to Thousands of UAE-Based SMEs

InvoiceMate, a blockchain and AI-powered invoice financing enabler has agreed to support the retail supply chain across the UAE alongside retail technology provider 24SEVEN, as part of a new partnership. 

By partnering, InvoiceMate and 24SEVEN will potentially strengthen financial inclusion for thousands of SMEs by combining retail and payment data with blockchain financing solutions.

UAE-based SMEs often face challenges with invoicing and cash flow. In fact, around 60 per cent of invoices are settled late and B2B payments take an average of over 40 days before they are 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.

“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,” said Jarrar Shah, co-founder and CEO of 24SEVEN. “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.”

With the UAE’s total annual retail market expected to broach $100billion by the end of 2024, innovative solutions to meet retailer and supplier needs can further bolster this economic upsurge.

The power of blockchain financing

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.

Muhammad Salman Anjum, founder and CEO of InvoiceMate, also 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.”

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 the necessary working capital, improving liquidity for retail operations. And, 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.

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