Blockchain and AI-powered invoice financing enabler InvoiceMate has announced a strategic partnership with retail technology provider 24SEVEN to enhance the retail supply chain across the UAE.
This collaboration aims to bolster financial inclusion for thousands of SMEs by merging retail and payments data with advanced blockchain financing solutions.
SMEs in the UAE often face significant challenges related to invoicing and cash flow, with approximately 60% of invoices settled late and B2B payments taking over 40 days on average to be completed.
InvoiceMate’s blockchain invoicing and financing solutions will integrate with 24SEVEN’s retail hardware and software technology, offering innovative ways for retailers and their suppliers to manage capital efficiently.
As the UAE’s total annual retail market is projected to reach $100 billion by the end of 2024, such solutions are critical in supporting the sector’s economic growth.
Jarrar Shah, Co-Founder and CEO of 24SEVEN, commented:
“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, supporting 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, turbocharging their daily operations.”
24SEVEN will provide real-time data at the point of sale (POS) through its Optima hardware devices and bespoke software, while also using their AI-powered application to credit score stores.
InvoiceMate’s embedded financial technology will enhance the options available for invoicing and working capital management.
Blockchain financing offers several advantages over traditional invoicing processes. It reduces the risk of fraud or manipulation, as invoices are recorded on a transparent, immutable, and secure blockchain ledger.
Additionally, processing is faster, enabling quicker decision-making to provide businesses with the necessary working capital, thus improving liquidity for retail operations.
By leveraging real-time retail data directly from the point of sale rather than relying on credit history or collateral, blockchain invoice financing can be more inclusive and flexible.
This partnership between InvoiceMate and 24SEVEN represents a significant step forward in addressing the financial challenges faced by SMEs in the UAE’s retail sector, paving the way for enhanced financial inclusion and economic growth.
