Invoicemate UAE and 24SEVEN Announce an Embedded Financial Collaboration

InvoiceMate, a pioneer in blockchain and AI-powered invoice financing, and 24SEVEN, a fast-growing retail technology provider, have joined forces in a significant partnership to improve the retail supply chain in the UAE. This collaboration aims to empower thousands of small and medium-sized businesses (SMEs) by integrating retail and payment information with blockchain financing solutions. Many UAE SMEs struggle with invoicing and cash flow. Late invoice settlements are common, with B2B payments taking over 40 days on average. InvoiceMate's blockchain solutions for invoicing and financing will work together with 24SEVEN's retail technology, offering retailers and suppliers innovative methods for managing capital. As the UAE's annual retail market is expected to reach $100 billion by the end of 2024, new solutions that address retailer and supplier needs can further fuel this economic growth.

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.”

24SEVEN will provide real-time data at the point of sale (POS) through their Optima hardware devices and custom software, while also using their AI-powered credit scoring application to assess these stores. InvoiceMate's embedded financial technology will seamlessly integrate to expand the available options for invoicing and working capital management. Blockchain financing offers several advantages over traditional invoicing methods. First, it minimizes the risk of fraud or tampering because invoices are recorded on a secure, transparent, and unchangeable blockchain ledger. Additionally, processing is faster, allowing for quicker decisions on providing businesses with essential working capital, which improves liquidity for retail operations. Finally, by using real-time retail data directly from the point of sale instead of credit history or collateral, blockchain invoice financing can be more inclusive and adaptable.