InvoiceMate, a world-first blockchain, and AI-powered invoice financing enabler and rapidly growing retail technology provider, 24SEVEN, have entered into a major partnership 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.
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.
Jarrar Shah, Co-Founder and CEO of 24SEVEN, said that, “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, stated that, “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.”
According to the statement, 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.
