Dubai, United Arab Emirates – InvoiceMate, a world-first blockchain and AI-powered invoice financing enabler and rapidly growing retail technology provider 24SEVEN, have agreed 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.

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

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 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. 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.

For more information about 24SEVEN, visit 24seven.ae and to learn more about InvoiceMate, head to invoicemate.net.

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Source - Up to 60% of invoices are paid late (Atradius survey, 2021)

About 24SEVEN Optima

24SEVEN Optima is a retail technology and community commerce platform headquartered in Dubai. The business supports UAE retailers and grocery stores with cost-effective technology solutions, point-of-sale (POS) software and hardware that enable store operators to easily manage their physical retail or online stores to optimize their operations, maximize sales and provide ultimate customer satisfaction.

24SEVEN Optima – The POS-sibilities are endless

24seven.ae
Instagram/YouTube/LinkedIn: @24SEVENOptima / Facebook: @24SevenOptima

About 24SEVEN

Established in 2016 in Pakistan, 24SEVEN is a leading B2B2C grocery retail platform, serving grocery store owners and operators across 10 cities in the MENAP region. Its regional team of 300 specialized experts supports over 6,500 businesses to optimize operations, maximize sales and serve well over 1.2million customers on a daily basis.

In June 2022, the company raised USD 6 million in Pre-Series A funding from investors such as SOSV, Betatron Venture Group, Newlin VC, Verity Capital, and Argo’s Quest.

For more information please visit - 24seven.ae