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InvoiceMate and 24SEVEN Unite to Bolster UAE SME Financing

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by Daisy Brown
May 24, 2024
Image Credit: Pixabay
InvoiceMate and 24SEVEN Unite to Bolster UAE SME Financing

In an effort to transform invoice financing for small and medium-sized enterprises (SMEs) in the United Arab Emirates, InvoiceMate has partnered with 24SEVEN. This strategic alliance seeks to directly combat frequent financial roadblocks such as delayed payments and prolonged cash flow issues, which affect approximately 60% of the SMEs in the UAE, hindering their economic progress. By integrating InvoiceMate’s cutting-edge blockchain and artificial intelligence technology with the insightful retail and payment data from 24SEVEN, the collaboration aims to enhance financial inclusion and significantly improve the management of working capital for thousands of SMEs in the UAE’s bustling retail sector.

Enhancing Financial Accessibility Through Technology

The synergy between InvoiceMate’s blockchain capabilities and 24SEVEN’s real-time Point-of-Sale data is foundational to this venture. As 24SEVEN deploys its Optima hardware and tailored software to collect sales data, artificial intelligence plays a critical role in refining credit scoring methods, tailoring them to the unique patterns and performance of SMEs. This new approach eschews traditional and often restrictive credit scoring models, providing a more dynamic and fair assessment of a business’s creditworthiness. InvoiceMate, on the other hand, leverages its advanced financial technology infrastructure to foster better invoicing practices and reinforce capital support mechanisms, thus enabling quick liquidity and access to funds for SMEs in need.

Accelerating Growth in the UAE Retail Market

InvoiceMate and 24SEVEN have formed a strategic alliance to revolutionize the way small and medium-sized enterprises (SMEs) in the United Arab Emirates handle invoice financing. This collaboration aims to address the common financial challenges faced by about 60% of the UAE’s SMEs, including delayed payments and cash flow difficulties, which can significantly impede their growth. Leveraging InvoiceMate’s advanced blockchain and AI technologies combined with 24SEVEN’s extensive retail and payment data, the partnership is poised to promote financial inclusion and dramatically improve working capital management for countless SMEs in the dynamic UAE retail market. The initiative represents a significant step forward in enabling these businesses to thrive by mitigating traditional financial constraints.

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