InvoiceMate

InvoiceMate project overview

InvoiceMate — invoice management system designed for traditional businesses, built on blockchain technology.

Invoice — a document used in international business for the payment of goods or services. It serves as both a contract and a bill for payment between counterparties, and is an essential part of international business processes.

Proper issuance and use of invoices help establish clear payment terms, avoid complications at customs, and ensure timely receipt of payment for goods sold or services rendered. Thus, it is a crucial document in the import and export of goods, as well as in conducting international financial transactions.

The transition from traditional invoice issuance to more efficient, automated blockchain-based solutions helps eliminate the need for intermediaries. This shift enables direct and secure interaction between businesses and their counterparties. The InvoiceMate project offers such an innovative blockchain-based solution.

InvoiceMate — a blockchain platform for AI-based invoicing that acts as a bridge between large financial institutions and small and medium-sized businesses. InvoiceMate simplifies the operations of small companies by offering a comprehensive suite of financial services, including lending, invoice discounting, payment deferrals, and supply chain financing.

Key modules of the InvoiceMate Platform

Tech Suite — an invoice management system for businesses. The comprehensive invoicing platform offers a secure blockchain-based solution for efficient invoice management, covering all stages of the invoicing process.

Tech Suite allows businesses to:

create, verify, approve, and track invoice movements;
conduct invoice analytics, providing data for strategic decision-making;
perform real-time financing (pay, reconcile invoices, assess creditworthiness, and evaluate risks);
maintain accurate daily financial reporting.

This system streamlines workflows and facilitates smoother interactions between counterparties.

"Know Your Invoice" (KYI) Service Through KYI, the InvoiceMate project provides investors and liquidity providers with only verified invoices containing accurate accounting data and operational history.

KYI analyzes risks using AI and advanced algorithms to check invoices for potential fraud. The service protects investors and liquidity providers by serving as a single source of reliable information.

KYI identifies and resolves counterparty payment issues, prevents duplicate financing, and mitigates fraud in the invoicing process.

Real world assets (RWA) marketplace for network investors. InvoiceMate tokenizes invoices and enables their trading on a marketplace, allowing investors to diversify their portfolios with short-term loans backed by invoices.

By leveraging blockchain technology, InvoiceMate enhances transparency, security, and efficiency in RWA transactions.

Loan origination system (LOS) LOS enables institutional lenders to easily attract borrowers from any industry, providing working capital financing for small and medium-sized businesses. LOS utilizes AI, data-driven analytics, and process transparency to unlock new financing opportunities and reduce the credit gap for SMEs.

LOS is:

automated credit rating and bank statement analysis (reduces the time and effort required for manual checks);
blockchain-based architecture (enhances transparency, security, and immutability of financial transactions);
advanced data analysis (provides deeper insights into borrower behavior, market trends, and supports informed lending decisions);
open API interfaces for third-party developers (enables easy integration of financial services with existing platforms).

InvoiceMate platform technology

InvoiceMate is built on Internet Computer (ICP) technology and utilizes their canisters. A canister — a new type of smart contract that is more powerful than the Ethereum network’s smart contracts.

InvoiceMate uses several types of canisters:

An invoice canister that manages the creation and lifecycle of invoices, ensuring secure and immutable transaction records.
A payment canister that automates the payment process between parties, directly linked with the invoicing system for seamless transactions.
A financial canister that offers financing options, allowing businesses to receive funds into their accounts.

These canisters are integrated into a user-friendly interface. ICP technology ensures seamless data access and convenient invoice management.

InvoiceMate is an already active platform:

processed over $114 million in invoices
collaborates with nine financial lending institutions
facilitated transactions exceeding $5 million

InvoiceMate charges fees for services such as invoice processing, payment facilitation, and lending. This model ensures a sustainable revenue stream for the project while providing immense value to its users.

InvoiceMate plans to expand its range of services and evolve into a comprehensive financial platform for small and medium-sized businesses, leveraging the full potential of ICP blockchain technology.

InvoiceMate is a winner of the prestigious Deloitte Technology program for outstanding achievements in technology, receiving the Rising Star award, which honors the most promising and rapidly growing tech startups.

Team

The development team is based in the UAE (Dubai) and consists of over 30 members.

Key figures of the project:

Muhammad Salman — co-founder and CEO.
A serial entrepreneur with over 24 years of business experience. A speaker at the renowned TEDx conference. Listed among the top 100 leaders in blockchain technology. Expert at the PricewaterhouseCoopers Academy (a global leader in audit and consulting) in fintech and blockchain.
https://www.linkedin.com/in/chiefmate/
Usman Salahuddin — co-founder and CTO.
Has 20 years of experience in software development. An expert in blockchain solutions for large enterprises. Previously worked on developing a marketplace for tokenizing the real estate market. One of the developers at the globally recognized company Oracle.
https://www.linkedin.com/in/usman-salah-ud-din-a36a5411/
Muhammad Ibrahim — head of Web3 and Innovation.
A researcher and crypto market analyst with 4 years of experience. Responsible for networking and establishing partnerships. Formerly one of the leaders of the Middle Eastern crypto project association, Crypto Oasis.
https://www.linkedin.com/in/m-ibrahim-salman/

Investors

The project is primarily known in the Middle East, with the most significant investors coming from this region. It enjoys support from the ruling authorities of the Emirate of Dubai.

Mohammed Bin Rashid Innovation Fund (MBRIF) — the largest fund and accelerator in the region, with a capital of $500 million, investing in groundbreaking Middle Eastern startups. Established by the Emir of Dubai, Mohammed Bin Rashid. Essentially, this is a government fund of the UAE, with a unified government website.
Dubai International Financial Centre (DIFC) — a special economic zone in the UAE's capital. It is financed by a fund and accelerator of the same name, which supports and financially backs startups. DIFC has the largest innovation community in the region and provides comprehensive assistance to projects in their development.
Crypto Oasis — the largest blockchain ecosystem in the Middle East, comprising over 2,000 organizations. Crypto Oasis includes investors, startups and projects, corporations, academic and research institutions, service providers, as well as government bodies and associations. It has close ties with Crypto Valley Switzerland — the world’s leading Web3 ecosystem based in Switzerland. The venture arm of Crypto Oasis invested in InvoiceMate at an early stage.

Among European investors are two leaders of the crypto industry — swiss DFINITY foundation и german IOTA Foundation.

DFINITY foundation — one of the primary investors in the renowned blockchain project Internet Computers (ICP). InvoiceMate utilizes protocols from Internet Computers and is a vital part of the ICP ecosystem. DFINITY acts as a consultant and advisor to other corporate projects. They conduct workshops for partners, universities, and companies interested in studying Internet Computers technology.
IOTA Foundation coordinates and oversees the development of the IOTA ecosystem. The foundation's goal is to create a sustainable ecosystem around the IOTA blockchain to accelerate its development and commercial adoption. InvoiceMate leverages its open-source technologies.

nvoiceMate also counts the venture fund Black Alpha, among its backers, who have co-invested in projects such as Privasea and Folks Finance.

Token Utility

InvoiceMate utilizes the $MATE token for rewarding the community and supporting the growth of its ecosystem.

Key use cases of $MATE

Token holders earn additional profits and receive a share of the platform's revenue.
Small and medium-sized businesses gain access to loans on the InvoiceMate platform at reduced interest rates.
LP Shield protects investors from losses due to bad debts.
Subscription fee for software usage.

Tokenomics

Token ticker: $MATE
Total supply: 250 million
Network: Ethereum L2 (Arbitrum/Base)
Our round: Strategic (project valuation in this round is $30 million)
Token price: $0.12
Conditions: 10% unlock at TGE, with a 3-month cliff, followed by a linear unlock over 15 months
TGE: December 2024

The public sale will be conducted with a valuation of $60 million.
The primary launchpad for the token launch will be Seedify.
The token will be listed on exchanges KuCoin, ByBit, and Gate.io.

Social networks & links

🌐 Website: https://www.invoicemate.tech/

🐦 Twitter: https://x.com/MateInvoice

💻 Instagram: https://www.instagram.com/invoicemate/

💻 Facebook: https://www.facebook.com/mateinvoice

💻 YouTube: https://www.youtube.com/@invoicematetech

💻 LinkedIn: https://www.linkedin.com/company/invoicemate

Why was the InvoiceMate project selected for #portfolio_InsiderClub?

Demand for the project's focus: The use of AI for automatic invoice generation significantly reduces the potential for errors, which can reach 8-12% with manual processing (according to IOFM). The cost of correcting errors in manually processed invoices can be substantial, averaging $53. Therefore, InvoiceMate is an efficient solution that significantly saves companies money.

Strong team: The CEO is listed among the top 100 leaders in blockchain technology, and the CTO is one of the developers from the globally recognized company Oracle (an American corporation and the second-largest software developer by revenue after Microsoft).
Support from prominent Middle Eastern investors: Mohammed Bin Rashid Innovation Fund (MBRIF), directly connected to the UAE government.
Dubai International Financial Centre (DIFC), a major community that supports the development of regional projects.

Attractive vesting: The project's total supply is just 250 million tokens, indicating the potential for a high token value. The upcoming listing (Q4, 2024) on exchanges KuCoin, ByBit, and Gate.io adds further appeal.

We recommend adding this project to your crypto portfolio.