The DFINITY Foundation, a not-for-profit research and development organization based in Switzerland and a major contributor to the Internet Computer blockchain (ICP), has announced that it has partnered with InvoiceMate.
InvoiceMate.tech will migrate from Hyperledger Fabric to the Internet Computer. The DFINITY Foundation will support InvoiceMate in this transition as it becomes an important part of the ICP ecosystem.
InvoiceMate is a bblockchain and AI-powered invoicing platform that acts as a bridge between SMEs and financing institutions. InvoiceMate leads to easier financial inclusion by enabling SMEs access to various forms of credit like invoice discounting, factoring, Buy Now Pay Later (BNPL), and supply chain financing.
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InvoiceMate has processed over $114 million in invoices and partnered with nine financial institutions with over $5mn in locked lending allocation.
As part of the partnership not only will InvoiceMate use the Internet Computer blockchain it will work with the DFINITY Foundation to add value to the ICP ecosystem as a whole. The InvoiceMate team will act as advisors and mentors for other enterprise blockchain projects.
This will include running workshops for enterprise blockchain organizations, InvoiceMate’s large network of partners and universities that are interested in exploring the Internet Computer.
InvoiceMate’s tech arm MateSol will also serve as a “dev shop” and support projects wanting to integrate ICP into their operations. InvoiceMate brings a wealth of experience from the enterprise blockchain industry and is set to play a large role in enterprise adoption for the Internet Computer blockchain.
Muhammad Salman Anjum, Chief Mate at InvoiceMate said, “We’re excited to migrate to the Internet Computer blockchain. InvoiceMate has built its reputation on trust and efficiency, and that is what we are looking for in a blockchain. The Internet Computer enables us to use the power of invoices to aid SMEs in accessing credit but in a decentralized, tamperproof, and scalable manner.”
The partnership between the DFINITY Foundation and InvoiceMate strengthens the presence of the Internet Computer in the region. Recently, the ICP.HUB GCC was founded in Dubai. The ICP.HUB GCC is a Web3 community of developers and entrepreneurs building the Internet Computer’s presence in the Gulf.
The Hub is focused on education, including workshops for developers, incubation, helping founders from ideation to MVP, and developing blockchain use cases for corporates and governments. The ICP.HUB GCC also facilitates partnerships between the DFINITY Foundation and local enterprises.
Saed Ereiqat, Co-Founder of the ICP.HUB GCC said, “Since the inception of the ICP.Hub GCC, we have been building the groundwork for projects to transition into the ICP Ecosystem smoothly, and we are seeing significant interest from the local ecosystem to build.
InvoiceMate is the perfect example of a mature, Dubai-grown project moving to the ICP Ecosystem. I am looking forward to working with the team on developing corporate use cases powered by ICP!”.
The Internet Computer is a general-purpose, layer-one blockchain that acts as a Cloud 3.0. The network has been operating for over two years and has experienced zero downtime. It also processes over 750 million transactions daily, a 425% increase from its first year of operation.
The Internet Computer is the only blockchain network in the world capable of hosting social networks and enterprise systems, providing an alternative to the Legacy IT stack, which incorporates Web 2.0 infrastructures such as centralized cloud services run by Big Tech, which run databases and web servers.
InvoiceMate acts as a trusted bridge between SMEs and lenders. It enables SMEs easy digital inclusion with Blockchain and AI-powered invoicing platform that empowers them with even easier financial inclusion. Financing institutions get easy pre-qualified Borrowing SMEs and quicker due diligence with KYI (Know Your Invoice) Service to do de-risked lending.
The DFINITY Foundation is a not-for-profit organization of leading cryptographers, computer scientists and experts in distributed computing. With a mission to shift cloud computing into a fully decentralized state, the Foundation leveraged its experience to create the Internet Computer and currently operates as a major source network.