InvoiceMate, a Dubai-based decentralized infrastructure for invoice financing, has won the Ignyte × du Business Challenge, which was focused on designing the future of capital access for SMEs. The company took home a prize of USD 10,000 plus an Ignyte Premium package.
By the Numbers
The win comes as InvoiceMate demonstrates significant traction in the market:
- 1,700+ SME Users: The number of small and medium-sized enterprises on the platform.
- $200+ Million: The value of the more than 42,000 invoices that have been tokenized.
- $4.3+ Million: The amount of invoice financing that has been enabled through the platform.
A Web3 Solution for a Traditional Challenge
InvoiceMate’s winning vision is its innovative approach to invoice financing, which connects conventional businesses with Web3 investors. The platform uses invoices as Real World Assets (RWAs), allowing on-chain investors to earn stable and secure yields on their stablecoins by funding short-term loans backed by verified and risk-scored invoices.
A Multi-Award-Winning Platform
This latest victory adds to a growing list of accolades for the Dubai-based startup. InvoiceMate was previously named “Blockchain Startup of the Year” by the Gulf Business Awards in 2023 and won “Best Invoice Financing Solution 2024” at the UAE MEA Markets Business Awards.
An Ecosystem Fueled by Innovation
The Ignyte x du Business Challenge highlights the commitment of major ecosystem players to support innovative solutions that address real-world problems. The win for InvoiceMate underscores the growing importance of Web3 technologies in solving traditional financial challenges and creating new opportunities for both SMEs and investors.
Source: Ignyte
