INVioU is a blockchain-based platform for invoice and credit finance management. The platform seeks to enable “minimal-risk streamlined collections and fully automated loan obtainment processes within the global community.”
Founded by CEO Dror Shapira (son of Israel’s State Comptroller, Yosef Shapira) and Yair Zehavi, CPO of INVioU, the company is raising $2 million to develop the systems and reports it has already acquired $300,000. Zehavi was a key figure in the establishment of the Israeli national savings exchange, where he served as deputy CEO and VP of operations and products.
INVioU says that by using blockchain technology their new financing platform can create “a leap forward for the finance industry by utilizing the blockchain’s intrinsic capabilities and immutability, including trusted recording of ownership, digital signage, and verification of transactions, as well as proof of service, delivery, and payment.”
By using blockchain, Invoices cannot be counterfeited and the information is encrypted and transparent to all permissioned parties, minimizing the risk and establishing trust between trust-less participants, the issuer of the invoice and the credit provider.
INVioU services are expected to be offered globally and suitable for any business with electronic invoices. On-boarding will be conducted through a customer registration and a transparent interface to the digital invoice system. The initial process, including the invoice history recording on the blockchain platform, credit scoring, and financing of the first invoice, takes only one day, according to the company, and recurring invoice financing is much faster, significantly quicker than is customary in this field.
INVioU’s system is defined in full compliance with the European GDPR (General Data Protection Regulation), which comes into effect on May 2018. The system is said to be already running in preliminary mode and will be active in early 2019. In the second quarter, a pilot version will be presented with strategic partners.