Fintech SaaS, Clear (formerly ClearTax) has launched invoice discounting product for Enterprises, marking its foray into SME credit and B2B payments. 

The invoice discounting product will be available to Clear’s existing 3,000-plus enterprise customers to provide working capital solutions to their suppliers and help grow their businesses. Clear provides a suite of SaaS compliance products for over 3,000 enterprises and over 600 thousand SMEs. The platform already processes over 200 million business invoices with a gross value (GTV) of $400 billion.

“We have deep experience of building fintech SaaS for enterprises which has led us to solve for the need of tech-based solutions for SME credit and B2b payments in the ecosystem. The tech-first supply chain financing products, starting with invoice discounting, will deliver outstanding experience for enterprises and their suppliers,” said Archit Gupta, Founder and CEO, Clear.

Financing options

Clear’s Invoice Discounting product has been designed to deliver instant working capital and liquidity to suppliers, and is expected to process $3 billion by the end of FY24. The platform will connect to ERPs and enable a discount rate selection that is acceptable to both customers and their suppliers. The enterprises can choose from a range of financing options to fund their early payments: they can use their own surplus cash, or opt for line of credit via banks, or go through the TReDs marketplaces from within Clear’s platform.

In October 2021, Clear raised $75 million in Series C funding led by Kora Capital, Stripe, Alua Capital, Think Investments, and existing investors to accelerate Clear’s expansion into B2B credit and payments plus expansion into international markets. Clear had previously acquired yBANQ, a Y Combinator-backed enterprise payments startup, in 2021.

Published on February 28, 2022