Info-tech

Fintech SaaS start-up Clear raises $75 m in Series C funding from Kora, Stripe, others

Our Bureau Bengaluru | Updated on October 24, 2021

With this, the company has raised a total of $140 million in equity capital

Fintech SaaS start-up Clear has raised a $75 million in Series C funding from Kora Capital, along with global fintech company Stripe, Alua Capital, Think Investments and other existing investors.

With this Series C round, the company has raised a total of $140 million in equity capital since inception. Clear, formerly known as ClearTax, is a fintech SaaS company that provides various services such as invoicing, tax, and GST for small and large businesses, tax professionals and individuals.

The latest funding will be used to fuel the company's expansion in payments and credit space, and take its product suite to international markets. Clear recently acquired yBANQ, marking its expansion into B2B payments.

Going forward, the company will be adding vendor payments and invoice discounting to its product stack, Clear’s Founder and CEO Archit Gupta told BusinessLine.

“Invoice discounting of bill discounting is basically when a vendor has an invoice out for the enterprise, and instead of waiting for 30 days or 45 days for the payment according to the agreed terms, they can get paid faster,” Gupta added.

Global expansion

Further, in terms of international expansion, Clear is initially targeting the Western European and West Asian markets. The company has already internationalised its software stack for Arabic as it plans to launch in Saudi Arabia soon.

Clear’s SaaS platform is said to have witnessed a five-fold growth in the last 18 months, adding over 3,000 large enterprise customers. It also saw a surge in usage with over 1 million small businesses on the platform.

The Clear platform claims to process over 10 per cent of India’s business invoices with a GMV of $400 billion.

Gupta noted that the company has a strong unit economics and gross margins. “If we continue to grow at the current rate, we should be profitable in 18 months. We’re not aiming for it, because frankly we’re in a very deep growth phase and we will continue to invest ahead. But our sense is that we’ll be profitable at scale in 18 months,” he added.

The company aims to serve over 10,000 large enterprises and 10 million small businesses over the next couple of years. Other existing investors of Clear include Y Combinator, Composite Capital, Elevation Capital, Sequoia Capital and Founders Fund.

Published on October 24, 2021

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