Clear (formerly ClearTax) forays into merchants lending
- ByStartupStory | March 1, 2022
Online taxation and fintech software provider, Clear (formerly ClearTax) has forayed into lending, and has launched its invoice-discounting product for small and medium enterprises (SMEs).This comes as the company is aggressively focusing on international expansion, and raised $75 million from US-based payments giant Stripe, among others in October last year. The company is now aiming to process $3 billion in merchant-loans by FY’24, it said in a statement.According to the company, its invoice discounting product will be available to its 3,000 existing enterprise customers, as it looks to provide working capital solutions to suppliers and SMEs.
We have deep experience of building fintech SaaS for enterprises which has led us to solve for the burning need of tech-based solutions for SME credit and B2B (business-to-business) 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,
a software-as-a-service (SaaS) platform to corporates helping them pay GST bills, create electronic invoices and pay bills digitally. It also has its ‘BLACK’ consumer offering which helps individuals file for income taxes as well as invest in mutual funds.Clear claims that almost 600,000 SMEs use its software solutions,
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