ClearTax (rebranded as Clear), a leading Indian fintech SaaS company, enters the Middle East through a $75 million Series C fund.
Initial steps
The fundraise led by Kora Capital, along with global fintech Stripe, Alua Capital, Think Investments and existing investors, also aims to accelerate Clear’s diversification into new lines including B2B credit and payments.
ClearTax is Asia’s largest tax and compliance technology solution provider. The company offers software solutions for invoices, payments, and credit for millions of businesses
As ClearTax enters the Middle East, the company will initially launch electronic invoicing products for medium to large enterprises and expand to VAT compliance, Accounts Payables and Receivables automation and B2B payments. ClearTax aims to build a global B2B business network to help with taxation, compliance, procurement, invoicing, payments, and collections. The company has already launched its solution to generate electronic invoices as per Zakat, Tax and Customs Authority (ZATCA) guidelines in Saudi Arabia.]
Digital systems
Archit Gupta, Founder and CEO of ClearTax said, “Government authorities across the Middle East are undertaking massive digital reforms to transform the economy in the next decade. This wave of digitization is resulting in rapid investments in this region from global tech giants. We think that ClearTax is also well-positioned to enter the Middle East market considering the increasing push on digital payments, digitization of business processes, government mandates on digitization of tax and compliance, and overall increasing adoption of cloud-based technology solutions. We feel excited about a chance to play a role in this massive transformation and want to support the local authorities.”
The ClearTax platform processes over 10% of India’s business invoices. The company is developing solutions that can be integrated with any ERP/ POS system, provide AI-powered smart validations and reconciliations to ensure maximum efficiency and accuracy in E-invoicing and VAT filings.
