India-based Clear, a provider of tax and financial services software, has scored $75m in its Series C funding round.
The investment was supported by Kora Capital, Stripe, Alua Capital and Think Investments, as well as unnamed existing backers.
With the capital, the FinTech company hopes to further its expansion into B2B credit and payments plus expansion into international markets.
Clear hopes to simplify finances for Indian businesses and individuals. Its technology is used for tax compliance, invoicing, and more.
Over the past 18 months, the FinTech company has experienced five-times growth, with its usage now at one million small businesses. Clear hopes to reach 10,000 large enterprises and ten million small businesses over the next couple of years.
It claims to process over 10% of India’s business invoices with a GMV of $400bn.
Clear founder and CEO Archit Gupta said, “We welcome Kora, Stripe and our other incoming investors. Kora has strong experience in technology players in emerging markets and Stripe is a global technology company that builds economic infrastructure for the internet – we are excited to learn from both of them.
“India is on a massive digitisation journey and we are fortunate to be in the perfect storm of electronic invoicing, GST, UPI, cheap mobile internet and rapid adoption of technology due to Covid-19. We are doubling down on our SaaS platform to help businesses with collateral free debt and payments. This funding also gives us fuel for our international expansion.”
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