ClearTax, India’s leading fintech SaaS company, entered the Middle East through a $75 million Series C fund raiser for expansion into international markets. The fund raise led by Kora Capital, alongside bigwigs like global fintech firm Stripe will also be used to accelerate Clear’s diversification into new business lines like B2B credit and payments. ClearTax is Asia’s largest and most trusted tax and compliance technology player. It also offers software solutions for invoices, payments, and credit for millions of businesses. It counts over 3,000 large enterprises, 60,000 tax professionals, and 1 million SMEs as clients for GST filing (Goods and Services Tax), e-invoicing, input tax credit claims, vendor management, etc. ClearTax is an approved partner by Indian Tax authorities for direct API integration with government’s technical infrastructure for e-invoicing and GST.
In the Middle East, it will start with the launch of electronic invoicing products for medium to large enterprises and expand to VAT compliance, Accounts Payables and Receivables automation and B2B payments in the next few months. ClearTax envisions building a B2B Network across the globe that helps businesses with taxation, compliance, procurement, invoicing, payments, and collections. 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. ClearTax is 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. ClearTax has a solid product roadmap for the Middle East and will launch a series of SaaS product suites in the next few quarters.