India-headquartered software-as-a-service (SaaS) Fintech ClearTax has acquired $75 million in funding via a Series C round.
ClearTax’s investment round has been finalized in order to support the firm’s business expansion into the MENA region. The company said it would also enable ClearTax to further diversify into other businesses, such as the B2B credit and payments sector.
In addition to the capital acquired, ClearTax also rebranded itself as Clear. The firm offers tax and compliance software and it also provides various other B2B software-based invoices, payments, as well as credit solutions.
The company’s Series C round has been led by Kora Capital, along with contributions from Stripe, Alua Capital, Think Investments and several other existing investors.
As noted in the announcement, ClearTax (or Clear) is beginning its business expansion efforts in the Kingdom of Saudi Arabia.
The firm has started off its Middle East region expansion by introducing digital invoicing products for SMBs. The service is presently available to businesses operating in Saudi Arabia and is reportedly compliant with the Islamic nation’s Zakat, Tax and Customs Authority (ZATCA) requirements.
During the coming months, Clear also intends to begin providing VAT compliance, payables, and receivables automation, as well as B2B payments support.
Plans to further expand the business to the United Arab Emirates are also in the pipeline, with Clear planning to make the UAE its entry point by introducing its digital invoicing and VAT services in the nation next year.
Archit Gupta, Founder and CEO at Clear, stated that the firm has a “solid product roadmap for the Middle East” and is committed to introducing several SaaS products in the coming months.
Gupta remarked:
“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.”