Fintech startup Clear raises $75 million from Kora, Stripe and others

It also saw a surge in usage with more than 1 million small businesses on the platform. According to the company, the platform now processes over 10 percent of India’s business invoices with a gross merchandise value (GMV) of $400 billion.

Clear recently acquired yBANQ, marking its expansion into B2B payments. The latest funding will help propel the company’s expansion in payments and credit and take its product suite to international markets where similar shifts are taking place.

The company aims to serve more than 10,000 large enterprises and 10 million small businesses over the next couple of years.

Archit Gupta, Clear’s founder and CEO, 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.”

“We are excited to partner with Clear as they innovate at scale in the Indian SaaS ecosystem, enabling Enterprises and SMEs to automate their workflows around taxation, invoicing and several other adjacencies. We look forward to Clear’s journey in the Indian and global markets,” said Nitin Saigal, Kora’s founder and CIO.

Founded in 2011 by Archit Gupta along with his father Raja Ram Gupta, Srivatsan Chari, and Ankit Solanki, the company has raised $140 million in equity capital since its inception. Its investors include Y Combinator, Composite Capital, Elevation Capital, Sequoia Capital and Founders Fund.