Electronic transfers

Clear Nets $ 75M to expand into online payments

Clear, the Indian startup, has raised $ 75 million from investors, including Stripe and others, as it tries to make more payments online, according to a Bloomberg report.

Clear’s Services offers cloud-based tax filing software subscription services.

In addition, it also works with wealth management services, tax reporting services and electronic invoicing.

Investors fund more and more as the industry experiences greater growth.

Clear’s platform has grown five times in the past year and a half, adding 3,000 large companies as well as over a million small businesses.

The new round was led by Kora Capital, which Alua Capital joined, alongside Think Investments and others who have traditionally backed Clear.

According to Bloomberg, Clear says he now has more than a tenth of India’s trade bill to process.

He recently bought yBANQ as a way to get more payments, according to the report.

The acquisition of yBANQ was reported by PYMNTS as “a logical next step for us to provide an enterprise payment collection infrastructure to our customers and also to offer payment facilities”, according to Archit Gupta, Founder and CEO by Clear.

Gupta, speaking to The Economic Times, said the acquisition was made for the company’s team.

Read more: B2B payments start-up yBANQ acquired by India’s Clear

The report notes that yBANQ is working on digital accounting, payment reconciliation and collection offerings, and its workforce is 14 who have worked for FinTechs in the past, including PayU and Citrus Payments.

In other India-based news, digital investment banking startup Open has raised $ 100 million in a funding round that estimates its valuation at around $ 500 million.

See Also: Small Business Digital Banking Startup Closes $ 100 Million Funding At $ 500 Million Valuation

Open is said to have added 90,000 new small and medium-sized enterprises (SMEs) each month, and the company is now looking to expand to other regions such as Southeast Asia, Europe and the United States.

With the new funding, Open plans to increase its workforce by 800 people, adding new employees for products, business and technology.

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.

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