The seed-level startup is a part of the internationally acclaimed VC, Y Combinator, and helps businesses with payments collection, reconciliation, and automated bookkeeping.
Clear (from the makers of Cleartax), India’s leading fintech SaaS company, acquired Y-Combinator-backed B2B payments start-up yBANQ in a cash and equity deal. yBANQ helps businesses with payments collection, reconciliation, and automated bookkeeping. With this acquisition, Clear aims to accelerate its journey into B2B payments and credit.
India’s tax digitization wave combined with tighter government norms such as GST, e-invoicing and TDS has consolidated Clear’s dominance in the compliance space. It has now diversified to make software for invoices, payments and credit, for millions of businesses, their supply chains, accountants and employees. In its 10 year long journey, Clear now sees a material portion of India’s economic graph on its platform- processing 10% of India’s business invoices worth more than $300B.
The company envisions to build India’s largest B2B Business Network. It will connect Clear’s customers with their business partners - vendors, customers, distributors, accountants - on a single platform. Through this network, Clear will solve for use cases across procurement, invoicing, payments, and collections. B2B payments is a critical enabler for the network, which will be accelerated through the latest YBanq acquisition.
Speaking at the announcement, Archit Gupta, Clear’s Founder and CEO, said “As a seed-level startup, yBANQ built strong products in the payments space in a very short span. We are confident that it will add considerable momentum to our ongoing efforts in B2B payments and credit space,” said Archit Gupta, CEO, Clear.
yBANQ was founded in 2019 by Abhishek Ayyagari, Ganesh Mallya, and Ahamed Shah Wahidullah, who were previously associated with popular fintech startups like PayPal, Citrus Payments and PayU. yBANQ has a 10 member team across product and engineering who will join Clear post the deal.
Clear is India’s leading Fintech SaaS company with the mission of simplifying finances for Indian businesses and individuals. We are trusted by over 5 million Indian Taxpayers, more than 1,00,000 tax practitioners, 600,000 small businesses and 2,000 large businesses and brands. For small and large businesses, our product suite covers invoicing, GST, range of managed services and credit. For tax professionals, we offer comprehensive GST compliance, ITR and TDS filing solutions. For individuals, we offer tax compliance and wealth management. Clear has raised $65 Million in equity capital investment since its inception. The company was incubated in Y Combinator and is funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. Clear’s investors include Composite Capital, Sequoia Capital, and SAIF Partners. Please visit – Twitter, Instagram, LinkedIn, Facebook and YouTube for latest updates on Clear