Indian Fintech, ClearTax, eyes expansion in Saudi Arabia, UAE
Indian fintech, ClearTax has announced new diversification and expansion plans with its recent $75 million Series C fundraise led by Kora Capital, alongside global fintech Stripe, Alua Capital, Think Investments and other existing investors,
In the Middle East, the company 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 business network across the globe that helps businesses with taxation, compliance, procurement, invoicing, payments, and collections.
The company has already launched its solution to generate electronic invoices as per Zakat, Tax and Customs Authority (ZATCA) guidelines in Saudi Arabia. The tech platform is available in English and Arabic with cloud servers hosted inside the Kingdom. It is looking to enter the UAE by mid-2022 with e-invoicing and VAT offerings within the country.
Speaking on the development, Archit Gupta, Founder and CEO at ClearTax said, “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 we are 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. We feel excited about a chance to play a role in this massive transformation and want to support the local authorities. ClearTax has a solid product roadmap for the region and will launch a series of SaaS product suites in the next few quarters.”
ClearTax’s SaaS platform has witnessed a phenomenal 5x growth in the last 18 months adding 3,000+ large enterprise customers.