Indian SaaS Firm Clear Unveils Invoice Financing Platform

Indian B2B Software-as-a-Service (SaaS) company Clear has reportedly introduced a digital invoice financing tool.

The new Invoice to Finance (I2F) platform aims to simplify finance for individuals and businesses to foster financial growth and inclusivity across the nation, CXOtoday reported Monday (Aug. 28).

Clear did not immediately reply to PYMNTS’ request for comment.

The I2F platform builds upon the foundation of the Goods and Services Tax (GST) network, enabling small businesses to access financing against their invoices in less than 30 minutes, according to the report. It leverages real-time integration with eInvoice and GST filing data, and it automates the credit processing journey.

Vendors can create an account on Clear, authorize the platform to pull their GST data, and receive limits based on this data, the report said.

The process is paperless, with Clear auto-populating eligible invoices on the platform for the vendor to select from, per the report. Once the vendor selects the invoices, funds are deposited into their bank account. Repayment can be planned according to the vendor’s cash flow.

“We recognized a significant gap in the market when it came to supply chain financing for small businesses,” said Clear founder and CEO Archit Gupta in the release. “Our automated invoice financing product is designed to bridge this gap by leveraging the power of GST data.”

Clear was founded in 2011 to simplify the finances for Indian businesses and individuals. The company moved into credit for small- to medium-sized businesses (SMBs) and B2B payments in March 2022 with its acquisition of supply chain finance startup Xpedize.

In October, Clear debuted an artificial intelligence (AI)-based end-to-end solution called Clear Capture that lets companies streamline their payments processes and automate invoices. This tool enables accounts payable (AP) teams to work on automating the purchase invoice entry to detect fraud more easily, and automatically validate invoices coming in to cut down the invoice entry time.

“Clear Capture is a powerful tool for invoice digitization by AP teams that reduces errors and the time spent on invoice recording,” Gupta said at the time. “Our AI-based technology can help enterprises save lakhs of man hours spent on invoice capture each year.”

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