Product
Currently operating as Cleartax the company has already onboarded 200+ large enterprise customers in the Middle East
After achieving significant milestones and business growth in Saudi Arabia since its launch in 2021, Clear, the leading fintech SaaS firm online taxation and fintech software provider, is all set for a rapid expansion in the rest of the five GCC countries starting with UAE, Bahrain, Oman, Qatar and Kuwait. The firm has already onboarded 200+ large enterprise customers to drive this expansion in the Middle East. Some of its marquee customers are large conglomerates with 20+ group companies and thousands of retail outlets.
Countries in the Middle East, starting with the Kingdom of Saudi Arabia (KSA), are at the cusp of massive digital reforms. As part of Vision 2030 envisioned by Crown Prince Mohammed bin Salman, the government is launching various digital-first initiatives that will transform the Kingdom. Under his regime, organisations have become more inclined to adopt newer technology. Clear started its operations in KSA following its $75 million fundraise last year, by launching invoicing and taxation products for medium to large enterprises. The cloud-based e-invoicing product has a scalability of millions of transactions per day, 99.9% uptime and API infrastructure-based connectivity to multiple billing platforms and ERPs.
The fintech firm directed a significant amount of its investment to localisation of the product suite, including Arabic language support, cloud infrastructure setup inside the Kingdom and customisation of the product as per local business needs. The company has also invested heavily in brand-building.
Similar to India, Clear is working very closely with government bodies like ZATCA (Tax authority of Saudi Arabia) to launch the most suitable products for the enterprise needs, including VAT compliance, Accounts Payables and Receivables automation and B2B payments in the next few quarters. Many Indian companies with presence in KSA have also started adopting Clear’s solution. It is now in the process of launching a series of digital and cloud-based solutions in the rest of the GCC countries in the next few quarters.
While Oman has announced its E-invoicing mandate to go live in the second half of 2023, Bahrain is expected to follow suit and launch by Jan 2024. Clear will launch its E-invoicing solutions in these countries in the coming months. The fintech company is well-positioned to help businesses in digital payments, digitisation of business processes, government mandates on digitisation of tax and compliance, and overall increasing adoption of cloud-based technology solutions.
Sharing his insights on Clear’s GCC expansion, Rohit Razdan, Chief Business Officer of Clear, said, “GCC countries are launching a range of digital-first initiatives as part of their “digital economy” vision. As the scale of digitisation increases, businesses are meticulously following all the tax and compliance regulations mandated by the government and showing a high willingness to comply with the evolving regulations. However, most of them are looking for high-quality solutions which are continuously updated with new regulations. We believe that Clear is well-positioned to launch cutting-edge products in such markets and play a meaningful role in helping businesses become compliant. Our new products can also help businesses bridge this gap and embrace the changes, as they can be integrated with most accounting/ invoicing systems and ERPs. We also plan to work with local solution providers to power thousands of businesses to simplify their financial lives.”
The GCC region currently has ~20 lakh VAT-registered businesses eager to adopt such digital initiatives. Normally, large enterprises from this region are registered under one group VAT number but may have various business lines operating under one group company. For such mid to large-sized enterprises with complex business processes, multiple different systems and an appreciation for sophisticated new edge products, Clear envisions building a B2B Business Network that helps them streamline taxation, compliance, procurement, invoicing, payments, and collections.
About Clear
Clear (formerly ClearTax), 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 a million tax practitioners, 600,000 small businesses, and 4,000 large businesses and brands. For small and large businesses, our product suite covers invoicing, GST, and a 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 $140 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.
