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Fintech software start-up Clear forays into merchant lending
March 01, 2022
Online taxation and fintech software provider, Clear has forayed into lending and has launched its invoice discounting product for small and medium enterprises.
This comes as the company is aggressively focusing on international expansion, and raised $75 million from US-based payments giant Stripe, among others in October last year. The company is now aiming to process $3 billion in merchant loans by FY24, it said in a statement.
According to the company, its invoice discounting product will be available to its 3,000 existing enterprise clients, as it looks to provide working capital solutions to suppliers and SMEs.
Invoice discounting allows SMEs to receive loans and credit from financial institutions, against payments and unpaid invoices due by other vendors towards them.
Archit Gupta, Founder, and CEO, Clear said, “We have deep experience of building fintech SaaS for enterprises which have led us to solve for the burning need of tech-based solutions for SME credit and B2B payments in the ecosystem. The tech-first supply chain financing products, starting with invoice discounting, will deliver an outstanding experience for enterprises and their suppliers”.
Clear has partnered with banks and the electronic platform Trade Receivables Discounting System to operationalize the supply chain credit for its invoice discounting offering.
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