Fintech SaaS firm Clear (from the makers of Cleartax), announces expansion of its operations in the Middle East.
Clear is Asia’s largest and most trusted tax and compliance technology solution provider. It also offers software solutions for invoices, payments, and credit for millions of businesses.
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. Clear envisions building a B2B Business Network across the globe that helps businesses with taxation, compliance, procurement, invoicing, payments, and collections.
In India, Clear counts over 3,000 large enterprises, 50,000 CAs/ tax professionals, and 1 million SMEs as its clients for GST filing, e-invoicing, input tax credit claims, and TDS return filing. In Saudi Arabia, the company's e-invoicing solutions are Zakat, Tax and Customs Authority (ZATCA) guidelines compliant.
Speaking on the development, Archit Gupta, Founder and CEO – Clear said, “Government authorities in middle east countries 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 Clear is 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.”
Clear has already launched an Electronic Invoicing product in the Kingdom of Saudi Arabia by enhancing the existing product suite to comply with local laws and regulations along with Arabic language support and local cloud data servers. In India, our e-invoicing solution is being used by enterprises to generate 60M+ invoices in a year.
“We will invest US$20 million for product development, local teams hiring, and marketing across different countries in the Middle East. Clear has a solid product roadmap for the Middle East and will launch a series of SaaS product suites for VAT compliance, audit automation, digital payments, Vendor Management, Accounts Receivables, and Payables management in the next few quarters,” Gupta added.
Clear is a tax and compliance technology provider with deep expertise in combining local tax knowledge with best-in-class technology products. The tax and compliance authorities in the Middle East are continuously evolving with the digitization of e-invoicing and VAT implementation. Clear is developing solutions that can be easily integrated with any ERP system, provides AI-powered smart validations and reconciliations to ensure maximum efficiency and accuracy in E-invoicing and subsequent VAT filing.