Fintech company Clear on Wednesday said it has acquired B2B payments startup yBANQ in a cash and equity deal.
yBANQ, backed by Y-Combinator-backed, helps businesses with payments collection, reconciliation, and automated bookkeeping.
With this acquisition, Clear aims to accelerate its journey into B2B payments and credit, Clear (formerly Cleartax) said in a statement.
The seed-level startup is a part of the internationally acclaimed VC Y Combinator.
The acquisition will help connect Clear's customers with their business partners - vendors, customers, distributors, accountants - on a single platform. B2B payments is a critical enabler of the network, which will be accelerated through the latest YBanq acquisition.
Clear Founder and CEO Archit Gupta said, 'We are confident that it will add considerable momentum to our ongoing efforts in B2B payments and credit space'.