Clear, the taxation startup, has acquired yBANQ with a cash and equity deal. Though both the parties did not disclose the deal amount, it is expected to be in the range of $5 million. yBANQ is a new startup in the fintech sector that helps its clients in payment collection and automating business records.
Clear Buys yBANQ
Clear(formerly known as ClearTax) has entered B2B payment and credit operations by acquiring yBANQ. Clear is already a known name in the fintech sector due to its key finance operations including taxation, invoicing, wealth management, and other compliance.
yBANQ was founded in 2019 by Abhishek Ayyagari, Ganesh Mallya, and Ahamed Shah Wahidullah. The startup has 15 team members who are taking care of major operation and technical support activities in the firm. As per the signed agreement, the yBANQ team will join Clear once the deal is officially closed.
With the help of yBANQ infrastructure and its team, Clear plans to establish itself in the B2B fintech network further. It will start new processes including payment collections, online bookkeeping and others. It plans to connect all its customers with its business partners to provide all major fintech services on a single platform.
About Clear Operations
Clear has established itself as the key business firm for e-filling of GST and other financial operations. On its website, the startup claims that it is the largest e-filling fintech in India. The company also provides SaaS related operations to its clients.
Bangalore based clear started its operations as income tax filling platform for individuals. Later, it diversified the operations and included professionals and business firms as its clients.
When Indian government implemented GST, professionals were running here and there to find a finance firm to process it. Clear is the first Indian firm that prepared GST software including all terms and conditions. It made professionals life easy.
Currently, Clear has around 1000 staffs. Its GST software is used by 6 lakh companies, 60,000 tax professionals, and 1000 big organizations. The startup also provides training to its customers about different financial processes.
Clear claims that it processes 10% of the business invoices that is has around $300 billion worth. The taxation startup was founded in 2011. Up to now, it has raised around $65 million in equity.