Bangalore, Feb 28 (KNN) Clear (formerly ClearTax), fintech SaaS company has launched Invoice Discounting product for enterprises, marking its foray into SME credit and B2B payments.

The Invoice Discounting product will be available to Clear’s existing 3,000-plus enterprise customers to provide working capital solutions to their suppliers and help grow their businesses.

Clear, which provides a suite of SaaS compliance products for over 3,000 enterprises and over 600-thousand SMEs, has seen its “business network” evolve with GST, e-waybills, and e-invoicing. The platform already processes 200M+ business invoices with a gross value (GTV) of USD 400 billion.

Speaking on the launch of the product, Archit Gupta, Founder and CEO, Clear said, “We have a deep experience of building fintech SaaS for enterprises which has 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 outstanding experience for enterprises and their suppliers.”

“We are partnering with banks and NBFCs to operationalize supply chain credit at scale by enabling quick, efficiently priced credit based on actual business performance and not just asset ownership,” Gupta added.

Clear’s Invoice Discounting product has been designed to deliver instant working capital and liquidity to suppliers, and is expected to process USD 3 billion by the end of FY24.

The smart AI/ML-based platform will connect to ERPs and enable a discount rate selection that is acceptable to both customers and their suppliers. The enterprises can choose fr0m a range of financing options to fund their early payments: they can use their own surplus cash, or opt for line of credit via banks, or go through the TReDs marketplaces fr0m within Clear’s platform. (KNN Bureau)