Clear (formerly ClearTax), a B2B SaaS company has announced the launch of its Invoice to Finance platform to streamline the financial processes using GST as the foundation for extending supply chain financing.
The I2F product aims at providing small businesses cost effective financing against the invoices in less than 30 minutes. It will do so through the GST data which will enable quick invoice processing. It will also reduce the need for extensive operational bandwidth consumed in traditional supply chain financing.
By using real-time e-invoice & GST filing data, the tool ensures greater conviction in credit underwriting process and automates credit processing journey, improving economics associated with short-term instruments for financial institutions.
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The process of availing this facility is paperless and there is no need to physically visit the branches. To get started, vendors need to create their account on Clear with their GST data, based on which limits are given to the vendor. Vendors can use this limit to get funds against open invoices in future. The vendor receives money in their bank account. Vendors can choose to repay the money as per their own cash flow planning.
"We recognised a significant gap in the market when it came to supply chain financing for small businesses. Our automated invoice financing product is designed to bridge this gap by leveraging the power of GST data," said Archit Gupta, founder and CEO, Clear.
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Clear's journey began with the strategic acquisition of Xpedize Ventures Pvt. Limited in 2022. This acquisition enabled Clear's enterprise clients to implement a digital invoice discounting and early payment program for their vendor base.
