Bengaluru-based tax filing and compliance company Clear (formerly Cleartax) has acquired B2B payments startup yBANQ in a cash and equity deal. With this acquisition Clear, which is focused on software services for enterprises, will now swoop into the B2B payments and credit market.
yBANQ’s 10-member team across product and engineering will join Clear post the deal, the companies said in a joint release. It further added that yBANQ will connect Clear’s customers with their business partners, vendors, customers, distributors and accountants on a single platform.
Launched by Abhishek Ayyagari, Ganesh Mallya, and Ahamed Shah Wahidullah, two-year-old yBANQ is a fintech platform that helps businesses with simplifying collections, managing payouts, and reconciliation.
Last week, Cleartax rebranded itself to Clear to expand into areas such as invoices, wealth management and credit. According to the company, its new offerings also include goods and services tax, e-waybills and vendor and distributor management.
The company was reportedly in talks with Tiger Global to raise a $100 million round at a valuation of $750-850 million.