Fintech SaaS firm Clear has attained supply chain financing firm Xpedize. The financial details of the deal were not disclosed, but sources peg the consideration to be around Rs 100 crore.
The move is to support Clear's plans to enter the SME credit and B2B payments space and is its second acquisition after taking over B2B payments platform Ybanq earlier.
The Xpedize podium, which will now be rebranded as Clear Invoice Discounting, is expected to process around Rs 1,000 crore in GMV annualized by the end of FY22. The smart AI/ML-based
platform connects to ERPs and enables the suppliers to select a discount rate that is mutually acceptable to the suppliers and their SME customers.
Xpedize platform is already running with multiple large enterprises and allows them to pay their suppliers faster. We trust that a separate vertical within Clear will encompass all our technology-enabled financial services and help us quickly scale to serve millions of suppliers,” Archit Gupta, founder and CEO, Clear, said. “This acquisition is significant for us as we strive to make supply chain financing programmes with large enterprises successful," he added
The invoice discounting solution will be available to Clear’s existing 3,000-plus enterprise customers.
The platform is already integrated with some banks and TReDS platforms. Over the next few quarters, Clear Invoice Discounting will integrate with many more banks and NBFCs to confirm a robust supply of credit to a wider supplier base.
Xpedize is led by ex-Citibank bankers Regan Mithani and Deepak Gugnani and was funded by investors counting HDFC Capital and YourNest Venture Capital. The 25+ member team of Xpedize will continue to run the invoice discounting product and expand into other opportunities within Clear.
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