âSo far, we’ve been helping businesses automate their GST compliance and electronic invoices. [This acquisition is] a logical next step for us to provide a corporate payment collection infrastructure for our customers and also to offer payment facilities â, Clear Founder and CEO Archit Gupta said, according to The Economic Times.
yBANQ offers businesses digitized bookkeeping, payment reconciliation and collection offers. In 2019, the startup landed around $ 1.5 million in a funding round.
Its workforce consists of 14 people who have been linked in the past to FinTech start-ups such as PayU and Citrus Payments.
âThe acquisition of yBANQ is primarily about its team and its intellectual property,â Gupta said, according to The Economic Times.
âWe are a group of FinTech enthusiasts who love to solve for India. We are a Y-combinator backed startup, âIndia-based yBANQ said on its website.
This decision “reinforces their common vision of the promotion of digital payment methods”, according to a June press release. Press release by Cashfree.
With a customer base of over 100,000 businesses in India and around the world, Cashfree offers what it calls a ‘full stack payment solutions platform’ that enables customers to obtain and send electronic payments. in a single integration.
Separately, Tide, the British fintech company that works with small and medium-sized enterprises (SMEs), is about to enter the Indian market.
“[SMBs are] a crucial segment for economic growth, but it is also quite underserved in India. Our goal is to bring services on one platform and ensure working capital liquidity for [SMBs]Â», CEO of Tide India Gurjodhpal Singh said, according to a report released in June.