Clear acquires B2B payments startup yBANQ

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-part group across item and designing will join Clear post the deal, the organizations said in a joint release. It further added that yBANQ will interface Clear’s clients with their business partners, vendors, clients, wholesalers 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 assists organizations with simplifying collections, managing payouts, and reconciliation.

Last week, Cleartax rebranded itself to clear to venture into areas like invoices, wealth management and credit. As per the organization, its new offerings likewise include goods and service tax, e-waybills and vendor and distributor management.