- Expansion comes amid plans to invest up to US$20 million into the region over the next three years
- ZATCA-compliant company showcased financial automation and e-invoicing solutions that support the Kingdom’s digital transformation at ZATCA Conference in Riyadh
- ClearTax product suite to enable businesses to become 100 percent compliant with regulations and automate end-to-end financial processes
Riyadh, Saudi Arabia; February 13, 2023: Global financial services technology enterprise ClearTax is expanding its operations in Saudi Arabia with a breadth of digital and cloud-based products that support the digital transformation vision of the Kingdom. The expansion comes amid the company’s plans to invest up to US$20 million into the region over the next three years. In line with the official mandate in KSA for cloud-based e-invoicing, all of ClearTax’s products and services will be cloud-enabled.
As a technology solutions provider compliant with the guidelines of the Zakat, Tax and Customs Authority (ZATCA) of Saudi Arabia for the first phase of e-invoicing – Fatoorah, ClearTax has built a strong footprint in the Kingdom following the launch of its Cloud-Based Electronic Invoicing solution for medium to large enterprises in 2021.
According to Gartner, 95 percent of new digital workloads are expected to be deployed on cloud-native platforms in the next two years. Over 1.5M VAT-registered businesses across the GCC will need to adopt digital initiatives. ClearTax plans to introduce a suite of products that blends intelligence, automation, streamline AP functions with automation of invoice capture and processing, digitized solutions for vendor management and compliance, early payment program marketplace for enterprises, financiers and vendors along with management and automation of tax claims.
Cleartax was showcasing at the Zakat Tax and Customs Conference 2023 on February 8-9, 2023 which was organized by ZATCA at the Ritz-Carlton Riyadh, and held under the patronage of H.E. Minister of Finance and Chairman of the Board of ZATCA, Mr. Mohamed bin Abdullah Al-Jadaan.
ClearTax’s technology solutions complement the theme of the conference, ‘An Integrated Digital Ecosystem to Promote Economic Sustainability and Safeguard Security’. Visitors were able to gain an in-depth understanding of how the company’s bespoke solutions for the Kingdom and the wider Middle East region will add to the efficiency of businesses in complying with ZATCA’s mandates while contributing to a robust digital economy. ClearTax is looking to partner with financial institutions and banks in the near future.
Announcing their participation at the ZATCA Conference in Riyadh, Archit Gupta, Founder and Chief Executive Officer of ClearTax, said: “Under the Saudi Vision 2030, the Kingdom is witnessing an unprecedented era in digital transformation that not only contributes to a strong digital economy, but also helps shape the future of digital enterprises.”
“ZATCA has been a driving force in this digitisation journey by introducing forward-looking mandates, such as the second phase of e-invoicing, which will contribute to a vibrant business ecosystem. As one of the world’s fastest-growing B2B SaaS companies, we are bringing innovative cloud-based solutions that will benefit Saudi businesses as well as enterprises across the GCC.”
Following its expansion in Saudi Arabia, ClearTax also plans to launch its e-invoicing solutions in Bahrain, Oman, Kuwait, and the UAE. “As the biggest market in the GCC, Saudi Arabia offers us the sounding board to grow and expand across the region, which is fast embracing cloud-based services. We have proven our competencies in digitisation and tech innovation, underpinned by strong security protocols, and our strategic ambition is to be the leading tech, compliance and e-invoicing leader in the Middle East,” added Rohit Razdan, Chief Business Officer at ClearTax.
He added: “Bringing exceptional experience in technology solutions relating to tax, compliance,and supply chain financing, we focus on enabling businesses to eliminate the risk of non-compliance in order for them to stay 100 percent compliant. Our 360-degree expertise in finance technology enables us to develop and deliver custom-made software solutions to suit any business architecture, processes, and systems.”
ClearTax has helped large enterprises save millions of dollars by enabling businesses to automate their processes and helped them become efficient, furthering their business goals. Trusted by over 4,000 large global brands, the company helps businesses digitally transform, become more efficient and create bottom-line value by embedding AI and technology across the finance and tax-compliance value chain.
About Clear Tax:
ClearTax is a Global Fintech SaaS company with the mission of building technology based solutions for compliance for the world. Clear Tax is trusted by over 4000 global brands, as well as 5,000 large enterprises in India, over 6 million Indians, 50,000 tax professionals, and 1 million small businesses, plus over 200 large businesses in KSA, for meeting their local compliance needs.
Clear Tax is building cloud-based technology solutions for the world that digitize and automate the finance function and bring efficiency and savings to the entire organisation. With the Series C round, it has raised $140 million in equity capital since inception. Investors include Stripe, Y Combinator, Composite Capital, Elevation Capital, Sequoia Capital, Kora Capital and Founders Fund.