Robinhood, Coinbase product leaders invest in Stripe-backed Clear

Global product leaders—including Robinhood’s CPO Aparna Chennapragada, Coinbase’s CPO Sorojit Chatterjee, and former Coinbase and Andreessen Horowitz executive Balaji Srinivasan—have invested in fintech software startup, Clear (formerly ClearTax).

The investment, which is in their personal capacity, is a follow-on to Clear’s $75 million round, which the company announced in October last year.

The overall corpus being deployed by these angel investors would amount to $2-3 million. Clear was valued at roughly $700 million in its previous financing.

The follow-on funding comes at a time when the company is looking to aggressively expand its presence across Saudi Arabia, the UAE and western Europe including the UK.

The company also plans to launch new products in the Web3 space, Clear’s co-founder and chief executive, Archit Gupta told ETtech in an interaction.

“These product leaders bring deep expertise in the fintech and software services space—two areas which Clear is present in. The Web3 and decentralised finance sector is changing rapidly and businesses need more APIs to help them adopt and be compliant. We will look to launch a few products in the next 3-4 months,” Gupta said.

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Clear has already set up its presence in Saudi Arabia with the launch of its e-invoicing solutions. It will now look at expanding into newer international geographies.

The company claims that it is profitable on the consumer-side of the business. Currently, Clear offers income tax filing and wealth management products through its ‘BLACK’ platform. It has roughly half a million users subscribing to the platform.

Clear also provides a software platform for businesses helping them create electronic invoices and pay GST bills. Last month, it breached the Rs 1 crore mark in annual revenue run rate for its B2B offerings. Now it wants to extend its offerings to invoice-based credit to its enterprise customers as well as their vendors.

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