Clara secures USD 80 mln in funding round

Monday 31 May 2021 12:58 CET | News

Clara has lined up USD 80 million in new funding which consists of USD 30 million on the equity side and USD 50 million in revolving debt.

Clara will use its proceeds to support its card underwriting and to acquire small and medium-sized business (SMB) customers.

Clara differs from Mexican neobanks by catering to businesses, not consumers. According to eMarketer, Clara’s growth occurs within the hard-hit Mexican banking sector, rife with branch closures and credit card cancellations. The COVID-19 pandemic has slammed banking in Mexico, shutting down 867 bank branches and axing 1 million credit card contracts in Q1 2021.

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Keywords: corporate card, funding, COVID-19, neobanks, digital banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Mexico
This article is part of category

Banking & Fintech