Clara launches Clara International Payments

Following this announcement, Clara aims to offer customers its new international payments service in order to simplify the complexities and challenges that clients face when making cross-border transactions. Furthermore, the focus of the new launch is set on offering agility and security to the users, as well as making the pricing of the service transparent. 

Customers of Clara will be given the possibility to make on-demand payments in multiple major currencies around the world via the platform. They will also be enabled to leverage the underlying line of credit in order to fund payments up to 40 days. 

The launch of Clara International Payments completes the company’s payments platform, which currently uses domestic transfers, as well as other functionalities and features, such as bulk payments, approval flows, or scheduled payments. 

The product caters to a wide range of use cases as well, including plant expansion, transportation, logistics, payroll services, raw material import, and more. Mexican companies and businesses can leverage the Clara Pagos Internacionales in order to organise and control all of their cross-border transactions. Moreover, Clara’s line of credit solutions offers firms the capability to take advantage of prepayment discounts without the need to compromise their cash flow. This aims to result in significant savings, in addition to increased and improved overall financial efficiency. 

The service was designed to function as a corporate that focuses on tackling the financial challenges that businesses meet, as well as on simplifying the process of payments worldwide through a single platform. 

Clara’s strategy of development

In May 2023, Clara announced that it has secured USD 60 million in equity in a funding round led by GGV Capital. The company first launched its suite of products in 2021, and it aimed to offer reporting software for improved financial decision-making, locally issued corporate and business cards, as well as financial solutions and services. 

The funds represented an extension of the Series B investment secured by the company. It included new investors, such as Ethods, Commerce Ventures, Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, and others. At the moment of the press release, Clara raised a total of USD 10 million in equity financing. 

Earlier in March 2023, the Latin American spend management platform financed up to a USD 90 million funding round from Accial Capital, as well as in equity fund IMPACTO. The impact debt fund was offered by Skandia and was managed by Accial. Clara was set to obtain the line of credit before completing one year of operations in the region of Colombia.