The move is part of the company's strategy to expand its presence in the region's largest economy. In essence, Clara, specialising in corporate cards and expense management solutions, introduced a new product in Brazil that enables clients to diversify their payment methods. The offering includes bank slips and express wire transfers (TEDs) in addition to the traditional credit card option. The company anticipates doubling its client base in Brazil next year, targeting a substantial portion of the business-to-business payments market and positioning Brazil as its primary market.
Having relocated its headquarters from Mexico to Brazil in August 2023, Clara secured a central bank license to operate as a payment institution, facilitating the launch of the 'Clara Conta.' The company plans to further improve its services by offering deposits through Brazil's popular instant payment system, PIX.
Clara's credit card, already contributing to annual transactions exceeding 1 billion reais in Brazil, has been experiencing rapid growth, with operations doubling in size every six months according to Reuters. The company cited Brazil's transaction volume growth rates, which are twice as high as those in Mexico, as a key factor in its strategic focus on the Brazilian market.
With operations in Colombia and a client portfolio that includes Banco Votorantim and BRMalls, Clara is backed by notable investors such as Monashees, GGV, and Coatue. In 2021, the company achieved unicorn status, joining the ranks of Mexican startups valued at USD 1 billion or more.
In May 2023, Clara disclosed securing USD 60 million in equity through a funding round led by GGV Capital. The funding marked an extension of the Series B investment phase and saw participation from new investors, including Ethods, Commerce Ventures, Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, among others. The announcement brought Clara's total equity financing to USD 10 million at the time of the press release.
In March 2023, Clara secured up to USD 90 million in a funding round backed by Accial Capital and equity fund IMPACTO. The impact debt fund, facilitated by Skandia and managed by Accial, provided Clara with a line of credit, a feat achieved within one year of its operations in the Colombian region.
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