- The Latin American startup continues its expansion in the region with its launch in Brazil, becoming the first corporate card operating in the two most important economies in the region. The company operates under its principal member license with Mastercard, allowing it to issue credit cards directly.
- Additionally, the company has closed a Series B investment round for $70M led by the technology investment firm Coatue. Also participating in the round are A *, ICONIQ Growth, Box Group, Exponent, Gaingels, and existing investors - DST, monashees, General Catalyst, Avid Ventures, Global Founders Capital, Picus Capital, SOMA Capital, and Alter Global, among others.
- Within this investment, Clara has reached a valuation of one billion dollars, becoming - within 8 months of launching - the fastest Latin American startup to reach this milestone.
Mexico City, December 6, 2021-- Clara, the end-to-end corporate spend management solution for companies in Latin America, officially announced its arrival in Brazil, backed by a $70M Series B equity financing round led by Coatue, the global technology investment firm.
With this new capital increase and only eight months after starting operations in Mexico, the company has reached a valuation of one billion dollars, becoming the fastest Latin American startup to achieve this milestone. As part of the new investment, Michael Gilroy of Coatue joins as the first investor member of Clara's board of directors.
In Brazil, Clara starts operations with a group of nearly 100 launch customers using its products, including the Brazilian operations of its existing regional and global customers. Clara has formed an initial team of 40 people in Brazil, headed by Layon Costa who serves as Country Manager. Costa has extensive professional experience having worked with such companies as Dow Chemical, Rappi, and Quinto Andar.
According to Gerry Giacomán Colyer, Clara CEO and co-founder, “ We’re thrilled that the same year we started operations in Mexico, we’re able to make our official landing in Brazil. Since Clara's inception, our goal has been to offer the best corporate spend management solution based on a solid infrastructure, adhering to local regulations, so we can contribute to the growth and competitiveness of all companies in Latin America. We’ve been entrepreneurs and executives in companies that have operated across the region, so we know that the needs are similar in Brazil as they are in Mexico or Colombia. Further, we have many customers that operate across these countries and we’re thrilled to be their ally.”
Giacomán Colyer continued, “While we were not actively seeking additional financing, the infrastructure we’ve built and our expansion generated much enthusiasm. In addition to our topline growth, the caliber of our clients today includes not only the fastest growing companies in the region, but some of the most successful corporations as well - including airlines, car manufacturers, sports teams, and a bank."
Co-founder and Head of Product Development, Diego García added that “being able to operate with the first Mastercard corporate card program in more than one country and in such a short time is the result of all the product decisions we have made over the past year since we started Clara. With the new financing, we will continue to form the best team of engineers, designers, and product leaders so we can keep innovating."
According to Thiago Dias, Mastercard VP Fintech Strategy and Labs, “The entrepreneurial ecosystem in Latin America has shown great dynamism in recent years. Through this new alliance with Clara, we reinforce our commitment to continue bringing agile and accessible financial services that promote the development, competitiveness, and growth of companies in the region”.
As in Mexico, Clara's solution is the first Mastercard corporate card program in Brazil, through a license that allows the company to be a principal member and issue its own cards, which are accepted anywhere in the world. This will help the company guarantee the best experience to its customers, including the highest acceptance rate for their cards.
The startup currently reports transactions equivalent to more than USD$13M annually and its client portfolio is made up of some of the leading companies in the region including Kavak, Jüsto, JOKR and Casai, among thousands of other rapidly growing companies.
“In October of this year, Clara and Mastercard made a strategic alliance to serve the company’s customers in Mexico. Upon arrival in our country, we remain committed to growing our relationship and continuing to improve their clients’ customer experience", says Mastercard Brazil General Manager, Estanislau Bassols.