Clara, the leading Latin American tech startup that offers an end-to-end corporate spend management solution for companies in the region, announced today approved financing from Goldman Sachs for an initial $50 million with the option to upsize to $150 million.
“This financing will fuel our planned regional growth and will also allow us to successfully serve more companies, in more countries throughout the region, with our corporate card and spend management platform, as well as our innovative short-term liquidity solutions,”
“This new credit line will allow us to more than double our coverage in Mexico while focusing additional resources in our product and geographic expansion.”
Gerry Giacomán Colyer, CEO & co-founder, Clara.
Clara will be able to maintain the rapid expansion of its corporate card, accounts payables, and short-term financing solutions for companies in Latin America thanks to the facility. By the end of the year, the company hopes to have doubled the number of businesses it works with in Mexico, Brazil, and Colombia, which presently total over 6,000.
In addition to working with Goldman Sachs, Clara announced the hiring of André Henrique Santoro who will join the team as Chief Risk Officer. Santoro brings over 15 years of risk management experience including stints at CitiBank and RappiBank Brasil.
“This deal gives Clara more capital to grow our operations and consolidate our infrastructure,”
“Goldman Sachs’ loan highlights the capital market’s belief in Clara’s business model while also showcasing our potential for further growth.”
André Henrique Santoro, Global Chief Risk Officer (CRO), Clara.
Also, the company announced that Tina Reich, former Chief Credit Officer at American Express, has been working closely with Clara in an advisory capacity.
“Clara brings a unique combination to the global fintech industry,”
“The ability to recognize underserved LATAM markets and to seamlessly scale existing operations to fulfill the demand in those new regions. Now, by working with Goldman Sachs, Clara is ready to begin an exciting new chapter, while continuing to support the growth and success of Latin American enterprise.”
Tina (Chan) Reich, Advisor, Clara.
Already supported by various well-known worldwide equity investment firms, such as Coatue, General Catalyst DST Global, monashees, and Kaszek. The business began operations in Mexico and Brazil in 2021 and declared its official expansion to Colombia in March of this year. Eight months after operations began, the company received a $70M Series B financing round in December 2021, making it the fastest company in Latin America to achieve unicorn status.