Clara, Latin America’s leading tech startup providing an end-to-end enterprise expense management solution for businesses in the region, today announced funding approved by Goldman Sachs for an initial $50 million of dollars with the possibility of increasing to 150 million dollars. The facility will allow Clara to continue the rapid growth of its corporate card, accounts payable and short-term financing solutions for Latin American businesses. The company currently works with more than 6,000 companies in Mexico, Brazil and Colombia and aims to double that number by the end of the year.
“This funding will fuel our planned regional growth and also enable us to successfully serve more businesses, in more countries across the region, with our corporate card and expense management platform, as well as our innovative liquidity solutions. short term”, said Clara CEO and co-founder Gerry Giacomán Colyer, “This new line of credit will allow us to more than double our coverage in Mexico, while focusing additional resources on our products and geographic expansion.”
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,” said Santoro. “The loan from Goldman Sachs underscores the capital market’s confidence in Clara’s business model while showcasing our potential for future growth.”
Additionally, the company announced that Tina Reich, former director of credit at American Express, is working closely with Clara in an advisory capacity. “Clara brings a unique combination to the global fintech industry,” said Reich, “The ability to recognize underserved LATAM markets and seamlessly scale existing operations to meet demand in these new regions. Now, working with Goldman Sachs, Clara is ready to begin an exciting new chapter, while continuing to support the growth and success of Latin American businesses.
Already backed by international equity investment firms including Coatue, General Catalyst DST Global, monashees, Kaszek, as well as many leading angel investors. The company launched in Mexico and Brazil in 2021 and in March this year announced its official expansion into Colombia. After a $70 million Series B investment round in December 2021, the company became the fastest company in Latin America to achieve unicorn status, just eight months after commencing operations.