Clara and Colombia Fintech Join Forces to Boost Corporate Expense Management

Clara, a corporate expense management solution for companies in Latin America, announced its entry into Colombia Fintech, the Association of Fintech Companies in Colombia, which brings together more than 250 companies that seek to boost the innovation ecosystem in digital financial services in the country.

According to Leonardo Ramos, Clara’s country manager for Colombia, “we are sure that this is a strategic step that brings us closer to our goal of contributing to business financial inclusion, as well as to growth, financial health care, and improving the credit life and finances of organizations in Colombia.”

Clara, which offers a comprehensive platform for expense control and business credit cards at no cost, with no commissions or management fees, has become one of the fastest growing Latin American unicorns in the region, reaching a valuation of more than $1 billion in less than a year through the consolidation of three investment rounds and through which it has raised more than $100 million.

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In March 2021, Clara was launched through a $3.5 million pre-seed round led by General Catalyst

Subsequently, it raised a Series A investment round equivalent to $30 million, led by DST Global Partners, General Catalyst, monashees, Kaszek, among other international investment funds; and which was accompanied by an additional US$5 million in financing from angel investors and unicorn founders including Sebastián Mejía of Rappi, Ricardo Weder of Justo, Daniel Vogel of Bitso and Sergio Furio of Creditas.

Finally, in December of the same year, Clara closed an investment round equivalent to $70 million, led by Coatue, a technology firm.

The company, which already has more than 5,000 clients in Colombia, Mexico, and Brazil, is experiencing 100x monthly growth and has a team of more than 300 employees in the territories in which it operates.

During its first year, Clara has achieved several milestones such as the “A Great Place to Work” certification in Mexico and Brazil, in addition to being part of the “Linkedin Top Startups 2021” ranking in Mexico.

Clara expects to expand in Latin America taking its portfolio of solutions to more countries in the region such as Peru, Chile, Argentina, Panama, and Uruguay.

As for its operation in Colombia, since March of this year, Clara offers a product with which organizations can have visibility of the budget of each department; control corporate finances in real time; in addition to setting limits and restrictions on spending for their employees.

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(Featured image by Flavia Carpio via Unsplash)

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