Clara Secures $70 Million to Accelerate Corporate Payment Solutions in Latin America

Clara, the leading corporate expense management platform in Latin America, has secured US$70 million in structured debt financing from BBVA Spark, Covalto, and the International Finance Corporation (IFC).

The funding will support the rapid growth of Clara’s corporate credit card and bill payment products while accelerating operations in Mexico and Colombia. This financing complements Clara’s existing partnership with Goldman Sachs, which the company has maintained and strengthened since 2022.

BBVA Spark, the bank’s unit focused on supporting entrepreneurial and technology ecosystems, will channel its financing to scale Clara’s payment products in Colombia

Eduardo González, BBVA Spark’s country manager for Colombia and Argentina, highlighted the strategic importance of the collaboration, noting that the financing “marks a significant milestone in our partnership with Clara, boosting its continued growth and innovation” and emphasizing support for Colombian companies.

Meanwhile, financing from IFC, a World Bank Group member, and Covalto, a Mexican bank supporting startups and SMEs across Latin America, will target Clara’s expansion in Mexico. Sanaa Abouzaid, IFC’s country manager for Mexico, stated that the investment aligns with IFC’s mission to promote technological solutions that enhance job creation, financial inclusion, and productivity. By supporting Clara, IFC helps more companies optimize operations and access growth-driving tools.

Strategic Partnerships Strengthen Clara’s Position in Corporate Expense Management

Mark McCoy, CEO of Banco Covalto, added that the loan underscores Covalto’s commitment to fintech development and the structured lending ecosystem in Mexico and Latin America. He emphasized the bank’s goal of meeting the real needs of venture capital-backed companies and supporting their growth through collaborations with firms like Clara.

This announcement, combined with $80 million in financing secured earlier this year, positions Clara for its next growth stage and strengthens its presence in capital markets. Co-founder and CEO Gerry Giacomán Colyer noted that the funding places Clara in a strong position as the only corporate payments solution in Latin America backed by multiple major financial institutions. He expressed confidence that the platform will empower more companies, create positive social impact, and foster a virtuous cycle across the region.

Clara’s product portfolio has evolved beyond corporate cards and expense management to include a comprehensive suite of payment solutions. This expansion allows businesses to consolidate all financial operations on one platform, reflecting the company’s commitment to meeting the changing needs of its customers.

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(Featured image by Sean Pollock via Unsplash)

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