Mexican fintech Clara became the fastest Latin American company to reach unicorn status after closing a Series B Investment Round worth US$70 million.
Coatue, a technology investment firm, led a Series B investment for US$70 million for Clara alongside ICONIQ Growth, Box Group, Gaingels, DST, Monashees, General Catalyst, Avid Ventures, Global Founders Capital, Picus Capital and Alter Global, among others.
“We’re thrilled that the same year we started operations in Mexico, we are able to make our official landing in Brazil. Since Clara’s inception, our goal has been to offer the best corporate expense 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 have 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 throughout these countries and we are thrilled to be their ally,” said Clara’s CEO and Co-Founder Gerry Giacoman Colyer in a recent press release.
Clara reached a US$1 billion valuation eight months after its launch, becoming the fastest Latin American startup to obtain unicorn status. Clara became the first Latin American corporate card issuer to operate in the two most important economies in Latin America. After its launch in Mexico eight months ago, Clara expanded to Brazil where it will begin operations with 100 customers and an initial team of 40 people headed by Country Manager Layon Costa. The company’ license with Mastercard to operate with third parties is deemed vital to Clara’s success in Brazil.
“Being able to operate with our own license backed by Mastercard in more than one country and in such a short time is the result of all of 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,” said Diego Garcia, Co-Founder and Head of Product Development, Clara.