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News Article

Clara Receives Financing From Goldman Sachs

By Sofía Hanna | Mon, 08/08/2022 - 17:51

Mexican technology startup and unicorn Clara, which offers integrated corporate expense management solutions for companies in the region, announced today the approval of a financing plan backed by Goldman Sachs. An initial US$50 million line was approved, with the option to increase it to US$150 million, enabling the company to continue its rapid growth.

 

“This financing will fuel our expected regional growth and allow us to make our expense management platform and our innovative short-term liquidity solutions available to more companies in the region. This new line of credit will allow us to double our presence in Mexico, while allocating resources to our regional expansion and new product development,” said CEO and Co-Founder Clara Gerry Giacomán Colyer. The company currently works with over 5,000 companies in Mexico, Brazil, and Colombia and aims to double this number by the end of the year.

 

The company also announced the incorporation of André Henrique Santoro as Chief Risk Officer. “This agreement provides Clara with more capital to grow our operations and consolidate our infrastructure. It also underscores the market’s confidence in Clara’s business model while showing our potential for continued growth,” commented Santoro. Additionally, it was announced that Tina Reich, former Chief Credit Officer, American Express, has been working closely with Clara as an advisor. “Clara brings a unique combination to the global fintech industry, as it can identify the most underserved markets in LATAM and thus scale its business in the countries where it operates, meeting the demand in those new regions. Now, working with Goldman Sachs, Clara is ready to start a new and exciting chapter while continuing to support the growth and success of companies in the region,” added Reich. 

 

This milestone demonstrates the confidence that international markets have in the potential of technology startups and the future of this sector in Latin America, even at a time that presents significant challenges for its development.

 

Mexico has nine unicorns, six of which are in the financial industry, including Clara. The company’s achievement also comes at a time of high global economic uncertainty compounded by inflation, rising interest rates, and the risk of recession. Despite this, Clara has successfully obtained financing, while the market has celebrated the birth of two new unicorns in less than two months in Mexico.

The data used in this article was sourced from:  
Clara
Photo by:   Samson, Unsplash
Sofía Hanna Sofía Hanna Journalist and Industry Analyst