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Clara Expands its Financial Services to Colombia

By Cinthya Alaniz Salazar | Fri, 03/25/2022 - 15:14

Corporate credit and financial services company Clara secured a foothold in Colombia as part of its greater ambition to expand throughout Latin America. To remain the fastest growing unicorn in the region, the company is investing in the refinement of its product vision, Gerry Giacoman, CEO, Clara, told Mexico Business News.

“Other investments are targeted at completing our product vision, which is helping companies organize their expenditures in one unified platform,” said Giacoman. Moreover, Clara is “trying to expand even more within the region to help companies that have operations in multiple countries in Latin America.”

The services offered by the Mexican startup have been outstandingly received, catapulting it to unicorn status in eight months with a valuation of over US$1 billion. Using this round of funding the company opened offices in Brazil, a natural advancement for the company considering both companies have a high mobile and technology penetration. The regulatory differences between both countries has not inhibited Clara’s market expansion. Giacoman reported that the company grew faster in Brazil than it did in Mexico over the same period.

Clara’s success in Brazil has legitimized its market viability. Now, the company aims to replicate its performance in Colombia before breaking ground in Peru and Chile. Scaling for the startup has been relatively straightforward given that “Clara was built as a product that was prepared for expansion at any given time.” In parallel to its aggressive expansion ambitions, the startup is currently directing investments to complement its product vision. Immediate priorities concern helping companies organize their expenditures in a unified platform.

“Our growth has only accelerated so we will continue to innovate. We are a tech company so the Clara experience will only get better through features that will make the platform easier to operate,” said Giacoman.

In 2022 the startup seeks to become the solution that allows companies to manage both payments and their timing. Other objectives concern expanding upon their credit options in order to provide the liquidity companies need to be competitive.

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Cinthya Alaniz Salazar Cinthya Alaniz Salazar Journalist & Industry Analyst