Clara arrives in Brazil official and becomes the fastest Mexican unicorn in Latin America

Clara, the most complete solution for business expense management, officially announced its arrival in Brazil, backed by a Series B financing round equivalent to 70 million dollars led by Coatue, an investment technology firm.

Just eight months after starting operations in Mexico and with this new capital increase, the company has reached a valuation of one billion dollars, becoming the fastest Latin American unicorn in the region. Also and as part of the new investment, Michael Gilroy de Coatue, joins as the first external member of Clara’s board.

In Brazil, Clara started operations with a group of almost 100 companies, including the Brazilian operations of her regional and global clients. The startup already forms a team of 40 people in that country, led by Layon Costa as Country Manager, and who has extensive professional experience in companies such as Dow Chemical, Rappi and Quinto Andar.

Gerry Giacomán Colyer, CEO and co-founder of Clara, said: “We are very excited that the same year that we started operations in Mexico, we will be able to make our arrival in Brazil official. Since Clara’s inception, our goal has been to offer the best business expense management solution based on a solid infrastructure, adhering to local regulations, in order to contribute to the growth and competitiveness of all companies in Latin America ”. The manager also highlighted: “We are entrepreneurs and we have been collaborators in some of the companies that operate throughout the region, so we understand that the needs in Brazil are similar to those of Mexico or Colombia. In addition, many of our clients operate in these countries, so we are excited to continue being their allies. ”

Giacomán Colyer emphasized that “Although we did not proactively seek financing, our advanced infrastructure and expansion plans generated enthusiasm. In addition to our outstanding growth, our client portfolio includes not only the fastest growing companies in the region, but also some of the most important corporations in the country, among which some airlines, OEMS and even a bank stand out. ”

In this regard, Diego García, co-founder and Product Head, highlighted: “’being able to operate with the first Mastercard corporate card program in more than one country and in such a short time, is the result of all the product decisions we have made in the last year since Clara started. With the new financing, we will continue to train the best team of engineers, designers and product leaders to continue innovating. ”

According to Thiago Dias, VP Fintech Strategy and Labs at Mastercard: “The entrepreneurial ecosystem in Latin America has shown great dynamism in recent years. Through this new alliance with Clara, we reinforce our commitment to continue offering agile and accessible financial services that promote the development, competitiveness and growth of companies in the region “.

As in Mexico, Clara’s solution is the first Mastercard corporate card program in Brazil. Through a main member license and in her own way, Clara has the possibility to issue her cards, accepted anywhere in the world. This allows the company to guarantee the best experience for its customers, including the highest acceptance rate for their cards.

The startup currently reports transactions equivalent to more than USD $ 13M annually and its client base is made up of some of the leading companies in the region, including Kavak, Jüsto, JOKR and Casai, among thousands of other fast-growing companies.

“In October of this year, Clara and Mastercard entered into a strategic alliance to serve the company’s clients in Mexico. Upon arriving in our country, we remain committed to growing our relationship and continuing to improve the experience of the companies with which we they are currently working, “says the CEO of Mastercard Brazil, Estanislau Bassols.