Mexican card and spend management company Clara has closed a $30m Series A round led by DST Global Partners.
Also taking part in the round were LatAm Funds, Monashees Capital, Kaszek Ventures, Avid Ventures and existing investor General Catalyst.
Established in 2020, Clara is an end-to-end spend management firm that provides its users with physical and virtual cards for no annual fee. It also offers customisable card limits and restrictions, immediate registration, local regulation and security standard adherence and spend visibility for employees, managers and administrators. The company has offices in Mexico and Brazil.
According to Clara, the funding will go towards accelerating its product development and expanding throughout Latin America. This will start with an upcoming Brazil launch, where it has begun to hire a team.
The company also highlighted it was currently in the process of closing a further $50m debt facility for a partner that remains undisclosed.
Clara co-founder Diego Garcia said, “Above all, we want to create the technology and a first-class experience that will help high-potential companies grow. There is no need for the accounting and financial world to be complicated. Clara exists to make things simple and transparent; functional and without unnecessary steps.”
Monashees partner Marcelo Lima added, “While the consumer finance space has gone through a revolution in the past few years, the B2B segment has been overlooked.
“Payments, corporate credit cards and expense management represent a massive opportunity globally. Clara has assembled a stellar team to tackle this billion-dollar opportunity in LatAm, solving a big headache for many companies in the region.”
Copyright © 2021 FinTech Global