LATAM fintech Clara raises $60 million
Clara, the leading end-to-end enterprise spend management solution in Latin America, announced today that it has closed a $60M USD equity financing round led by GGV Capital. In addition, GGV Managing Partner Hans Tung will join the company’s board.
The additional capital will be used to increase the technological development of the cost management and payment platform and consolidate market leadership throughout Latin America. Clara is also expanding the management bench with new managerial appointments across the engineering, product and risk functions.
The company also announced new executive hires, Raquel Hernández, formerly head of engineering at Meta, who has been named VP of Engineering. Eduardo Moore, formerly of Bitso and Nubank, has joined as product director for Clara Brasil. Alberto Ramos and Nicolas Caccaviello have been appointed Director of Operations & Revenue and Director Fraud & Acceptance respectively. Tina Reich, former Chief Credit Officer at American Express, joins as board observer and risk advisor.
“GGV Capital is one of the world’s major venture investors, with a truly global mindset since the start. Hans in particular has been an ally to some of the biggest success stories of our generation. We jumped at the opportunity to welcome him to our board,” said Gerry Giacomán Colyer, Clara CEO and co-founder.
Today, around 10,000 companies in Latin America use Clara’s product suite to automate and simplify their day-to-day operations, while benefiting from the innovative cost management software that provides real-time reports for better financial decision-making. Clara exists to empower customers by simplifying an otherwise complex subject – spending management – so that it becomes one less thing to think about. So that companies can focus all their energy on unlocking their true value and unlocking their competitiveness.
Clara has become the most flexible technological ally for companies in the region by delivering an agile solution that can be integrated into ERP platforms, saving up to a year in financial processes while allowing companies to significantly cut expenses. Clara brings autonomy to each company’s team while providing the ability to control resources and maintain healthy finances. With over two years of operations in key Latin American markets including Brazil, Mexico and Colombia, Clara has secured $160 million in equity financing and reports over five million credit card transactions, equivalent to $1 billion at an annual rate.
“The Clara team is among the strongest we have seen in Latin America,” said Hans Tung, Managing Partner at GGV Capital. “Expense management is a huge category globally, and Clara is the first to use software to build solutions in Latin America. The team had encountered cost management challenges as operational managers themselves and understood the problem well. We are delighted to support Gerry, Diego and the Clara team in their mission to become one of the most impactful startups in the region.”
New investors Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital, Fluent Ventures and LAGO Innovation Fund joined the round. Existing early investors monashees, Coatue, Picus Capital, DST Global Partners, Alter Global, General Catalyst, and over a dozen angel investors, also participated in this round.
