Eight months old Mexican fintech Clara has become Latin America’s fastest startup to gain unicorn status. Clara’s valuation exceeded US$1 billion earlier this month after it raised $70 million in a Series B fundraising round led by Coatue.
The company’s CEO and co-founder Gerry Giacomán Colyer stated in a press release that he was not “actively” seeking additional financing, attributing the fundraising round to the company’s expansion plans.
Mexico City-based Clara has now set up in Brazil as well. “We have formed an initial team of 40 people in Brazil,” says the company.
In Brazil, Clara will sell credit cards making use of its agreement with Mastercard. However, Clara’s success in Mexico appears to have been caused by its technology platform that corporate firms employ to manage business expenses.
“Since Clara’s inception, our goal has been to offer the best corporate spend management solution based on a solid infrastructure, adhering to local regulations,” Colyer said.
Considering local media reports, the fintech is set to expand its operations throughout Spanish-speaking Latin America, including Chile, Colombia, Peru, Argentina, and Panama.
Clara – whose existing clients include Justo, Kavak, and Sofia Salud – hopes to increase its clients fivefold by the end of 2022.
It is the fourth Mexican startup to become a unicorn this year; the others are Clip, Bitso, Konfío, and Kavak.