MEXICAN STARTUP CLARA RECEIVES $150 MILLION IN DEBT FINANCING FROM GOLDMAN SACHS
Clara, the leading Latin American tech startup that offers an end-to-end corporate spend management solution for companies in the region, announced today approved financing from Goldman Sachs for an initial $50 million with the option to upsize to $150 million.
The facility will allow Clara to continue the rapid growth of its corporate card, accounts payables, and short-term financing solutions for businesses in Latin America. The company is currently working with over 6,000 companies across Mexico, Brazil, and Colombia and aims to double this number by the end of the year.
“This financing will fuel our planned regional growth and will also allow us to successfully serve more companies, in more countries throughout the region, with our corporate card and spend management platform, as well as our innovative short-term liquidity solutions,” said Clara CEO and co-founder Gerry Giacomán Colyer, “This new credit line will allow us to more than double our coverage in Mexico while focusing additional resources in our product and geographic expansion.”
In addition to working with Goldman Sachs, Clara announced the hiring of André Henrique Santoro who will join the team as Chief Risk Officer. Santoro brings over 15 years of risk management experience including stints at CitiBank and RappiBank Brasil. “This deal gives Clara more capital to grow our operations and consolidate our infrastructure,” said Santoro. “Goldman Sachs’ loan highlights the capital market’s belief in Clara’s business model while also showcasing our potential for further growth.”
Also, the company announced that Tina Reich, former Chief Credit Officer at American Express, has been working closely with Clara in an advisory capacity. “Clara brings a unique combination to the global fintech industry,” said Reich, “The ability to recognize underserved LATAM markets and to seamlessly scale existing operations to fulfil the demand in those new regions. Now, by working with Goldman Sachs, Clara is ready to begin an exciting new chapter, while continuing to support the growth and success of Latin American enterprise.”
Already backed by international equity investment firms including Coatue, General Catalyst DST Global, monashees, Kaszek, as well as numerous prominent angel investors. The company launched in Mexico and Brazil in 2021 and in March of this year announced its official expansion to Colombia. After a Series B investment round for $70M in December 2021, the company became the fastest company in Latin America to reach unicorn status, only eight months after starting operations.
Mexican Startup Clara Receives $150 Million In Debt Financing From Goldman Sachs. Congratulations to the entire team. I wish you great success in this endeavour.Shishir Gupta, Founder and CEO, StartupLanes
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