Latin America-based Clara has recently announced it has obtained USD 70 million in structured debt funding. This capital will be allocated to the expansion of its payment products.

Funding Source and Purpose

The funds have been sourced from BBVA Spark, Covalto, and the International Finance Corporation (IFC). The intention is to support Clara’s corporate credit card and bill pay services as it intensifies its operations in Mexico and Colombia.

This latest funding complements an existing debt relationship Clara maintains with Goldman Sachs since 2022.

Strategic Use of Funds

Clara plans to utilize the capital from BBVA Spark to bolster its payment products in Colombia. Meanwhile, IFC and Covalto’s contributions will support Clara’s expansion efforts in Mexico.

Irina Berezina, a representative from IFC, highlighted that this investment is part of their strategy to promote technological solutions for businesses with social impact potential, particularly those led by women. This move aims to foster job creation, financial inclusion, and productivity across Latin America.

With these recent funding milestones, Clara reinforces its role as a key player in corporate financial management in the region. The company now offers a suite of payment solutions tailored for large enterprises, such as Hilton, Bolsa Mexicana de Valores, Femsa, Smartfit, and Movistar.

Product Evolution

Since its inception, Clara’s service range has expanded beyond corporate cards and spend management. The company now provides a diverse selection of payment solutions designed to meet the needs of businesses and streamline their operations through a unified platform. Additional funding will be crucial in developing new products and sustaining growth.