Clara Announces $70 Million Debt Financing to Boost Growth of Payment Products in Mexico and Colombia

Clara, the leading corporate expense management platform in Latin America, announces a $70 million structured debt financing from BBVA Spark, Covalto, and the International Finance Corporation (IFC). The capital will be used to accelerate the growth of Clara’s corporate credit card and bill payment products as the company expands its operations in Mexico and Colombia. This financing complements its existing debt relationship with Goldman Sachs, with whom the company has been strengthening its partnership since 2022.

The loan from BBVA Spark, the bank’s business unit specializing in supporting the entrepreneurial and technological ecosystem, will be used to expand Clara’s payment products in Colombia. “This financing marks a significant milestone in our partnership with Clara, strengthening its continued growth and innovation. We are proud to support a company that is empowering Colombian businesses by transforming corporate expense management,” says Eduardo González, Country Manager of BBVA Spark in Colombia and Argentina.

In parallel, funding from the IFC, a member of the World Bank Group, and Covalto, a Mexican bank focused on startups and SMEs throughout Latin America, will support Clara’s expansion in Mexico. The IFC seeks to promote the growth of companies with potential for social impact through this investment, especially those led by women. “Our investment in Clara reflects the IFC’s strategy of catalyzing technological solutions that drive job creation, financial inclusion, and productivity across the region. By supporting Clara’s expansion, we are helping more companies optimize their operations and access tools that drive growth,” said Sanaa Abouzaid, IFC Country Manager for Mexico.

Mark McCoy, CEO of Banco Covalto, also stated: “With loans like this, Covalto demonstrates its commitment to supporting fintechs and developing the structured credit ecosystem in Mexico and throughout Latin America. Our goal is to keep pace with and meet the real needs of venture capital-backed companies. That’s why we collaborate with companies like Clara to help them grow.”

This announcement, coupled with the $80 million in funding Clara secured in April of this year, demonstrates the company’s ability to scale into its next growth phase with new capital market partners. Together, these advancements solidify Clara’s position as the leading corporate financial management solution in Latin America, already serving some of the region’s largest companies.

“This funding puts us in an exceptionally strong position as the only corporate payments solution in Latin America simultaneously backed by financial institutions of this size. I am confident that we will empower many other companies, have a positive social impact, and foster a virtuous cycle throughout the region,” says Gerry Giacomán Colyer, co-founder and CEO of Clara.

In recent years, Clara’s product portfolio has expanded beyond corporate cards and expense management to include a broader set of payment solutions that meet the evolving needs of businesses and allow them to consolidate all payment operations into a single intelligent platform. As Clara continues to grow its portfolio, which already includes more than 20,000 active organizations, including some of the largest and most successful in the region, additional capital is essential to support the development of new products and drive growth.

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