Clara Now Offers International Payment Services in 30 Countries

Mexico emerges as a critical player in nearshoring, capturing at least 80% of the global market, thanks to its strategic location.
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Clara, the Mexican fintech company specializing in payment solutions and expense tracking, has introduced a new feature that allows its users to make international transactions. The goal is to assist more Mexican companies looking to leverage trends such as nearshoring. Youmna Harb, the country manager for Clara in Mexico, pointed out that users can use their existing credit lines to conduct these international operations.

Harb emphasized that there have been nearly 198 private-sector investment announcements so far this year. This underscores the need for a solution that enables payments in multiple currencies to help businesses grow more efficiently.

The company sees particular growth potential in areas like services, raw material acquisition, initial payments, infrastructure, and payroll payments. The targeted countries for payments include Argentina, Brazil, Colombia, Chile, Peru, 26 European countries, and China.

According to consulting firm McKinsey, international payments make up approximately USD $200 billion per year, representing 27% of global transactional income. In the context of nearshoring, companies involved in supply chains and construction could significantly benefit from Clara’s offering.

We pay cross-border
We pay cross-border. (Source: McKinsey)

The Inter-American Development Bank (IDB) estimates that Mexico could attract around USD $35 billion through relocation.

Harb also highlighted the importance of China as a key source of raw materials due to its ability to produce at high volumes and offered competitive prices.

In this context, as pointed out by El Economista, Mexico is a key player in nearshoring. Its strategic geographical location has enabled it to capitalize on at least 80% of the global nearshoring market.

The introduction of international payment services by the Mexican fintech firm Clara represents a significant stride forward in empowering Mexican businesses to tap into global markets, particularly in the context of nearshoring.

By simplifying currency exchanges and international transactions, Clara eliminates one of the key barriers to global trade for many small and medium-sized enterprises (SMEs). With nearly 198 private-sector investments announced this year alone, the time is ripe for such a solution that enables Mexican companies to grow efficiently and sustainably on a global scale.

Moreover, Mexico’s pivotal role in nearshoring — capturing a staggering 80% of the global market — further solidifies the country’s status as an emerging economic powerhouse. Its strategic geographical location and recent infrastructural and policy improvements provide an attractive proposition for international businesses. Clara’s new services are timely and align well with Mexico’s economic goals and its increasing relevance in international trade and production networks.

In an era where global supply chains have been disrupted due to various reasons, such as political instability and pandemics, the importance of nearshoring options like Mexico can’t be overstated. Features like Clara’s international payment services do more than facilitate transactions; they pave the way for a new level of economic integration and competitiveness for Mexican businesses, fulfilling Mexico’s broader economic ambitions.

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