The Latin American Fintech company Clara has introduced a payment account in Brazil, thus expanding its range of products that includes corporate cards and expense management solutions, as reported by Reuters.
With this new offering, Brazilian customers will have access to various payment methods, such as bank receipts and express bank transfers.
Clara aims to facilitate transactions worth BRL$6.000 billion (approximately USD$1.230 billion) by 2024 with the launch of this account.
This expansion strategy aims to consolidate Clara’s presence in Brazil, the largest economy in the region, with the purpose of gaining a significant share in the B2B payment market.
The company plans to double its customer base in Brazil next year, having moved its headquarters from Mexico to the South American country earlier this year after obtaining a license from the central bank.
Additionally, Clara intends to offer deposits through Brazil’s instant payment system, PIX, in the future.
The company’s credit card already handles annual transactions exceeding BRL$1.000 billion (approximately USD$205 million) in Brazil alone, and the company has experienced rapid growth, doubling in size every six months.
Backed by investors such as Monashees, GGV, and Coatue, Clara became a Mexican unicorn in 2021.
It reached a valuation of USD$1,000 million just eight months after its launch, making it the fastest startup to achieve such status in Latin America.
Transaction volumes in Brazil are growing at a rate twice that of Mexico, and the company has a strong presence in Colombia, serving clients such as Banco Votorantim and BRMalls.
In a recent expansion, Clara also launched a cross-border payment service in Mexico in August, aiming to simplify international transactions by allowing customers to pay bills in various currencies.
