Latin American FinTech Clara Expands Its Reach with Payment Account Launch in Brazil

Clara, a prominent Latin American FinTech company, has taken a significant step forward in its growth strategy by introducing a new payment account in Brazil, according to PYMNTS. This latest offering is a valuable addition to Clara’s existing portfolio, which includes corporate cards and innovative expense management solutions. With this expansion, clients in Brazil will now have access to a broader range of payment methods, including bank slips and express wire transfers.

The company has set ambitious goals for the new payment account, aiming to facilitate transactions worth 6 billion reais (approximately $1.23 billion) by the year 2024. This strategic move aligns with Clara’s broader vision to establish a strong presence in Brazil, the largest economy in the Latin American region. The company’s objective is to capture a significant share of the lucrative B2B payments market in Brazil.

To support its growth initiatives, Clara plans to double its client base in Brazil next year. A pivotal move in this regard was relocating its headquarters from Mexico to Brazil earlier this year after securing a central bank license. Looking ahead, Clara intends to offer deposits through Brazil’s widely used instant payment system, PIX.

Clara’s credit card already handles annual transactions exceeding 1 billion reais (approximately $205 million) in Brazil alone, showcasing the company’s rapid expansion in the market. This success has attracted substantial investment, with support from notable investors like Monashees, GGV, and Coatue. In 2021, Clara achieved the coveted status of a Mexican unicorn, denoting startups valued at $1 billion or more. Remarkably, Clara achieved this milestone just eight months after its launch, making it the fastest startup to attain unicorn status in Latin America, as reported by PYMNTS at the time.

Brazil’s transaction volumes are currently experiencing twice the growth rate compared to Mexico, according to Clara. This latest offering strengthens the company’s already substantial presence in Colombia and its impressive client base, which includes prominent names like Banco Votorantim and BRMalls.

In addition to its expansion in Brazil, Clara also expanded its footprint in the FinTech sector by launching a cross-border payments service in Mexico in August. This service facilitates international transactions, allowing clients to pay bills in foreign currencies.