Mexico-based spend management company Clara has closed on USD 60 million in equity in a funding round led by GGV Capital. The company launched its product in 2021 and provides reporting software for better financial decision-making, locally issued corporate cards, bill pay, and financing solutions.

It also continues to prove rapid growth. In addition, the company partners with financial institutions to provide additional lending capabilities. The new USD 60 million investment is an extension of the Series B.

It includes new investors Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital, and Fluent Ventures. Clara has now raised USD 160 million in total equity financing. In May 2021, the company’s valuation was USD 130 million.

Means of further development and growth The new funding will be used to grow Clara’s engineering and product teams and technology development and to round out its leadership team. The company recently made new hires across engineering, product, and risk that came from tech and financial giants like Meta, Nubank, and American Express. Officials from Clara stated that the company has been an early developer of payment solutions around Brazil’s instant payment method, Pix, and is close to launching its product.

It is also looking at how artificial intelligence applications can benefit the gathering of data for insights into a customer’s transactional profile. The officials added that they’re only 2 years old, so they still see a lot of upside, including companies continuing to come to them every week. Just in March 2023 they were meeting top line metrics, between 25% and 40%.

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