Leading the End-to-End Spend Management Solution for LatAm: Why We Invested in Clara

By Hans Tung and Tiffany Luck

For a business, good spend management can mean more profitability, lower costs, and reduced supply risks. In the U.S., companies like Brex, Ramp, and Fairmarkit have built excellent spend management solutions for businesses. But different geographies have different needs, and Latin America has been a largely underserved market in terms of B2B business solutions.?

LatAm is highly adaptable and ripe for incredible innovation. As operating executives, co-founders Gerry Giacomán Colyer (CEO) and Diego Iván García Escobedo (CTO) experienced firsthand the need for an end-to-end spend management platform. The challenges they faced inspired them to create Clara, the first company to use technology to solve the challenge of spend management in LatAm. Without software, it’s almost impossible to review and track expenses.? Clara allows the C-suite to manage expenses and operate their business more efficiently. As Gerry and Diego describe it, Clara is “the end-to-end spend management solution we would’ve loved to have.”

We’re proud to lead the $60 million equity round for Clara, the leading end-to-end spend management solution for companies in LatAm. Clara aims to simplify finances, believing that its solutions don’t have to be complicated in order to work efficiently and transparently. The company provides a digital-first solution with direct integrations into ERP/software stack that’s significantly less costly than the incumbent offerings. Clara customers don't pay monthly fees on any issued corporate credit cards, nor do they pay monthly fees for spend management software.?

After two-plus years of operating in the key markets of Brazil, Mexico, and Colombia, Clara has reported over five million credit card transactions equivalent to $1 billion at an annualized rate. Today, about 10,000 businesses in LatAm use Clara’s suite of products, which includes a mobile app, easy bill pay with integrated financing, real-time visibility and advanced controls, and automated algorithm-driven invoice matching.

Startups have been Clara’s bread and butter, but they’re now attracting more mid-market and enterprise clients. The Clara team is certainly part of the momentum that’s growing in LatAm, having built a category-leading company with massive opportunities ahead. We’re excited to support Gerry, Diego, and the entire Clara team on their mission to become one of the most impactful companies in the region.