Clara, the end-to-the-end or comprehensive solution for corporate spend management incorporated a new payment feature to its financial offering, becoming the “most complete” B2B spend control platform in the Mexican market.
Through the new product, companies will be able to:
- Use Clara’s credit line to make payments
- Pay vendors directly from an invoice by leveraging Clara’s direct connection to the Mexican Tax Administration Service
- Schedule up to 100 payments in a single, simultaneous step
- Make payments 24/7
- Use the product without incurring any fees
Clara co-founder and CEO Gerry Giacomán Colyer stated:
“By adding this new feature to our spend management offering, Clara becomes a platform that allows companies to organize all their digital payments in a completely unified way, further simplifying their financial processes. Only six months after the official launch of our first product, we’ve already raised almost USD$40M of equity, and we process over US$500M in annualized volume, which gives us the ability to continue innovating our B2B offering. We launched a payments product to keep creating and adding value for the daily activities of the almost 1,000 companies with which we currently work in Mexico and Latin America.”
Diego García, Clara co-founder and Head of Product, noted that developing this feature is a direct response to Clara’s focus on “constantly improving” the user experience while satisfying the demand for “simpler, more agile, and more complete” digital financial products and services.
He added that this product is Clara’s “first foray” into credit transfers since it’ll be possible “to use Clara’s credit line to make payments.” García also mentioned that the platform’s automatic connection with the Mexican Tax Administration Service allows firms to “make payments directly from the invoices registered in the platform.”
Clara’s products and services are being regulated by PROFECO, and are “the only financial products of their kind in Mexico to be regulated by a national regulatory entity.”
Among its clients are leading players in the startup space, including Kavak, Casai, Sofía Salud, JOKR, TrueHome, and Cornershop by Uber, among others.
The announcement of Clara’s new payment product has come after an extension to the firm’s Series A round. The company is backed by funds such aas DST Global Partners, Kaszek, monashees, and General Catalyst.
As mentioned in the announcement, Clara is a Latin American (LatAm) startup providing an end-to-end corporate spend management solution for companies. Through a complete platform that includes an “easy-to-use” corporate credit card and a bill pay product, Clara “enables entrepreneurs in the region to grow better without losing control of their finances.”
Established last year by Diego García and Gerry Giacomán Colyer, the firm is working on its expansion to Brazil and has “raised over US$35M backed by international funds such as DST Global Partners, monashees, Kaszek Ventures, and General Catalyst, among other angel investors.”
