Clara, a Latin American FinTech company, has launched a payment account in Brazil.
The new payment account offering complements Clara’s existing range of products, which includes corporate cards and expense management solutions, Reuters reported Tuesday (Nov. 28).
With this expansion, clients in Brazil will gain access to a wider array of payment methods, including bank slips and express wire transfers, according to the report.
With the launch of the payment account, Clara has a goal of facilitating transactions worth 6 billion reais (about $1.23 billion) by 2024, the report said.
This strategic move comes as Clara seeks to expand its presence in Brazil, the largest economy in the region, per the report. The aim is to capture a significant share of the B2B payments market in Brazil.
To support this growth, Clara plans to double its client base in Brazil next year, according to the report. The company is committed to making Brazil its largest market and has already relocated its headquarters from Mexico to Brazil earlier this year after obtaining a central bank license.
Looking ahead, Clara plans to offer deposits through Brazil’s popular instant payment system, PIX, the report said.
The company’s credit card already handles annual transactions exceeding 1 billion reais (about $205 million) in Brazil alone, per the report. Clara’s operations have been expanding rapidly, with the company doubling in size every six months.
Clara’s success has attracted significant investment, with support from investors such as Monashees, GGV and Coatue, according to the report. In 2021, Clara became one of the fewer Mexican unicorns — startups valued at $1 billion or more.
The company’s $1 billion valuation in December 2021 came eight months after its launch, making Clara the fastest startup to reach unicorn status in Latin America, PYMNTS reported at the time.
Brazil’s transaction volumes are currently growing at a rate twice as high as Mexico’s, Clara said, per the Reuters report. The newest offering joins the company’s strong presence in Colombia and a client base that includes Banco Votorantim and BRMalls.
In another recent expansion, Clara launched a cross-border payments service in Mexico in August, aiming to facilitate international transactions by allowing clients to pay bills in foreign currencies.