FinTech Clara, Mastercard Expand in Colombia

Three months after it achieved unicorn status with a value of more than $1 billion, the Latin American startup Clara has launched into Colombia with support from Mastercard’s global payments network, the Mexico City-based FinTech announced Thursday (March 24).

Clara’s arrival in the transcontinental country, which spans South America and North America, comes after the company’s first year of operation in Mexico. It’s part of the company’s expansion strategy in Latin America, where its goal is to debut in Argentina, Chile, Panama, Peru and Uruguay, the company said.

The Colombian office’s team of nearly three dozen plans to offer its business expense management platform to thousands of companies.

“Colombia stands out as a strategic market given that it is one of the main hubs for business development and growth in the region, which is why we seek to reinforce our role as allies of companies during this process, while contributing to financial inclusion through digital, agile, accessible and modern products,” said Leonardo Ramos, Clara’s manager in Colombia, in a statement.

Through its collaboration with Mastercard, Clara said it has gained access to Mastercard APIs, solutions, partners and programs through one point of contact, helping Clara quickly grow and scale its business.

In December, PYMNTS reported Clara’s launch in Brazil, marked by $70 million in new funding and a $1 billion valuation.

Read also: Spend Management Platform Clara Becomes Latam’s Fastest Unicorn

The valuation came just eight months after Clara’s launch, making it the fastest startup to reach unicorn status in Latin America.

Clara begins its operations in Brazil with nearly 100 corporate clients and a team of 40 people, offering customers what it called a robust platform, thanks to its own license under agreement with Mastercard to operate without depending on third parties or sponsor banks.