Clara Fintech Debuts Payment Accounts in Brazil, Targets $1 Billion in Transactions

Clara Fintech Debuts Payment Accounts in Brazil, Targets $1 Billion in Transactions

13 Dec, 2023

Clara Fintech Debuts Payment Accounts in Brazil, Targets $1 Billion in Transactions

 

Clara, the fintech unicorn, further extends its presence in Brazil with the introduction of a high-yield payment account, marking another milestone in its ambitious expansion plan within Latin America's largest market.

The company, which relocated its headquarters from Mexico to Brazil recently, eyes transactions worth 6 billion reais by the close of 2024, equivalent to nearly $1.25 billion. It aims to fortify its position in the local business-to-business payments domain, envisioning Brazil as its primary market next year.

Having commenced operations in 2021, Clara is intensifying its activities after securing a payments institution license. Francisco Simon, Clara's Brazil country manager, emphasized the significance of "Clara Conta," the newly launched product, in facilitating customer acquisition. Simon noted, "This is just the beginning of a series of launches: soon we should offer PIX and other features aimed at bringing even more convenience to the daily lives of our users."

Initially established in Mexico in 2020, Clara provides corporate cards and management software for businesses across the region. Its aim is to double its customer base in Brazil by 2024, serving prominent institutions like Banco Votorantim and BR Malls. Monthly transactions currently stand at 100 million reais, approximately $20 million.

Amidst a crowded Brazilian market, Clara faces competition from various neobanks like Nubank, Inter, PicPay, and PagBank, all vying for customer dominance. These digital lenders, largely focused on individuals, have achieved significant customer bases and profitability in recent quarters.

Clara's strategic plan involves expanding its services to offer deposits through Brazil’s widely embraced instant payment system, PIX, aiming to capitalize on its popularity among over 150 million Brazilians. Gerry Giacomán, Clara's CEO, expressed their goal to consolidate Brazil as their primary market by 2024, leveraging the nation's mature financial and digital ecosystem, especially solutions like PIX.

The pivotal role of the fintech license becomes evident as Clara aims to enhance its offerings in a country where digital payment methods, particularly PIX, have gained widespread acceptance, drawing previously underserved individuals into the digital financial landscape.

With over a billion reais in yearly transactions (nearly $200 billion) and 10,000 customers across Latin America, including 2,000 in Brazil, Clara attained unicorn status in 2021. While emphasizing continued prospects in Mexico, Clara underscores Brazil as its major strategic focus.

Earlier this year, Clara secured $60 million in a Series-B funding round led by GGV Capital, following a $90 million debt acquisition from Accial Capital, fueling its growth and expansion initiatives.

 

 


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