Clara, Latin America’s leading corporate spend management platform, announces USD 70 million in structured debt funding from BBVA Spark, Covalto, and the International Finance Corporation (IFC). The capital will fund Clara’s fast-growing corporate credit card and bill pay products as the company accelerates expansion of its operations in Mexico and Colombia. This funding complements Clara’s existing debt relationship with Goldman Sachs, with whom the company continues growing a relationship since 2022.

The facility from BBVA Spark, the bank’s business unit specializing in supporting the entrepreneurial and tech ecosystem, will be used to scale Clara’s payments products in Colombia. “This financing marks a significant milestone in our partnership with Clara, empowering their continued growth and innovation. We are proud to support a company that is empowering Colombian companies by transforming corporate spend management,” says Eduardo González, Country Manager of BBVA Spark in Colombia and Argentina.

In parallel, the funding from the IFC, a member of the World Bank Group, and Covalto,  a Mexican bank focused on backing startups and SMEs across Latin America, will support Clara’s expansion in Mexico. Notably, the IFC aims to foster the growth of businesses with potential for social impact through this investment, particularly those led by women.“Our investment in Clara reflects IFC’s strategy to catalyze technological solutions that foster job creation, financial inclusion, and productivity across the region. By supporting Clara’s expansion, we are helping more companies optimize their operations and access tools that drive growth,” said Sanaa Abouzaid, IFC Country Manager for Mexico.

Mark McCoy, CEO of Banco Covalto, also stated: “With credits like this, Covalto demonstrates its commitment to supporting fintechs and to developing the structured credit ecosystem in Mexico and across Latin America. Our goal is to match the pace and real needs of venture-backed companies. That’s why we collaborate with companies like Clara to help them grow.”

This announcement, together with Clara’s USD 80 million in funding announced earlier this year, demonstrates the company’s readiness to scale into its next stage of growth with new capital markets partners. Together, these developments consolidate Clara’s position as the leading solution for corporate financial management in Latin America, already serving some of the region’s largest enterprises, such as Hilton, Bolsa Mexicana de Valores, Femsa, Smartfit and Movistar.

“This funding puts us in a uniquely strong position, as the only corporate payment solution in Latin America backed simultaneously by financial institutions of this stature. I’m confident that we'll empower many more businesses, have a positive social impact and foster a virtuous cycle across the region”, says Gerry Giacomán Colyer, co-founder and CEO of Clara.

Over the past few years, Clara’s product portfolio has expanded beyond corporate cards and spend management to include a broader set of payment solutions that address the evolving needs of businesses and allows them to consolidate all their payment operations in one intelligent platform. As Clara continues growing its portfolio of over 20,000 active organizations, including some of the largest and most successful enterprises in the region, additional capital is key to supporting the development of new products and driving growth.