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March 25, 2022

Mexican fintech Clara ties up with Mastercard to expand into Colombia

Mexican fintech Clara, which provides corporate credit cards and expense management solutions, has expanded its footprint to Colombia in a tie-up with Mastercard.

The expansion closely follows a fundraising round that secured the firm the unicorn status.

Clara plans to offer its business expense management platform to companies in Colombia.

The firm, which has around 30 employees in the country, expects to increase its team headcount to ‘hundreds’ this year.

Clara Colombia country manager Leonardo Ramos said: “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 strengthen our role as allies of companies during this process, while contributing to financial inclusion throughout the region. through digital, agile, accessible and modern products.”

Clara, which began its operations in Mexico a year ago, made its entry to Brazil in December last year.

Its partnership with Mastercard, which began in last October, provides with the local infrastructure required for operations in each country. 

Clara leverages Mastercard Developers fintech portfolio to access APIs, solutions, partners and programmes through a single point of contact.

As part of this partnership, Clara’s technological products were rolled out to over 3,000 companies across various industry verticals in Latin America.

The firm said it plans to expand its reach to additional countries in the region, including Chile, Argentina, Panama, Uruguay, and Peru.

Clara CEO and co-founder Gerry Colyer said: “As entrepreneurs we understand the real needs of companies in the region, so part of our mission is to bring affordable and accessible technological tools to all Latin American countries, in order to match its growth with good resource management.”

Earlier this week, Galileo expanded into Colombia to help the country’s financial institutions and lenders launch their digital financial services offerings.

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