Brazil fintech unicorn on the hunt for venture capital
Brazilian fintech firm, Clara, is back in the spotlight as it seeks venture capital to raise new equity and debt financing to support its growth strategy. The company’s CEO, Gerry Giacoman Colyer, is optimistic about the venture capital market’s revival.
Established in 2021, Clara assists businesses in managing costs and processing payments. The fintech startup quickly achieved unicorn status, boasting a valuation of at least $1 billion, merely eight months post-launch. This milestone was reached following a successful $70 million Series B fundraising round spearheaded by Coatue Management. Subsequently, a $150 million credit line was secured from Goldman Sachs Group Inc., a year later.
Clara’s operations are primarily focused on Brazil, Mexico, and Colombia. Despite maintaining a relatively stable workforce of 330 employees, the company has managed to increase its revenue sixfold, serving over 10,000 clients.
“We’re in the process of closing additional funding, including components of both equity and debt,” stated Giacoman during an interview at the Rio Web Summit. “The conversations are going very well. We see an opportunity now as the markets are starting to thaw, to re-accelerate some plans.”
Clara’s evolution from a startup
Giacoman and co-founder Diego Garcia, (pictured above), originally from Mexico, relocated the company to Sao Paulo in 2023 after obtaining a licence from Brazil’s central bank to operate as a payments institution. While startups comprised about half of its initial customer base, they now represent only about 10 percent of business. Clara has since onboarded large corporations including Burger King, Nike Inc., and Banco Votorantim as clients, handling approximately $2 billion in transactions annually.
“We’re approaching profitability, but we have positive unit economics in all three countries,” Giacoman added. “The goal for Clara today is to continue developing the solution for our customers, get to profitability, and then continue the geographic expansion.”
Clara’s investor portfolio includes Monashees, Kaszek, General Catalyst, DST Global, Canary, and regional family offices. The credit line with Goldman aids their post-payment product, offering customers a 40-day payment window.
Giacoman and Garcia founded Clara after their stint at Grow Mobility, a company that operated electric scooters across several Latin American countries. “We started by helping companies organize what is often some of their most disorganized spend,” Giacoman concluded. “To be able to operate with agility and clarity at the same time.”
