General Catalyst led a USD3.5m round for Clara, a Mexican startup offering corporate expense management and credit cards for Mexico-based startups, with participation from Canary, Adapt Ventures and Picus Capital. Clara was founded by former Grin employees Gerry Giacoman Colyer and Diego García Escobedo.
(TechCrunch) – This morning Clara, a corporate spend-management startup focused on the Latin American market, announced its product launch and a $3.5 million pre-seed round led by General Catalyst.
The company’s funding caught TechCrunch’s eye as there has been a flurry of funding for related companies serving the United States market. From Divvy to Brex to Ramp to Airbase to Teampay, investors have poured capital into startups working to help companies better track and manage their spend.
Companies working in the fintech niche tend to monetize in one of two ways, namely interchange revenues and software incomes. Or more simply, some in the corporate spend category generate revenues when users swipe cards, earning a slice of the transaction. And some also charge for the software that they have wrapped around their cards and other methods of payment.
Read more at TechCrunch.