Fintech Clara Launches Payment Account In Brazil With Transaction Target Of IDR 19 Trillion In 2024

Fintech Clara, announced the launch of a payment account in Brazil (photo: x @Juchtervbergen)

JAKARTA - Fintech Clara, based in Latin America, announced the launch of a payment account in Brazil which is expected to help achieve transactions worth 6 billion reais (Rp19 trillion) by 2024, the company announced on Tuesday, November 28 by eyeing the country with growth in the region's largest economy.

Clara, who also provides corporate cards and spending management solutions, said the new product would allow its clients in Brazil to expand their payment methods, adding payments with bank slips and express electronic transfers (TEDs) to traditional credit cards.

The company hopes to double the number of clients served in Brazil next year with this new product, and hopes to "take a good share" of the business-to-business payment market and make Brazil its biggest market.

Clara announced in August that they would move their headquarters from Mexico to Brazil after obtaining a central bank license to operate as a payment agency there, allowing them to launch the 'Clara Conta'.

Future measures include offering deposits through Brazil's popular instant payment system, PIX.

Clara's credit card currently lists an annual transaction of more than 1 billion reais only in Brazil, and the company says its operations have doubled every six months.

"Currently, Brazil already has a double higher growth rate than Mexico in terms of transaction volume," said the company, which is also operating in Colombia and owns Banco Votorantim and shopping center operator BRMalls among its clients.

Clara, backed by investors such as Monashees, GGV, and Coatue, in 2021 joined an exclusive club of less than a dozen Mexican unicorns, or startups valued at more than $1 billion.