This Mexico-based spend management company raised $60M to grow its team and technology

Clara, a spend management company based in Mexico, has secured $60 million in equity in a round led by GGV Capital. As part of the new investment, GGV Capital managing director Hans Tung will join Clara’s board of directors.

The new $60 million investment is an extension of the 70 million Series B with Coatue in 2021. The equity round also follows a $90 million debt round this March and a $150 million debt round in August 2022. To date, the company has raised up to $408.5 million in equity and debt financing per Crunchbase data.

New investors in the round include Acrew Capital, Citius, Citi Ventures, Endeavor Catalyst, Ethos, Commerce Ventures, Goanna Capital, Bayhouse Capital and Fluent Ventures. Also, existing investors such as Monashees, Coatue, Picus Capital, DST Global Partners, Alter Global, General Catalyst and over a dozen angel investors participated in the round.

The company says the new funding will be used to grow Clara’s engineering and product teams and technology development and to round out its leadership team.

Launched in 2020, Clara is a leading expense management platform serving businesses in Latin America. It offers a comprehensive solution that covers everything from locally-issued corporate cards and Bill Pay to financing options, along with its highly regarded software platform used by numerous successful companies throughout the region.

Clara says it has 10,000 client companies across Latin America, notably in Brazil, Mexico and Colombia, and reports an annual run rate of 5 million credit card transactions, which is equivalent to $1 billion.