Mexican fintech platform Clara, which lending and expense management solutions to corporations, has secured a $150m debt financing from Goldman Sachs.

The financing, which starts from $50m and can be increased to $150m, will be used by Clara to boost its operations in Mexico and support Latin American expansion.

Currently, Clara works with over 6,000 firms in Mexico, Brazil and Colombia and aims to double its client base by the end of 2022.

Clara’s business expense management platform includes credit cards, payment solutions and short-term financing for Latin American Businesses.

Clara CEO and co-founder Gerry Giacoman Colyer said: “This financing will fuel our anticipated regional growth and also allow us to make our expense management platform, as well as our innovative short-term liquidity solutions, available to more companies in the region.

“This new line of credit will allow us to double our presence in Mexico while allocating resources to our regional expansion and development of new products.”

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By GlobalData

Backed by the likes of Coatue, General Catalyst, DST Global, monashees, Kaszek and prominent angel investors, the fintech is looking to expand into Peru and Chile next, Bloomberg reported.

The fintech will look for additional financing via both investment rounds and debt but it does not plan to raise funds in the immediate future, Clara CEO told the publication.

Concurrently, Clara announced that it has hired RappiBank’s Andre Henrique Santoro, who has more than 15 years of experience in risk management, as chief risk officer and Tina Reich from American Express as an adviser.