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Paytech Clara launches PJ account and expects to more than double customer base in Brazil

November 28, 2023
Por
Finsiders
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The best source of information about fintechs in Brazil
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The solution hits the market just over three months after the fintech received its license as a payment institution in the country
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With the expectation that Brazil will be the largest market in the first quarter of 2024, corporate payment management fintech Clara has just taken another step in this direction. Just over three months after receiving authorization from the Central Bank to operate as a payment institution (PI), the company is launching a PJ digital account integrated with expense management software. The aim is to consolidate all payments in one place.

Until now, Clara's solution only allowed corporate credit card transactions to be managed. Now, with the account, companies now have the functionality to issue and pay slips, as well as transfers via TED. The expectation is to release Pix operations in the first quarter of next year. To this end, the fintech is awaiting approval from the Central Bank to become an indirect participant in the Pix arrangement.

In an interview with Finsiders, Francisco Simon, Clara's country manager in Brazil, explains that the launch of the account is a natural step after obtaining the IP license and also in the journey to position the fintech as a complete corporate payments ecosystem.

"It's more than just a PJ account. Companies can consolidate all their payments in a single system, monitor them in real time and gain insights from an artificial intelligence tool," says the executive, who arrived in July to lead the operation in Brazil after spells at Uber and Facebook.

To attract new customers, Clara is betting on an account with no monthly fee and a balance yield of 110% of the CDI. The income is net of taxes and fees, and the money can be withdrawn at any time. For the first six months, the fintech will also charge no fees.

Growth


According to Francisco, Clara had already been growing rapidly. And this pace gains even more strength with the greater potential for transactions that should come with the launch of the account. "Despite Pix's relevance, TED and boleto are well established and have strong corporate penetration," says the executive.

Currently with more than 3,400 clients in Brazil and a total payment volume (TPV) of R$1 billion in the country, the fintech company expects to more than double its base and multiply its TPV 6 times by 2024, thus exceeding R$6 billion/year. In the local market, Clara has been making increasing headway among larger companies. Its current portfolio includes, for example, Amaro, BR Malls, Grupo Trigo (owner of the China in Box, Spoleto and Gendai brands), among other names.

The fintech's Brazilian operation is the fastest growing and should reach the position of largest market - it is currently second, behind Mexico - in the first quarter of next year. In addition to Brazil and Mexico, Clara also has a presence in Colombia. Taking all countries into account, the customer base exceeds 14,000 companies.

Since the start of the business in 2020, the company has raised more than $400 million between equity rounds and debt structures, according to data on Crunchbase. In April of this year, Clara raised a Series B extension worth $60 million.

Corporate expenses on the rise


Clara is in a market that is becoming increasingly competitive, including with the advance of giants in the benefits sector. Last month, for example, VR announced that it had bought control of VExpenses.

Also in October, the flexible benefits startup Flash - which last year bought ExpenseOn to enter corporate expenses - received approval from the Central Bank to operate as an IP in the electronic currency issuer and post-paid payment instrument (credit card) modalities.

The list of players in the corporate expenses segment also includes names such as Conta Simples, Portão 3 and Jeeves, among others.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

With the expectation that Brazil will be the largest market in the first quarter of 2024, corporate payment management fintech Clara has just taken another step in this direction. Just over three months after receiving authorization from the Central Bank to operate as a payment institution (PI), the company is launching a PJ digital account integrated with expense management software. The aim is to consolidate all payments in one place.

Until now, Clara's solution only allowed corporate credit card transactions to be managed. Now, with the account, companies now have the functionality to issue and pay slips, as well as transfers via TED. The expectation is to release Pix operations in the first quarter of next year. To this end, the fintech is awaiting approval from the Central Bank to become an indirect participant in the Pix arrangement.

In an interview with Finsiders, Francisco Simon, Clara's country manager in Brazil, explains that the launch of the account is a natural step after obtaining the IP license and also in the journey to position the fintech as a complete corporate payments ecosystem.

"It's more than just a PJ account. Companies can consolidate all their payments in a single system, monitor them in real time and gain insights from an artificial intelligence tool," says the executive, who arrived in July to lead the operation in Brazil after spells at Uber and Facebook.

To attract new customers, Clara is betting on an account with no monthly fee and a balance yield of 110% of the CDI. The income is net of taxes and fees, and the money can be withdrawn at any time. For the first six months, the fintech will also charge no fees.

Growth


According to Francisco, Clara had already been growing rapidly. And this pace gains even more strength with the greater potential for transactions that should come with the launch of the account. "Despite Pix's relevance, TED and boleto are well established and have strong corporate penetration," says the executive.

Currently with more than 3,400 clients in Brazil and a total payment volume (TPV) of R$1 billion in the country, the fintech company expects to more than double its base and multiply its TPV 6 times by 2024, thus exceeding R$6 billion/year. In the local market, Clara has been making increasing headway among larger companies. Its current portfolio includes, for example, Amaro, BR Malls, Grupo Trigo (owner of the China in Box, Spoleto and Gendai brands), among other names.

The fintech's Brazilian operation is the fastest growing and should reach the position of largest market - it is currently second, behind Mexico - in the first quarter of next year. In addition to Brazil and Mexico, Clara also has a presence in Colombia. Taking all countries into account, the customer base exceeds 14,000 companies.

Since the start of the business in 2020, the company has raised more than $400 million between equity rounds and debt structures, according to data on Crunchbase. In April of this year, Clara raised a Series B extension worth $60 million.

Corporate expenses on the rise


Clara is in a market that is becoming increasingly competitive, including with the advance of giants in the benefits sector. Last month, for example, VR announced that it had bought control of VExpenses.

Also in October, the flexible benefits startup Flash - which last year bought ExpenseOn to enter corporate expenses - received approval from the Central Bank to operate as an IP in the electronic currency issuer and post-paid payment instrument (credit card) modalities.

The list of players in the corporate expenses segment also includes names such as Conta Simples, Portão 3 and Jeeves, among others.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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