09 December 2021

Carey Olsen advises fintech startup Clara as it becomes the fastest unicorn in Latin America

Carey Olsen's corporate practice in the Cayman Islands has advised Mexican fintech company Clara on a Series B financing round of US$70 million marking its valuation milestone of US$1 billion. The startup, which recently launched in Brazil, is now the fastest company to reach unicorn status in Latin America having launched only eight months ago with a US$3.5 million pre-seed round.

Clara is an end-to-end corporate spend management platform with its own license under agreement with Mastercard, allowing it to operate without depending on third parties or sponsor banks.

The Series B was led by global investment manager Cotaue, who has also invested in TikTok, Deel and fellow Mexican unicorn Bitso.

Working alongside onshore counsel Gunderson Dettmer, the Carey Olsen team advising Clara on the secondary financing comprised partner Alistair Russell and associate Trevor McCabe.

Alistair said: "It is very exciting to see Clara's meteoric growth and to watch the Cayman Islands' reputation as a premier jurisdiction for venture capital structures with a Latam focus continue to go from strength to strength."

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