The media reported that the fintech company Clara in Mexico began to provide local consumers services for making cross-border payment transactions.
This service greatly simplifies international financial operations. Fintech company clients get the opportunity to pay bills in foreign currency. Service users residing in Mexico will transfer payments in pesos. The recipients of the money will be able to choose the currency in which the transfer will be issued to them.
According to the information available to the media, Clara plans to expand the application area of its international payment transaction service. The company intends to launch this service in Brazil and Colombia. So far, there is no information about when the firm will offer solutions for cross-border payments in new financial markets.
The firm expects that by the end of this year, with the help of the new service, the volume of international transactions will amount to $100 million. The initial customers of this service are American multinational corporations that operate in Mexico and purchase goods and services in other countries.
Three months ago, Clara raised $60 million in investment funds as part of an equity financing round. At the time, the company said it would use the money to develop its expense and payment management platform and expand its operations in Latin America. In the spring, Clara announced that about 10 thousand companies use its set of products. The firm also reported that in two years of doing business in Mexico, Colombia, and Brazil, it has made more than 5 million credit card transactions.
Many B2B companies in Latin America adhere to a regional approach. CEO and co-founder of Clara Jerry Jacoman Collier in December 2021, during a conversation with the media, said that his company has the opportunity to do the same, implying the concept of doing business on a local basis.
The gradual transition to digital payments means that solutions like the one offered by Clara can be used to obtain information about expenses in real-time and to monitor financial-related activities.
As we have reported earlier, Indonesia and India Can Sign Cross-Border Payments Pact.
