Clara will use its proceeds to support its card underwriting and to acquire small and medium-sized business (SMB) customers.
Clara differs from Mexican neobanks by catering to businesses, not consumers. According to eMarketer, Clara’s growth occurs within the hard-hit Mexican banking sector, rife with branch closures and credit card cancellations. The COVID-19 pandemic has slammed banking in Mexico, shutting down 867 bank branches and axing 1 million credit card contracts in Q1 2021.
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