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SubscribeCuatrecasas has advised Banco Bilbao Vizcaya Argentaria Colombia and its subsidiary BBVA Spark, on the structuring, negotiation and closing of a $36 million credit facility for fintech Clara, one of the leading corporate spend-management platforms in Latin America.
The financing reinforces BBVA Spark’s strategy to boost the entrepreneurial ecosystem and support technology companies that are expanding in the region, through the robust deployment of capital for a business player that leads its segment and has a solid contractual structure aligned with the best market practices.
"The loan granted by BBVA Spark to Clara is another step taken by Colombian banks to strengthen the region's technological and financial ecosystem, providing an opportunity for a fintech company of this type to transform and expand to new clients and markets," said Manuel Quinche, managing partner of the Cuatrecasas Bogotá office and lead counsel in this transaction.
The funds will allow the fintech to accelerate the rollout of its new TravelPay solution, which is specifically geared toward payments for corporate travel, while seeking to grow its client portfolio, which currently has 20,000 active organizations, including large companies in the region.
The Cuatrecasas team advising on this transaction was led by partner Manuel Quinche, along with lawyers Catalina Herrera, Steffany Serebrenik, Juan Carlos Camacho, Angie Gómez, Verónica Hernández, Daniel Valderrama, and Mariana Vanegas (Finance); Alejandro Manrique and Rafael Marulanda (Corporate); Valentina Aldana and David López (Litigation and Arbitration); and Nathalie Medina, Oswaldo Pacheco, and Valentina Vélez (Tax).Don’t miss our content
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