Why Would a Profitable Fintech Raise?

Hi, and welcome to a new edition of The Daily Dealflow — the 5-minute briefing that gives you clear context on capital flows and market-moving trends across the Americas, from Silicon Valley to Buenos Aires. Let's dive in.

🏆 Deal of the Day

Clara, the Mexico-born corporate card and B2B payments platform, raised $105M. The total is a $65M Series C led by Citius, Kaszek and DEG, plus a $40M renewal of General Catalyst’s Customer Value Fund credit line. CEO Gerry Giacomán says the company has been profitable for a year and is now shopping for acquisitions.

Why This?: A company founded in Mexico now earns close to half its revenue in Brazil, and its backers include U.S. VCs and a German development bank. Few deals show cross-border capital in the Americas this clearly. It also shows how much LATAM late-stage rounds have recovered.

Positive Context:

• Clara says it has passed $100M in annualized net revenue, serves 45,000+ clients, and has been EBITDA-positive for more than a year. Its total debt capacity now exceeds $250M.
• Series C rounds made up 30% of LatAm venture dollars in H1 2026, up from 19% in 2025, according to Endeavor data.

Yes, but:

• Clara did not disclose its valuation, only that it rose. It also did not say how much revenue has grown since its April 2025 round. And $40M of the headline figure is credit, not equity – Startups.

“We are exploring acquisition opportunities,” said Gerry Giacomán, co-founder and CEO of Clara, to Forbes México.

💰 Venture Capital

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Nominal (US) – $240M, Series C at a $3B valuation, a hardware engineering data platform with AI agents that analyze test data for aircraft, satellites and robots. Lightspeed led and Insight Partners co-led, with Sequoia, Founders Fund, General Catalyst and Lockheed Martin Ventures joining. CEO Cameron McCord, a former Navy submarine officer and Anduril alum, co-founded the company in 2022 with Bryce Strauss and Jason Hoch. The valuation tripled since March, and more than 300 Anduril engineers use the platform – TechCrunch.

Project Omega (US) – $80M, Series A, recycling used nuclear fuel into power systems and strategic isotopes. B Capital led, with noa VC and 645 Ventures joining, bringing total funding to $92M. Founder Stafford Sheehan previously co-founded Air Company, which makes fuel out of CO₂. The U.S. has nearly 100,000 metric tonnes of used fuel in storage, and Omega claims its process can cut waste volume by up to 90% – Tech Funding News.

Klubi (Brazil) – R$20M+ (about $3.7M), second Series A extension, a digital consórcio platform: pooled savings plans for buying phones, motorcycles, cars and property. All of the money came from Patria Investments, whose total stake in Klubi now exceeds R$60M. CEO Eduardo Rocha runs a R$2B+ portfolio with about 130 employees and 250 AI agents handling sales, credit and collections – Latam Republic.

OpenAI (US) – $11B, first close of a private round at a $1.25T valuation, about $150B below its original $1.4T ask. The full round now targets about $20B, down from $30B+. Earlier reports named UAE investors and Coatue as leads, with MGX expected to be the largest participant. The price is still 47% above March’s $852B mark. It is also roughly 18 times a reported ~$70B revenue run rate – Tech Funding News.

🏛️ Private Equity

Equity Link and BBVA Spark (Mexico) – $53M, venture debt facility from BBVA Spark, the bank’s growth-lending unit, to a fintech that finances industrial supply chains in Mexico and the United States. Founder and CEO Mario E. Antúnez Cruz runs a factoring business: suppliers in auto parts, aerospace and electronics sell their unpaid invoices at a discount instead of waiting 60 to 90 days for payment. The money will scale MONIE, its AI platform for managing financial operations in real time – The Investor Society.

Surgery Partners (US) – up to ~$6.0B enterprise value, amended take-private by HealthSpan Partners, an affiliate of the nonprofit Bon Secours Mercy Health. Shareholders other than Bain Capital affiliates get $25/share in cash. If closing slips past March 1, 2027, a 10%-a-year “ticking fee” adds up to $1.61/share. The board passed on an unsolicited $28/share bid because it would close more slowly and carry more regulatory risk – SEC.

JBS and Flora (Brazil) – $542M, related-party acquisition of Flora (Minuano, Francis, Neutrox, OX) from J&F, the Batista family holding that controls JBS. JBS pays $367M for the equity and takes on Flora’s debt. It is also buying agribusiness broadcaster Canal Rural for $11M. Flora rejoins JBS nearly two decades after being spun out, and both deals are slated to close in December – Exame.

NRG Energy and LS Power (US) – $4B cash, asset sale of six gas plants (4.9 GW across New York, New England and Texas) to LS Power at 8.0x 2027 EV/Adj. EBITDA. Proceeds fund $3B of buybacks over 2026–27 and $2B of debt reduction. Think of a landlord selling a few buildings to buy back shares of the whole portfolio. NRG keeps 20 GW, and closing is targeted for Q2 2027 – Stock Titan.

📈 Public & Capital Markets

Anthropic (Nasdaq: ANT) – IPO price range set at $70–$78 for 825M shares, which would raise up to $64.35B gross. Pricing is reportedly set for November 18, with trading on November 19, and the book is already covered. A concurrent $26B private placement brings in AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. The debut would come about five months after SpaceX’s record $85.7B IPO – CNBC.

eToro (Nasdaq: ETOR) – Q3 earnings. Profit fell about 60% on lower crypto trading volume, and adjusted EPS of $0.26 missed the $0.32 consensus. The broker announced a $250M buyback and is buying Argentina’s LB Finanzas to expand in Latin America. Shares fell about 6% premarket – ADVFN.

Nvidia (Nasdaq: NVDA) – governance overhang deepens. The Information reported that CEO Jensen Huang’s ties to a woman suspected of spying for China helped move at least $7.5B of chips, about 240,000 GPUs, to Chinese firms. House China Committee chair John Moolenaar demanded a full investigation. Shares slipped to about $178 in early trading – TheStreet.

📅 ICYMI

• Take-Two shares rose about 3.7% premarket after CEO Strauss Zelnick said GTA VI pre-orders are well ahead of internal expectations, even though quarterly revenue fell about 15%.
• Border collies have become a luxury asset. International buyers now pay upwards of $30K for trained sheepdogs at England’s Craven Cattle Mart, and one dog sold for about $39K in 2021, a Guinness record.
• On Nov. 11: Singles’ Day began as a joke holiday at Nanjing University in 1993. Alibaba turned it into a shopping event in 2009, and by 2012 Taobao was selling about $3B in goods on that single day.

See you tomorrow,

Katherine Castelán & Jose Kont
The humans behind The Investor Society