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Cora bags $26.7M funding in Series A round led by Ribbit Capital

Cora

Source: FinTech Futures

Cora is a Sao Paulo-based financial technology start-up that offers financial services to businesses and entrepreneurs, helping them to achieve their entrepreneurial goals. Recently, the company has announced to have raised USD 26.7 million funding in its latest Series A financing round led by Ribbit Capital, a California-based Venture Capital firm that invests in early-stage start-ups.

Founded back in the year 2019 by Igor Senra Magalhaes, Barbosa Mendes and Leonardo Soares, Cora is a financial technology company or rather a digital bank for small and medium enterprises and self-employed entrepreneurs. Cora is currently operating in closed beta versions and is planning to launch its first financial technology product. According to the company profile on Crunchbase, the product that the company will launch is a free SME-only mobile-based account. Reports suggest that the company is currently developing credit-related products, a portfolio of payments and financial management tools which will most likely see the light of day sometime in the future. Cora offers a simpler service at an affordable price which helps entrepreneurs from the repetitive work and bureaucracy that involves financing on a day to day basis.

Coming back to the funding, QED Investors, Kaszek Ventures and Greenoaks Capital are also known to be participants in the company’s funding round. Since 2019, the company has successfully raised total funds worth USD 36.7 million.

According to a report by TechCrunch, Cora received approval for its license from the Central Bank of Brazil last year in 2020. This approval has categorised the digital bank as a 403 bank, following which the company launched its first product in October last year and since then, it has acquired over 60,000 new customers and more than 100 employees.

When asked about the latest infusion of funds, the company says that it plans to use this new capital to improve existing features and add new ones. In addition to this, the company also plans to launch a portfolio of credit products on operations.

The company aims to become the fastest-growing neo-bank in the world with a primary focus on SMBs. Cora targets to offer its services in certain segments including real estate brokerage, law firms and accounting firms, and the education sector.

On the other hand, Ribbit Capital is a Palo Alto-based Venture Capital firm that focuses on early-stage start-up and till date, it has invested in more than 15 companies in the United States and is looking forward for more potential start-ups to back.

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