LatamList – Cora, a Brazilian fintech, raised a $26.7M Series A funding round led by Ribbit Capital. Kaszek Ventures, QED Investors, and Greenoaks Capital also participated in the round.
Cora offers SMEs a variety of financial services from digital checking accounts and Visa debit cards, to various financial management tools such as invoices and a cash flow dashboard. The fintech aims to revolutionize the antiquated financial system in Brazil to help SMEs and entrepreneurs achieve success and growth in the market.
Cora launched its product in October 2020 after raising $10M in funding and the approval of its banking license by Brazil Central Bank. The fintech has since attracted 60,000 customers across the country, and founders Igor Senra and Leo Mendes aim to become the leading SME neobank in the world.
“While the consumer banking experience has undergone a massive transformation thanks to new digital experiences over the last decade, the same is not true for small business services,” said Nicolay Kostovovo, Ribbit Capital partner. “The Cora team is uniquely qualified and deeply attuned to the challenges of SMEs in the country, having spent their entire career building digital products to serve their needs.”
Cora will use the new funding to improve and add new features to the platform, as well as launching a new portfolio of credit products. The startup is also looking to expand into adjacent markets such as law and accounting firms, real estate brokerages, and education.
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