Startup Cora Raises $26.7 Million to Enter Brazil’s Fintech Market

By Elijah Labby Tuesday, April 6, 2021

Cora is a Brazilian fintech startup company that offers a financial services app to small and medium-sized businesses in the country. Recently, the company raised $26.7 million in a new round of startup funding that aims to help the company grow its offerings.

The idea for Cora is simple: provide a mobile app to help small businesses manage their funds more effectively. Providing everything a small business needs to keep track of their finances and grow their business is Cora’s M.O.; startup businesses can contact helpful representatives, access their money via company-specific credit cards, and track all financial transactions directly within the app.

A smartphone and Brazilian reais.

Investments in the Fintech Business

Judging by the recent investment in the fintech startup company, venture capital firms are optimistic about the idea. Ribbit Capital led the $26.7 million round of Series A financing with contributions from Kaszek Ventures, QED Investors, and Greenoaks Capital.

What’s more, the round of financing comes on the heels of a $10 million investment from Kaszek Ventures, bringing the total investment to $36.7 million. These investments constitute a substantial and consequential bet not only on Cora but also on the future of Brazilian small business.

What Those Involved in the Fintech Business Have to Say

Cora's Chief Executive Officer Igor Senra said in a press release that the hard work from members of the fintech startup company paid off.

“In a short time, we were able to develop products that customers really love and that impact their day-to-day business,” he said. “As a result, we are growing the customer base consistently, initiating the transformation of financial services for small businesses in the country. That is exactly why the funds went to Cora.”

When asked about what makes Cora a unique startup business, Ribbit Capital Partner Nikolay Kostov told TechCrunch that the company offers other businesses things that no one else does.

“The combination of these factors makes Brazil an especially attractive market for Cora to launch in and disrupt,” Kostov said. “The Cora founding team is uniquely qualified and deeply attuned to the challenges of small businesses in the country, having spent their entire careers building digital products to serve their needs.”

The Fintech Business Market

It turns out that the global fintech market is growing at a fantastic annual rate. At a compound annual growth rate of over 20% and a total business valuation of $233.8 million in 2019, the future of fintech is full of value and innovation for all those involved.

The Future of Cora’s Startup Business

All these things considered, along with the ever-expanding potential of fintech in a globalized world, Cora has a bright future ahead of it. Now, it will turn its attention toward further helping Brazilian small businesses.

“We know that there is still a lot of work ahead of us and we are looking forward to everything that we are going to build alongside Brazilian entrepreneurs,” the company wrote. “The future is right there!”

About the Author

Headshot of Elijah Labby

Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.

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