Brazilian FinTech Cora raises $26.7 million in Series A Funding

By Leandra Monteiro

Cora, a São Paulo-based technology-enabled lender to SMBs, has raised $26.7 million in a Series A round led by Silicon Valley VC firm Ribbit Capital. The round also witnessed participation from  Kaszek Ventures, QED Investors, and Greenoaks Capital. Cora reported that with the round of funding, it has secured $36.7 million

Founded in 2019, Cora was designed to simplify financial services for small and medium companies, so that self-employed entrepreneurs and small-scale business owners may focus on what is most valuable. Last year, Cora got its license approved from the Central Bank of Brazil, making it a 403 bank.

Cora offers a number of solutions, such as a digital checking account, Visa debit card and management tools like an invoice manager and cashflow dashboard. With the checking account, customers can send and receive money, as well as pay bills, digitally.

According to media reports, Igor Senra, Cora CEO, speaking about the investment said, “In a short time, we were able to develop products that customers really love and that impact their day-to-day business. 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.”

Now, the latest investment Cora is looking at expanding its staff, from 110 to 230 in 2021, besides launching a credit offer, within the plan of expanding its customer base to 380,000 by the end of this year.