Brazilian fintech Cora raises $116M Series B as Tiger Global, Tencent sign on as investors alongside Greenoaks
Cora, a Brazilian digital lender to small-and-medium-sized businesses, has raised $116 million in a Series B round led by Greenoaks Capital.
This is a large Series B by any standards, but particularly so for a Latin American startup. It’s also notable that São Paulo-based Cora only raised its $26.7 million Series A round — led by Silicon Valley VC firm Ribbit Capital — in early April. The startup has now raised a total of $152.7 million since its 2019 inception.
The company wasn’t actively in the market, according to CEO and co-founder Igor Senra, but was approached by existing backer Greenoaks and other investors.
In fact, Tiger Global and Tencent are first-time backers in Cora with this latest round, joining existing investors Greenoaks, Kaszek, QED and Ribbit Capital.
“Greenoaks came to us and said they were very impressed, and ready to lead our Series B,” Senra said. “Their main goal was they didn’t want us to spend time on fundraising, but instead stay focused on building the company.”
The pattern is similar to previous ones for Cora, which saw existing backers lead its previous rounds as well, which the company sees as a “strong signal that everything is going in the right direction.” The company declined to comment on valuation.
Last year, Cora got its license approved from the Central Bank of Brazil, making it a 403 bank. The fintech then launched its product in October 2020 and today offers (Read more...)