Category: Cora

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...)

Ribbit Capital leads $26.7M round for Brazilian fintech Cora



Cora, a São Paulo-based technology-enabled lender to small-and-medium-sized businesses, has raised $26.7 million in a Series A round led by Silicon Valley VC firm Ribbit Capital.

Kaszek Ventures, QED Investors and Greenoaks Capital also participated in the financing, which brings the startup’s total raised to $36.7 million since its 2019 inception. Kaszek led Cora’s $10 million seed round (believed at that time to be one of the largest seed investments in LatAm) in December 2019 with Ribbit then following.

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 has since grown to have about 60,000 customers and 110 employees.

Cora offers a variety of solutions, ranging from a digital checking account, Visa debit card and management tools such as an invoice manager and cashflow dashboard. With the checking account, customers have the ability to sending and receive money as well as pay bills digitally.

This isn’t the first venture for Cora co-founders Igor Senra and Leo Mendes. The paid had worked together before — founding their first online payments company, MOIP, in 2005. That company sold to Germany’s WireCard in 2016 (with a 3 million customer base) and after three years the founders were able to strike out again.

Cora co-founders Léo Mendes and Igor Senra; Image courtesy of Cora

With Cora, the pair’s long-term (Read more...)