Cora, a Brazil-based fintech, announced on Monday it raised $26.7 million through its Series A funding round, which was led by Ribbit Capital with participation from Kaszek Ventures, QED Investors, and Greenoaks Capital. Cora reported that with the latest round of funding, it has secured $36.7 million
Founded in 2019, Cora was notably created to simplify financial services for small and medium-sized companies, so that self-employed or entrepreneurs may focus on what is most valuable: their time in their business.
“At Cora, we see the people behind each small business. We understand your wishes and we want to support your dreams. That is why we are committed to offering financial products and services that small and medium entrepreneurs have always deserved, but never had access to.”
Igor Senra, Cora CEO, spoke about the investment by stating:
“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.”
The Cora team also reveled the progress that the company has experienced since its previous investment round:
“Now, just over a year after our first investment round, we launched a digital PJ account with financial services without fees and free from bureaucracy, we were authorized by the Central Bank to operate as a Direct Credit Society (SCD) and we received the Bank Code 403 . These achievements have helped us to provide the financial infrastructure needed for small businesses to thrive. None of this would be possible without the courage and courage of Cora’s team of collaborators, which today has more than 100 Brave people, united for the same purpose. 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 future is right there!”
The company is planning to use the Series A funds to continue the development of the Cora platform.