MICROCAPITAL BRIEF: Cora Raises $27m in Equity from Ribbit, Greenoaks, Kaszek for Fintech in Brazil

Cora, a Brazil-based financial technology (fintech) firm that serves owners of small and medium-sized enterprises (SMEs), recently announced it received approximately BRL 150 million (USD 26.7 million) in its Series A funding round, led by US-based investment firm Ribbit Capital with participation from US-based Greenoaks Capital and Argentina-based Kaszek Ventures. The breakdown of the investment total among the firms and the sizes of the stakes they are taking in Cora remain confidential.

Founded in 2019, Cora offers Visa debit cards and an app that allows free electronic fund transfers as well as help managing billing, collections, expenses, payments and taxes. As of December 2020, Cora reported total assets of BRL 18.1 million (USD 3.20 million).

Cora CEO Igor Senra stated, “In a short time, we were able to develop products… that impact [our customers’] 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.” As of 2021, Cora serves approximately 60,000 entrepreneurs.

Founded in 2012, US-based Ribbit Capital has invested in 57 companies across 10 countries as of 2021.

By Harriet Ritchie, Research Associate

Sources and Additional Resources

Cora press release
https://www.cora.com.br/blog/cora-atrai-nova-rodada-de-investimentos/

Cora homepage
https://www.cora.com.br/

Cora financial reports
https://www.cora.com.br/relatorios-financeiros/

Ribbit Capital homepage
https://ribbitcap.com/

Greenoaks Capital homepage
https://www.greenoakscap.com/

Kaszek Ventures homepage
https://www.kaszek.com/

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