Brazil-based Cora, which provides self-employed individuals with a digital banking platform, has scored $26.7m in its Series A round.
Ribbit Capital acted as the lead investor, with commitments also coming from Kaszek Ventures and Greenoaks Capital.
In just a year of operation, the FinTech has managed to grow its user base to nearly 60,000 entrepreneurs.
Cora claims that financial products and services aimed at Brazilian entrepreneurs are needed more than ever, with traditional products not meeting their needs.
This is where Cora comes in to help. The platform aims to share the journey with entrepreneurs and help them achieve their dreams. Cora can reduce the workload caused by the accumulation of functions and free them from expensive and outdated financial services.
Entrepreneurs using Cora gain access to a mobile banking account and physical visa debit card. The banking account allows for free transfers, bill payment, cash flow projection, accounting tools and more.
Cora CEO Igor Senra 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.”
Ribbit previously invested into Cora’s seed round. With the close of the new investment, the FinTech has raised a total of $36.7m in funding.
Over the past year, the company has launched a digital banking account and is authorised by the Central Bank to operate as a Direct Credit Society (SCD).
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