Brazil-based Cora, which provides entrepreneurs and business owners with banking services, has secured $116m in its Series B round.
American Greenoaks Capital served as the lead investor, with commitments also coming from Ribbit Capital, Kaszek Ventures and QED Investors. The round was also joined by first time Cora backers, Tiger and Tencent.
With the equity injection, Cora hopes to bolster its account services and reach more customers in the region. It currently has 14,000 customers and hopes to exceed 380,000 users by the end of the year.
The investment comes just four months after Cora closed its Series A round on $26.7m. It was backed by Ribbit Capital, Kaszek Venture and Greenoaks Capital.
This Series A capital had helped the company launch a digital corporate account.
Cora decided to bring the Series B close forward, as it had previously been scheduled for 2022.
The FinTech company’s CEO Igor Senra said Cora was built to help small businesses get away from the bureaucracies faced when working with big banks. Instead, its platform gives businesses a mobile banking account and visa debit card within minutes and without the need of paperwork.
Cora also raised $10m in its seed round at the end of 2019.
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