Cobre, a Colombia-based startup, has recently secured a significant investment, announcing a $35m funding round to revolutionize corporate payment processes.
This funding effort was led by prominent investors including Oak HC/FT, with additional support from Kaszek, QED and Canary, according to a report from IBS Intelligence.
Specializing in corporate treasury management, Cobre offers a dual solution aimed at enhancing the operational efficiency of chief financial officers (CFOs) across Colombia. The company’s platform centralizes and digitizes payment initiation and reconciliation, providing finance teams with comprehensive control and visibility over financial transactions.
The funds will be strategically used to expand Cobre’s innovative enterprise software and its self-built payment rails. These rails facilitate PIX-like instant payments and real-time data sharing across all banks in Colombia, accessible via a versatile API.
Cobre founder Jose Vicente Gedeon, said, “Cobre was founded with the belief that the future of finance lies in embracing technology and simplicity. We are committed to helping businesses navigate the complexities of the modern money movement with solutions that speak their language and keep them close to the banking partners they trust. With this investment and the continued support of our partners, we’re ready to lead the charge in giving power to financial operations.”
Allen Miller, Principal at Oak HC/FT said, “B2B payments are on the cusp of major growth in Latin America, creating a real need for region-focused solutions that make it easier for enterprises to control the movement of their money.
“With its novel infrastructure technology, Cobre has proven to be essential to its finance, accounting, treasury and operations customers in the region. We look forward to our partnership with the incredible Cobre team as the company continues its growth.”
In 2023, Cobre raised $13m in Series B funding and since then, the company has grown six-times.
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