Cobre, a Colombia-based startup, has recently secured a significant investment, announcing a $13m funding round to revolutionize corporate payment processes.
This funding effort was led by prominent investors including QED Investors and Atlantico Partners, with additional support from Canary, according to a report from TechCrunch.
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, via an email interview with TechCrunch, said, “We had a very strong first half of the year where we really solidified product-market fit and dramatically improved the health of our unit economics.
“With those results in hand it seemed like the right moment to try to expand into new customer segments and geographies. Kaszek provided a chance to take advantage of those opportunities, and we believe that with them onboard, we can really make an impact on the market.”
Beyond technological advancements, Cobre aims to broaden its client base, targeting large corporations initially due to their capacity to invest in necessary infrastructure. The plan now includes gradually extending services to medium-sized enterprises involved in their clients’ payment networks.
Cobre has demonstrated significant business growth, achieving a 600% increase in year-over-year revenue and reaching a high seven-digit figure in annual recurring revenue. Over the past year, the company also reported a thirtyfold increase in total payment volume, surpassing $1bn in annual TPV.
Previously, in February 2022, Cobre raised $14m in Series A funding, which further highlights the continued confidence and commitment of investors in Cobre’s innovative approach to financial management solutions.
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