Digital bank for small businesses raises US$ 116 million – 08/24/2021 – Market

Fintech Cora, a digital bank that serves small and medium-sized companies, raised US$116 million (approximately R$625 million) from investors.

Most of the money comes from the American fund Greenoaks Capital.

New investors, such as the Tiger fund and Chinese firm Tencent, which owns the superapp WeChat, and previous funding investors such as Ribbit Capital, Kaszek Ventures and QED Investors, also injected the company with resources.

The fintech service was launched in October 2020. This year, Cora had already raised US$ 26.7 million (R$ 144 million).

The company claims to have 140,000 customers and the goal of surpassing 380,000 this year.

Following the path traced by Nubank in serving individuals, Igor Senra, a partner at fintech, says that the company’s objective is to maintain a leaner structure than large banks and, therefore, reduce the fees charged to small and medium-sized entrepreneurs.

Senra says that fintech’s goal is to offer specific service to meet the needs of companies, instead of just offering the same services given to the individual customer.

As an example, he says that the entrepreneur needs to see a cash flow projection when he opens his banking service, instead of just a statement of bills paid and receipts. “For a single company to try to do both things well is to make the same mistake that has always been made,” he says.

With the investors’ resources, Senra says he will accelerate the implementation of the credit service and prepayment of receivables for companies.

fintech has 170 employees and expects to end the year with 250.