Brazilian fintech Cora raises US$116M Series B

Cora, a Brazil-headquartered digital lender that primarily serves small-and-medium-sized businesses, has closed a Series B round after raising US$116 million in fresh capital. 

Led by Greenoaks Capital, the round is a significantly large raise in all regards, and especially for a startup out of Latin America. 

It’s even more significant because the São Paulo-based firm only just raised US$26.7 million in a Ribbit Capital-led Series A round in early April. From launch (in 2019) to date, the total financing acquired by Cora so far stands at US$152.7 million.

As indicated by Cora’s CEO and co-founder Igor Senra, the firm wasn’t actively looking to raise again anytime soon until it was propositioned returning investor Greenoaks and other investors.

The other investors like Tiger Global and Tencent are investing in Cora for the first time and could be largely spurred by the confidence expressed by the firm’s existing backers, namely Greenoaks, Kaszek, QED, and Ribbit Capital.

“Greenoaks came to us and said they were very impressed and ready to lead our Series B,” Senra said. “Their main goal was they didn’t want us to spend time on fundraising, but instead stay focused on building the company.”