viralamo

Menu
  • Technology
  • Science
  • Money
  • Culturs
  • Trending
  • Video

Subscribe To Our Website To Receive The Last Stories

Join Us Now For Free
Home
Technology
Brazil’s new fintech startup Cora raised $10 million on the strength of its founding team – TechCrunch
Technology

Brazil’s new fintech startup Cora raised $10 million on the strength of its founding team – TechCrunch

05/12/2019

It didn’t take much for the founders of Cora, Brazil’s newest startup to tackle some aspect of the broken financial services industry in the country, to raise their first $10 million.

Igor Senra and Leo Mendes had worked together before — founding their first online payments company, MOIP, in 2005. That company sold to WireCard in 2016 and after three years the founders were able to strike out again.

They built their initial business servicing the small and medium sized businesses that make up roughly two-thirds of the Brazilian economy and represent some trillion dollars worth of transactions. But at WireCard, they increasingly were told to approach larger customers that didn’t have the same kind of demand for their services, according to Mendes.

So they built Cora — a technology enabled lender to the small and medium-sized businesses that they knew sowell.

The round was led by Kaszek Ventures, one of Latin America’s largest and most successful investment funds, with participation from Ribbit Capital — one of the most influential early-stage fintech investment firms globally.

“We created Cora to pursue our life purpose, which is to solve the financial problems faced by small and medium businesses. These businesses produce 67% of the Brazilian GDP but are totally underserved by the traditional banks”, said Senra, the company’s chief executive, in a statement.

The company is currently operating in closed beta and plans to launch its first product, a free SME-only mobile account in the first half of 2020, according to the statement. Cora will later release a portfolio of payments, credit related products, and financial management tools that are currently being developed.

“So far, large financial institutions have mainly built products that focus either on individuals or on large corporate clients and have totally ignored small and medium sized enterprises, who are the most relevant creators of value in our economies,” said Mendes in a statement. “We want to offer a high-quality, customer-centric suite of financial products that address the specific underserved needs of our clients’ businesses.”

Source link

Share
Tweet
Pinterest
Linkedin
Stumble
Google+
Email
Prev Article
Next Article

Related Articles

Amazon partners with Verizon to extend AWS cloud to 5G networks
Amazon today announced AWS IoT SiteWise, its managed monitoring service …

Amazon launches monitoring service AWS IoT SiteWise in general availability

TechCrunch’s Favorite Things of 2019
TechCrunch ist Teil von Verizon Media. Klicken Sie auf ‘Ich …

‘You have to be a moron to think libertarianism is real’

Leave a Reply Cancel reply

Find us on Facebook

Related Posts

  • The Samsung Galaxy Fold is headed to Canada, with in-store pre-orders starting today – TechCrunch
    The Samsung Galaxy Fold is headed to …
    28/11/2019
  • Goodbye, John Legere: CEO leaves as T-Mobile completes Sprint merger
    Goodbye, John Legere: CEO leaves as T-Mobile …
    01/04/2020
  • COVID-KG uses AI to scan thousands of studies to answer doctors’ coronavirus questions
    Google updates COVID-19 forecasting models with longer …
    16/11/2020
  • Apple: Coronavirus concerns offset record Q1 iPhone and wearable sales
    Apple: Coronavirus concerns offset record Q1 iPhone …
    28/01/2020
  • Call of Duty: Black Ops — Cold War review — Putting the player on a treadmill
    Call of Duty: Black Ops — Cold …
    13/11/2020

Popular Posts

  • Ten Significant SWAT-ings – Listverse
    07/08/2022 0
  • 10 Movie Robots Who Would Pass the …
    09/07/2022 0
  • 10 Fascinating Things You Might Not Know …
    10/07/2022 0
  • Ten Eerie Unsolved Murders of Everyday Women …
    10/07/2022 0
  • 10 Photographs That Will Trigger the Megalophobic …
    11/07/2022 0

viralamo

Pages

  • Contact Us
  • Privacy Policy
Copyright © 2022 viralamo
Theme by MyThemeShop.com

Ad Blocker Detected

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.

Refresh