Cobre, the Colombian fintech startup, aims high | Photo: Cobre
The emerging Colombian fintech Cobre has recently announced a successful fundraising of USD $13 million. This move is strategically designed to expand its reach and services to small and medium-sized businesses (SMEs) in the Latin American region in a financing round led by the renowned investment fund Kaszek.
According to sources from TechCrunch, this financial agreement was finalized in August, bringing Cobre’s total financing to an impressive total of over USD $30 million since its inception.
Founded in 2020, Cobre is the result of the vision and joint effort of Jose Vicente Gedeon, his cousin Felipe Gedeon, José Donato, and Alberto Chejne. Despite starting its operations three years ago, the company has already left its mark on the Colombian financial scene.
Currently, Cobre has become an indispensable tool for hundreds of financial directors. Its influence spans mainly among financial service sectors and large companies in Colombia, helping them optimize and streamline their financial operations.
Cobre’s flagship product is its corporate treasury platform. This tool was developed with the specific needs of financial directors in mind, providing them with a clear vision and detailed control of their companies’ financial transactions. It is a comprehensive solution for modern financial management with capabilities to centralize, digitize, and automate payment processes.
With these new funds, Cobre has ambitious plans. They intend to improve and evolve their current product and adapt it to be accessible and beneficial for smaller businesses in the region. This inclusive approach could revolutionize how SMEs manage their finances, providing them with tools previously reserved for large corporations.
Furthermore, in terms of geographical expansion, Cobre has its sights set on Mexico. The company is expected to commence operations in this country in 2024, opening a new door to a vibrant and ever-growing financial market.
Fintech continues to establish itself as one of the region’s most critical sectors for startups. According to data collected by Statista, there was a considerable increase in fintech startups in America between 2018 and 2021, growing from 5,686 to 10,755, surpassing other global markets.
