This round brings Cora's total funding to $152.7M. Here are the top-line bullets you need to know.
Cora, a digital lending platform, has raised $116M in a Series B. The round drew participation from Greenoaks Capital Management, Tiger Global Management, and Tencent Holdings.
How’s the company performing?
- Brazil-based Cora develops digital finance tools for small and medium businesses.
- The company offers digital accounts and payment wallets to roughly 140,000 small and medium enterprises. It has seen its customer base grow by 40% and revenue by 60% every month since October 2020. It intends to reach at least 380,000 customers by the end of the year.
- Cora currently has 150 employees —130 are partners in the company.
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 23.4% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In Q2’21, VCs invested $30.8B in fintech companies — across 657 deals.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.