Colombian Fintech Company Cobre Secures $35 Million in New Funding Round

Cobre, a Colombian fintech company specializing in payments and treasury solutions, has raised $35 million in its recent Series B funding round, led by Oak HC/FT. Participating investors also include Kaszek, QED and Canary. With this new investment, Cobre seeks to expand its operations to key markets in Latin America and consolidate its position as a strategic ally in financial management for companies in the region.

Among its product portfolio, Cobre has developed a platform that allows companies to unify their financial transactions and connect directly with their banks, facilitating both national and international payments in real time.

Regarding this, Allen Miller, director of Oak HC/FT, said that “B2B payments are on the cusp of significant growth in Latin America, creating a real need for local solutions that make it easier for companies to control the movement of their money.” Cobre’s technology has proven to be fundamental in optimizing the financial processes of leading companies in Colombia.

Adapting to technological developments will be key for companies, according to Cobre

Since October 2023, Cobre has increased its operating volume sixfold, achieving greater profitability. Among the products that have driven this growth are Cobre Connect, focused on real-time payments, and its solutions for immediate international payments. In addition, the company has begun to operate in markets such as Mexico, which has allowed it to expand its reach.

For Esteban Madiedo, general manager of Technokey, when a digital signature is used, there is a guarantee that the document is considered complete, that the content has not been modified since its creation and transmission, and that the recipient cannot modify it either.

Cobre co-founder and CEO Jose V. Gedeon commented that “the future of finance lies in embracing technology and simplicity.”

With this new round of funding, the fintech company plans to continue its expansion, while taking advantage of the growing adoption of digital payments in Latin America, which is projected to grow at a CAGR of 15% over the next five years.

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(Featured image by Austin Distel via Unsplash)

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