Colombia-based fintech startup Cobre has reportedly secured an investment of $13m in a new funding round led by Latin American venture capital firm Kaszek.
The new capital takes Cobre’s total funding to more than $30m, reported TechCrunch.
According to the news website, the new investment round also had participation from QED Investors, Atlantico Partners, and Canary.
The Colombian fintech startup plans to utilise the new capital to expand its treasury platform beyond Colombia.
The news agency reported that Cobre is planning to enter Mexico in 2024.
Established in 2020, Cobre developed a corporate treasury platform to provide chief financial officers with more visibility and control over their firms’ financial transactions.
The platform helps chief financial officers to particularly centralise, digitise as well as automate their payment processes.
Cobre is said to support hundreds of officers mainly in financial services and large enterprises across Colombia to optimise their operations.
Cobre co-founder and CEO Jose Gedeon has been quoted by TechCrunch as saying: “We had a very strong first half of the year where we really solidified product-market fit and dramatically improved the health of our unit economics.
“With those results in hand it seemed like the right moment to try to expand into new customer segments and geographies. Kaszek provided a chance to take advantage of those opportunities, and we believe that with them onboard, we can really make an impact on the market.”
Last year, Cobre raised $14m in Series A funding round. It was led by QED Investors and Atlantico Partners.
Canary is also reported to have participated in Cobre’s Series A financing round.
