Colombian-based startup Cobre has secured a $13 million investment to support and enhance its corporate treasury platform. Cobre’s platform gives chief financial officers (CFOs) greater visibility and control over their company’s financial transactions, enabling them to centralize, digitize, and automate their payment processes.
Colombian startup Cobre has secured
3 million in funding to enhance its corporate treasury platform, empowering CFOs to centralize, digitize, and automate their payment processes. With a two-pronged approach, Cobre offers enterprise software for payment initiation and reconciliation, as well as its own payment rails for instant payments and real-time data. The funding will support Cobre’s expansion into smaller businesses and its entry into the Mexican market.
Streamlining Financial Operations
Cobre takes a two-pronged approach to empower CFOs. First, the company offers enterprise software that centralizes payment initiation and reconciliation for finance teams across the region. Second, Cobre has built its own payment rails, facilitating PIX-like instant payments and real-time data. This comprehensive functionality is accessible via API and compatible with any bank in Colombia.
Jose Vicente Gedeon, co-founder of Cobre, stated that building their own payment rails allows them to act as a universal translator between banks, ERP systems, and companies. By eliminating unnecessary intermediation, Cobre opens up the financial systems for their clients.
Impressive Growth and Expansion
Founded in 2020 by Gedeon, along with his cousin Felipe Gedeon, Jose Donato, and Alberto Chejne, Cobre has experienced rapid growth. Initially targeting large corporations that could afford the necessary infrastructure, the company is now expanding its customer base to include medium-sized companies. This strategy has resulted in a high-ticket B2B subscription track record and low customer acquisition costs.
Cobre’s success is evident in its impressive financial metrics. The company achieved 600% year-over-year revenue growth and high seven-digit annual recurring revenue. Additionally, Cobre’s total payment volume grew 30-fold over the past year, surpassing $1 billion in annual TPV.
New Funding and Future Plans
In February 2022, Cobre raised $14 million in Series A capital. Now, the company has secured an additional $13 million investment led by Kaszek, bringing their total funding to over $30 million. With this new capital, Cobre plans to evolve its product to cater to smaller businesses in the region and expand into Mexico by 2024.
Jose Vicente Gedeon expressed excitement about the opportunities the funding provides. With a solidified product-market fit and improved unit economics, Cobre aims to make an even greater impact with the support of Kaszek.