Oak HC/FT-led investment positions company to become leading player in payments and treasury management in Colombia, Mexico and beyond.
Cobre, a Colombia-based treasury platform that has been powering top Latin American CFO offices since 2020, announced today that it secured $35 million in Series B funding led by Oak HC/FT. Existing investors Kaszek, QED and Canary also participated in the round.
Cobre allows companies to centralize all their money movement and banking partners, accelerating domestic and cross-border payments while accessing all their bank accounts in real-time for unified management of their financial operations. This investment positions Cobre to accelerate expansion across its key markets and become a household name for finance teams in the region.
In a world where cash is no longer Latin Americans’ preferred way to pay, companies face the challenge of managing their finances across a fast-growing variety of digital payment options. Cobre’s approach to centralization, delivered via in-house payment rails and direct banking integration, has created a flywheel where companies experience exponentially increasing productivity as they bring more of their payments onto the platform.
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“B2B payments are on the cusp of major growth in Latin America, creating a real need for region-focused solutions that make it easier for enterprises to control the movement of their money,” said Allen Miller, Principal at Oak HC/FT. “With its novel infrastructure technology, Cobre has proven to be essential to its finance, accounting, treasury and operations customers in the region. We look forward to our partnership with the incredible Cobre team as the company continues its growth.”
Since raising its last round in October 2023, Cobre’s business has grown 6x, achieving profitability with revenue in the tens of millions. The growth has been driven by the synergies between its three products (Cobre Connect, Real-Time Domestic Payments and Real-Time Cross Border Payments) and its expansion to serve global companies doing business in Colombia and Mexico.
“Cobre was founded with the belief that the future of finance lies in embracing technology and simplicity. We are committed to helping businesses navigate the complexities of modern money movement with solutions that speak their language and keep them close to the banking partners they trust. With this investment, and the continued support of our partners, we’re ready to lead the charge in giving power to financial operations,” said Jose V. Gedeon, CEO at Cobre.
According to a McKinsey & Company study entitled ‘Sustaining digital payments growth: Winning models in emerging markets’ published in October 2022: “In Latin America, digital payment adoption is positioned to grow at more than 15% CAGR over the next five years.” As fintechs and incumbents try to balance an understanding of local idiosyncrasies with experience in building infrastructure, Cobre’s experience and success to date puts the company on track to become a key player in the digitalization of business in Latin America.
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