← Embedded Finance Index 2026

Cora

“Can a BACEN-licensed SMB neobank become the embedded financial OS — banking, credit, payments-acceptance and APIs — for Brazil's ERP/accounting ecosystem?”

Founded2019
HQSão Paulo, Brazil
FoundersIgor Senra, Leo Mendes
Total raised~$152.7M+ (reported through Series B; estimates up to ~$230M cited in later coverage)
Latest roundSeries B, 2021
IndustryFintech / SMB banking
The story

Cora was founded in 2019 by the MOIP team (acquired by Wirecard in 2016) to build a digital banking and payments stack for Brazilian SMBs. It secured a BACEN SCD license in 2020 and upgraded to SCFI, becoming a regulated lender in its own right. The product has expanded from a free Conta PJ + Visa/Mastercard business debit into a broader operating system (boleto, PIX, invoicing, cashflow, Tap to Pay, paid Cora Pro plan, working-capital credit) and an API platform serving ERPs, accounting firms and BPO partners — moving from neobank to embedded-finance distributor for Brazilian SMB software.

Last 12 months
2025-05
2026-02
2026-06
Product timeline
0
Launched Cora Crédito working-capital and boleto-anticipation lending products.· lending
2019
Founded in São Paulo by Igor Senra and Leo Mendes (former MOIP founders).· founding
2020
Received BACEN authorization to operate as a Direct Credit Society (SCD); launched Conta PJ product in October.· banking
2021
Raised $26.7M Series A (Ribbit) and $116M Series B (Greenoaks, Tiger, Tencent).· funding
2026
Launched Tap to Pay product (terms updated Feb 2026); rolled out Cora Pro paid plan.· product
Regulated entities
2
regulatory licences held by Cora
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Cora’s embedded-finance stack
Payments / PSP
Cora Payments (self-operated)Boleto issuance (self-operated)PIX (self-operated)TED (self-operated)Cora Tap to Pay (self-operated)Link de Pagamento (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
Accounting
in the full report
Accounting gap: minor
10 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.