The platform has developed specific technology for Mexico, with real-time transaction monitoring, payment automation and reconciliations.
Cobre, a Latin American platform for streamlining financial management, has announced its arrival in Mexico, where it hopes to close the year with 50 companies using its centralization services, immediate international payments and real-time interbank transactions.
The company already has almost 200 clients in the region and plans to exceed 300 by the end of 2024 and manage millions of transactions per month. Since March of this year, the company began a pilot program in our country, a market where it will focus its expansion efforts.
Cobre seeks to build smart, interoperable financial technology that enables businesses to consolidate all their bank accounts into a single platform and eliminates the complexity of operating multiple banks.
In addition, it allows for immediate banking transactions and international payments from a single interface, improving cash flow and accelerating its clients' global operations.
The company's arrival in the Mexican market comes after testing its business model and achieving profitability in Colombia and in the context of a Series B investment round led by Oak HC/FT and with the participation of existing investors including Kaszek, QED and Canary, for US$ 35 million.
A majority of this financing will be used to accelerate expansion in Mexico, where the company began building local infrastructure after studying the particularities of this market.
BUILT FOR MEXICO: MORE THAN AN EXPANSION
In collaboration with technology companies and financial institutions in the Aztec country, Cobre identified the need to centralize banking operations in Mexico, a dynamic market that requires working with multiple banks without compromising the quality or security of its finances.
The company developed custom infrastructure in partnership with major local banks and obtained a money transmitter license to facilitate international payments, simplifying payment and collection flows.
The pilot program, which began in March 2024, shows savings of up to 50 hours per month in bank reconciliations and a reduction of up to 70% in the operational treasury burden in companies that use Cobre technology.
CONNECTING MEXICO TO THE WORLD FASTER
Cobre develops smart and interoperable financial technology for businesses. Its network of banking partners enables accelerated international payments in any currency and destination, with funds arriving the same day. Transaction costs are reduced by 40% and payment times are improved by 90%.
The company currently prioritizes two types of international business: multi-Latin companies that face challenges due to the lack of direct exchange between currencies, and companies that operate between Asia and Latin America, where incompatible banking systems complicate transfers.
“Cobre solves one of the most latent pains in the industry, the lack of a service that allows managing the entire financial universe of a company from a single platform. Our goal is to save time, money and allow the treasury and finance teams to focus on what is really important: growing their business,” says Jose V. Gedeon, Co-Founder and CEO of Cobre. “Companies that use Cobre solutions demonstrate that financial management can evolve thanks to technology. Mexico believes in financial technology, and for us it is an opportunity to work with the best,” he comments.
During 2024, Cobre has grown 8x and expects 10x growth in the next 12 months. Among the companies that use its platform are Solvento, Rintin and Cams Asesores.
