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Cobre secures $13M to help CFOs in Colombia automate corporate payments

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If you don’t know your company’s financial status, it is difficult to make decisions for the betterment of the Colombia company. This is where Cobre comes in.

The Colombia-based startup developed a corporate treasury platform to give chief financial officers more visibility and control over their company’s financial transactions, specifically, to centralize, digitize and automate their payment processes.

Cobre’s is a two-pronged approach: First is the enterprise software that centralizes payment initiation and reconciliation for finance teams across the region. Second is the payment rails — built by the company itself — that allow for PIX-like instant payments and real-time data. All of that is accessible via API and compatible with any bank in Colombia, Jose Vicente Gedeon told TechCrunch via email.

“[Building our own payment rails] is a long-game approach that takes time but delivers the best, most direct and most customizable experience for clients,” Gedeon said. “It has allowed us to act as a universal translator for each bank, ERP (enterprise resource planning) and company. That way, we can skip the unnecessary intermediation that is typical of payments and truly open the financial systems for our clients.”

Company growth

Gedeon started the company with his cousin, Felipe Gedeon, Jose Donato and Alberto Chejne in 2020. The team comes from various backgrounds, with Jose beginning at McKinsey before going over to hospitality company Oyo. Felipe also worked in hospitality, leading growth strategy for Selina. Meanwhile, Donato worked in software development roles at Banco de Bogota and Modyo, while Chejne held a role in enterprise software and client success at SAP.

Three years later, Cobre is helping hundreds of CFOs, primarily in financial services and large enterprises, across Colombia streamline their operations.

Cobre’s plan from the beginning was to start with large corporations, with the idea that those clients would be able to afford the infrastructure the company has to build, Gedeon said. Now it is slowly expanding its customer base through networks to serve the medium-sized companies that their clients pay and get payments from through Cobre.

“This translated to a track record of high-ticket B2B subscriptions in a region that has been slow to adopt SaaS, as well as low customer acquisition costs,” Gedeon said.

The concept has caught on: The company yielded 600% year over year revenue growth and high seven-digit annual recurring revenue, Gedeon said.

In addition, the company saw 30x growth in total payment volume over the past 12 months, surpassing $1 billion in annual TPV.

They were even close to profitability earlier this year, Jose Vicente Gedeon told Forbes in January. He updated that to TechCrunch, saying that Cobre was indeed on track to reach profitability by the first quarter of 2024, but decided instead to take another round of funding.

Market impact

Cobre previously raised $14 million in Series A capital in February 2022, which was led by QED Investors and Atlantico Partners. Canary also participated.

QED, Atlantico and Canary are all back participating in a new $13 million investment, this time led by Kaszek. The round closed in August and gives Cobre over $30 million in total funding to date.

Meanwhile, Jose Vicente Gedeon intends to deploy the new capital in a few different directions. As mentioned earlier, it initially went after big companies with high-volume payments operations. Now it plans to evolve its product so that it can be adopted by smaller businesses in the region. Cobre will also enter Mexico in 2024.

“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,” Jose Vicente Gedeon said. “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.”

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Where Did Earth’s Oceans Come From? Scientists Say They Originated From Comets

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Scientists have long debated how Earth became rich in liquid water after the planet formed about 4.5 billion years ago. Now a new research published in Science Advances suggests that comets, particularly those from the Jupiter family, may have played a significant role in delivering water to Earth.

The study focused on Comet 67P/Churyumov-Gerasimenko, a celestial body that belongs to the Jupiter family of comets.

Using data from the European Space Agency‘s (ESA) Rosetta mission, researchers analysed the molecular structure of water on the comet and found striking similarities to the water in Earth’s oceans. This discovery strengthens the theory that icy comets and asteroids crashing into Earth contributed to the formation of its oceans.

The ratio of deuterium to regular hydrogen in the water is a key signature which is the basis of the study. Deuterium is a heavier isotope of hydrogen and it forms heavy water.

Previous studies had shown that the levels of deuterium in the water vapour of many Jupiter-family comets closely matched those found in Earth’s water. To explore this connection further, NASA planetary scientist Kathleen Mandt and her team used advanced statistical techniques to analyse data from Comet 67P.

The findings revealed that deuterium-rich water was more closely associated with dust grains around the comet than previously understood. Because water with deuterium is more likely to form in cold environments, there’s a higher concentration of the isotope on objects that formed far from the Sun, such as comets, than in objects that formed closer to the Sun, like asteroids.

Measurements within the last couple of decades of deuterium in the water vapor of several other Jupiter-family comets showed similar levels to Earth’s water.

This discovery not only strengthens the idea that comets helped deliver water to Earth but also provides valuable insight into how the early solar system formed. By studying the molecular makeup of comets like 67P, scientists can better understand the processes that shaped our planet and its oceans billions of years ago.

Mandt expressed her excitement about the results, saying, “This is just one of those very rare cases where you propose a hypothesis and actually find it happening.” The research also shows how studying comets can help unravel mysteries about the building blocks of the solar system.

ALSO SEE: Uranus Is Hiding 8000-Km Deep Ocean? New Study Presents Thrilling Hints

ALSO SEE: Webb Telescope Sees World That Could Reek Of Burnt Matches And Rotten Eggs

(Image: NASA)





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Chainalysis permanently parts ways with its founding CEO

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Michael Gronager, the co-founder and longtime CEO of Chainalysis, has agreed to leave the company permanently, two months after taking a temporary personal leave of absence.

Chainalysis, a buzzy 10-year-old, New York-based blockchain data platform, will now be led by co-founder Jonathan Levin, as Levin told TechCrunch, explaining that on Tuesday, its board of directors gave him Gronager’s job. But Levin, who has long served as the outfit’s chief strategy officer, will do more than run the company as CEO; he will also maintain his other roles.

“I’ve been running R&D, and I think the CEO should be the chief product officer, so I’m making no changes to our R&D leadership team; it will continue to report directly to me,” he said in an interview on Wednesday.

Levin declined to provide more information about Gronager other than to say that Gronager is also no longer on the Chainalysis board but retains his equity in the company.

A message to Gronager on Wednesday from TechCrunch went unreturned.

Asked about Chainalysis’ financial health, Levin said the startup is “continuing to invest in our growth,” and that “we don’t need to raise capital. We raised $175 million in 2022 and [still] feel strong about the cash position of company.” He added that his focus will be on “executing, the expansion of our risk platform, and going deeper with our government clients across the world to ensure they can deal with the increased demand of crypto.”

Chainalysis, whose early investors include Benchmark, was valued by investors at $8.6 billion during that 2022 funding round. Crypto investor Katie Haun, who first discovered Chainalysis in her capacity as federal prosecutor, reportedly began buying up secondary shares of the company at a valuation of $2.5 billion this past April.

Considered a “crypto detective,” one whose clients include the U.S. government and a wide range of corporations, Chainalysis in late 2023 laid off slightly more than 15% of its staff of 900, with plans to focus more squarely on government contracting, according to The Block.

The entire crypto industry has been in bounce-back mode in more recent weeks, as the incoming Trump administration signals a far friendlier stance toward digital currencies. The most obvious proof point: The price of bitcoin reached a record high of $100,000 on Wednesday.

Above: Levin at a StrictlyVC event hosted by TechCrunch in November 2024.



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Zopa, the UK neobank, snaps up $87M at a $1B+ valuation, eschewing the IPO route

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Some believe Klarna’s planned IPO in 2025 could set the stage for other fintech startups to go public. But with the tech IPO market still sluggish, one of the candidates hotly tipped to follow suit has instead just announced a fundraise, and its CEO says going public is “not a priority.” Zopa, the U.K. neobank […]

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