Colombia's financial sector is set to welcome a new regulated entity in 2025, as Cobre Financial has received its constitution authorization from the Financial Superintendence. This move allows the company, an evolution of the fintech Cobre, to operate as a formal financing company and significantly expand its services. The approval signals a major step in the convergence of technology-driven finance and traditional banking within the nation's economic landscape.
Regulatory Approval and Market Entry
The authorization from Colombia's top financial regulator culminates a meticulous review that began with an application on April 23. The Superintendence evaluated all documentation, verifying the character, responsibility, and suitability of Cobre Financial's future shareholders and administrators. The company now has two months to formalize its bylaws via a public deed and complete its legal registration before commencing operations.
Shareholder Structure and Capitalization
Cobre Financial enters the market with an initial capital of $46.9 billion Colombian pesos, providing a solid foundation for its operations. The ownership structure is led by principal shareholder Pexto Intermediate LLC, which holds a 94.9% stake, with Pexto USA INC holding 5.09%. The fintech's original creators—José Vicente Gedeón Acosta, Felipe Gedeón Arocha, and José Mario Donato Muñoz—are also involved as shareholders.
The venture is supported by a roster of prominent institutional investors identified as the ultimate beneficial owners. This list includes well-known venture capital firms such as QED Fund VII, Kaszek Ventures V, and Canary Fund II, alongside GEDINC S.A.S. and Pexto Holdings Ltd. Such high-profile backing signals strong market confidence in Cobre Financial's business model and its potential for significant growth.
An Expanded Suite of Financial Services
Operating as a regulated financing company, Cobre Financial is now empowered to offer a much broader suite of financial products. The company can legally capture public savings through instruments like certificates of deposit (CDTs) and offer various deposit and savings accounts. This capability marks a fundamental shift from a payment solutions provider to a more comprehensive financial institution for its corporate clients.
In addition to deposit-taking, the new license authorizes Cobre Financial to grant a wide range of credit and financing solutions. Its expanded powers also include purchasing loan portfolios and engaging in leasing operations, as stipulated by Colombia's financial statutes. These new services will enable the company to address the diverse financial needs of the businesses it aims to serve more holistically.
Building on a Foundation of Payment Innovation
The Cobre brand, operated by Pexto Colombia, has already established itself as an innovator in the national payments sphere. It was the first fintech to become an indirect participant in Colombia's low-value immediate payment system, demonstrating its technical prowess. This background in payment technology provides a strong foundation for its expansion into broader financial services and lending activities.
Earlier this year, CEO and co-founder José Gedeón announced the company's ambition to function as a payment aggregator for immediate and interoperable solutions. He highlighted plans to enable both person-to-business and business-to-business payments and disbursements. This vision for a seamless payment ecosystem will now be integrated into its larger offering as a regulated financing company.
The authorization of Cobre Financial marks a significant milestone for Colombia's financial industry, exemplifying the maturation of a fintech into a regulated entity. Backed by substantial capital and renowned investors, the company is poised to leverage its innovative payment technology to offer a comprehensive suite of financing and savings products. As it prepares for its 2025 launch, Cobre Financial is set to intensify competition and drive further innovation in the market.