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Brazilian startup founders launch new digital bank for small businesses

Two of the three founders of Brazilian payment startup Moip have launched a new venture called Cora, a fully digital bank focused on small-scale entrepreneurs, Valor Econômico reported.

Moip, launched in 2007, was one of the first Brazilian startups in the online payment segment. Founded by Igor Senra, Leonardo Mendes and Daniel Fonseca, Moip was later acquired by Germany's Wirecard AG for about 165 million Brazilian reais in 2016.

When the German company decided to shift its focus to larger businesses in 2018, Senra and Mendes left the company and eventually decided to build Cora.

Senra and Mendes, together with Fonseca and some private investors, have so far invested 5 million reais in Cora.

The new venture is scheduled for release in February 2020. However, the company will begin testing their platforms with some users as early as October.

As of Sept. 16, US$1 was equivalent to 4.08 Brazilian reais.