Cobre’s pay-in documentation has a step it calls a sweep. The glossary says a sweep “moves approved deposits from the client’s wallet to Cobre’s treasury after screening.” The receiving address is one Cobre creates, and the same page names it a “self-custodian wallet.” Payouts leave a dollar balance as USDC, USDT or RLUSD. Pesos can move on Bre-B. Mexican pesos can move on SPEI.

Cobre had not responded to questions for this profile by publication.

Cobre Financial, still organizing

On 16 December 2025 César Ferrari, superintendent of the Superintendencia Financiera, signed Resolución 2216. It authorizes a financing company in Bogotá, Cobre Financial S.A. Capital is COP 46,900,000,000, above the 2025 minimum of COP 36,140,000,000. Pexto Intermediate LLC takes 44,508,100 shares, 94.9 percent. Pexto USA INC. takes 2,391,897 shares, 5.0999936 percent. José Vicente Gedeón Acosta, Felipe Gedeón Arocha and José Mario Donato Muñoz take one share and COP 1,000 each. The beneficial owners named are GEDINC S.A.S., QED Fund VII, LP, Kaszek Ventures V, L.P., Canary Fund II, L.P., and Pexto Holdings Ltd. Notices ran in El Espectador on 25 and 27 November 2025. The resolution records no opposition.

Until the operating permit exists, Artículo Quinto says in Spanish, Cobre Financial “will not be enabled to carry out the activities of its corporate purpose, only those related to its organization.” Before that permit, Artículo Tercero requires a public deed, chamber registration, paid-in capital, an operating setup, and Fogafín inscription. Artículo Cuarto allows twelve months from enforceability, a date after the signature, to start the filing.

Fogafín open data lists COBRE FINANCIAL S.A. COMPAÑÍA DE FINANCIAMIENTO as a commercial financing company, entity code 0, inscribed 18/03/2026. The row states no coverage amount. A query of the vigiladas extract the same day returned no row for Cobre or Pexto. The 2026 resolutions index, through Resolución 1569 of 15 October, includes operating certificates for other financing companies and none under these names. Cobre’s FAQ calls Cobre Financial a supervised financing company and says Fogafín covers deposits up to COP 50 million per holder. Under Artículo Quinto, until it receives the operating permit Cobre Financial can carry out only activities related to its organization, and none of its corporate purpose, and the Superfinanciera’s supervised-entities extract returned no row for it on 21 October.

Mexico sits on another list. Banxico’s SPEI participant list of 23 September 2026 places the short name TESORED among money transmitters, legal name Cobre Technology, S.A. de C.V. That row sits outside the IFPE block and outside the SOFIPO block. Pexto México is absent from the direct participants in the extract. Cobre’s Mexican pages describe a direct SPEI connection and name Banorte, Santander and BBVA as partners for Connect.

Six pairs, two stablecoin maps

The cross-border page, whose address spells “Boder,” allows USD/COP, USD/MXN, MXN/COP, MXN/USD, COP/USD and COP/MXN. Endpoints are a global dollar balance, a Colombian balance and a Mexican CLABE. The client takes a quote, then creates the movement. With a checker flag on, the state waits at pending_approval.

Local payments split the rails. Colombia pays out on Bre-B, on Fast Pay where the bank is supported, and on ACH when Fast Pay is not. Mexico pays out by SPEI to a CLABE or a SPEI card. The United States leg is Fedwire both ways, into a per-client FBO balance with its own ABA and account number. The bank is unnamed. ACH, on this page, is the Colombian fallback. Pay-ins on the same page include PSE, Nequi and Bre-B keys.

Stablecoin payouts leave the dollar global balance via partners the page does not name. A recipient has to be verified, usually within 15 minutes during New York business hours. USDC goes out on Ethereum, Polygon, Base and Solana, USDT on Ethereum and Tron, and RLUSD on XRPL. Pay-ins differ: Ethereum and Polygon take USDC and USDT, Tron takes USDT, Stellar takes USDC. One evm_compatible address covers Ethereum and Polygon. Stellar does not appear on the way out. Solana, Base and XRPL do not appear on the way in. If screening doubts the origin, the deposit is not credited, and a blocked wallet stays blocked. The tracking key is the chain hash.

Funding keeps dollars on the ledger, 1:1 between fiat and usd_stable, and the page says that leg never hits a chain. Pesos mint COPco on the way in and burn it on the way out, on infrastructure the page does not name. Chain and issuer are absent. A failed mint or burn reverses the debit. Instant COPco off-ramp “has an associated cost,” with no figure. A standard one is marked free. StableFX quotes usd_stable against COPco at any hour, as a separate step.

On 27 September 2026 El Cronista listed seven networks for the product, Stellar among them. That list combines the pay-in and payout tables.

COP 725,000 and a 40 percent label

Those API pages publish no fee card. A company blog post, byline 30 January 2026 and index date 20 May 2026, titles a cut of up to 40 percent. The dek says up to 20 percent. On a COP 100,000,000 receipt the traditional column is COP 1,225,000: tax COP 400,000, transfer commissions COP 525,000, channel fees COP 120,000, other costs COP 180,000. The Cobre column is COP 500,000: platform fee COP 200,000, transfer commissions COP 300,000, tax zero. The tax matches the 4-per-thousand levy on that receipt. The other lines are Cobre’s illustration.

The row under the totals is labeled 40 percent saved. COP 500,000 is about 41 percent of COP 1,225,000, so the gap of COP 725,000 is about 59 percent of the traditional bill. A second table on the same page says operating-cost savings of up to 20 percent. The page does not quote a corridor against SWIFT.

$14 million, $13 million, $35 million

TechCrunch, on 5 October 2023, reported a $13 million round closed in August, led by Kaszek, with QED, Atlantico and Canary. A February 2022 Series A of $14 million was led by QED and Atlantico, with Canary in it. TechCrunch did not call the $13 million a Series B. Its cumulative line was “over $30 million in total funding to date.” Hall names José Vicente Gedeón, Felipe Gedeón, José Donato and Alberto Chejne, founders from 2020.

Bloomberg Línea, on 5 September 2024, reported a $35 million Series B led by Oak HC/FT, with Kaszek, QED and Canary. Atlantico is absent there. The company said that since October 2023 it had grown six times and reached profitability.

Cobre’s three announced rounds, $14 million, $13 million and $35 million, total $62 million. No later round has been announced. A 24 March 2026 release, a Fast Company note, said more than $17 billion moved in 2025 for more than 300 companies.

Beside Koywe, and a year of Bre-B

Our August profile of Koywe describes virtual balances and a priced conversion into crypto, with PSE, Nequi, Pix and SPEI among the local methods. Cobre’s pages add a connected account, a Bre-B key, a CLABE, a checker, and the sweep.

Bre-B began full operation on 6 October 2025. Banrep’s anniversary note of 6 October 2026 counts more than 1,700 million transactions, worth more than COP 262 trillion, with 62 percent under COP 50,000. More than 36 million users hold a Llave. Llaves exceed 116 million, and 45 million of them have received a payment. Entities went from about 25 in earlier instant schemes to 245, including more than 172 cooperatives, and the note counts six payment systems.

The indexed participant list, updated 27 July 2026, names five systems: Credibanco, Redeban, Servibanca, Transfiya and Visionamos. It includes PEXTO, between PAYU and POWWI, and omits the word Cobre. It does not say how PEXTO settles. The March release called Cobre “the first indirect participant to enable Bre-B for businesses,” with transfers “in under 20 seconds.” That rank is the company’s.

Forbes Colombia quoted Ana María Prieto, the central bank’s payments director, the same week. Cash’s share, she said, moved from eight in 10 transactions in 2022 to six in 10. She put participants above 250, against the note’s 245, and 60 to 70 percent of transactions under COP 100,000. The ceiling remains COP 12.1 million, or 1,000 UVB. A draft published for comment on 2 October would add company payments, collections, supplier payments, payroll and government payments. Prieto said that ceiling still fits smaller firms. Cobre already sells companies access to Bre-B. The cap she described is still COP 12.1 million a transfer.

How we verified

  • Resolución 2216 (Superfinanciera file 1079976, five pages, signed 16 December 2025), read in full on 21 October 2026, with the 2026 resolutions index through Resolución 1569 of 15 October. The same day, the Superfinanciera supervised-entities extract sr9n-792w returned no row for COBRE or PEXTO, and Fogafín open data j54b-d3i3 returned one row for Cobre Financial with no coverage amount.
  • Cobre’s API docs for stablecoin pay-ins, payouts and funding, cross-border movements and local payments, read on 21 October 2026. They do not name the on-ramp partners, the COPco chain and issuer, the key holder, the U.S. bank behind the FBO balance, or a numeric fee.
  • The 40 percent arithmetic uses the peso figures printed in Cobre’s 30 January 2026 blog post, which also says up to 20 percent elsewhere on the page.
  • Banrep’s 6 October 2026 Bre-B anniversary note, Banrep’s indexed Bre-B participant list (updated 27 July 2026), and Forbes Colombia’s interview with Ana María Prieto of the same week. Funding comes from TechCrunch (5 October 2023) and Bloomberg Línea (5 September 2024).
  • Banxico’s SPEI participant list dated 23 September 2026, which shows TESORED / Cobre Technology, S.A. de C.V. among money transmitters.

Nothing here is investment advice.