LatAm Payments and Banking Platform Dock Raises $110M

Brazil, Mexico, latin America, dock, cacao, acquisition, fintech

Dock, a payments and digital banking platform for Latin America, has raised $110 million in a funding round, which will go towards expanding internationally and adding new talent, a press release said.

Dock’s work involves using its open API and cloud-native platform for payment, credit and digital banking. The release says Dock’s platform lets any business offer financial services, including launching and managing custom cards, payment processing and banking-as-a-service with digital accounts, mobile payments and fraud management.

The company’s goal is “democratizing access to financial services for consumers and businesses.”

The company has scaled its B2B FinTech infrastructure, and works on helping digital adoption.

Some of the customers Dock serves include FinTechs, retailers, banks and tech companies.

The funding round was led by Lightrock and Silver Lake Waterman. Other participation came from existing investors like Riverwood Capital, Viking Global Investors and Sunley House Capital.

The release says the company’s valuation now sits at over $1.5 billion. Dock handles 65 million accounts and over 5 billion transactions a year, the release said.

Antonio Soares, Dock CEO, said the investment “validates our vision of bringing great solutions to the market that solve real business problems for our clients, while increasing and democratizing access to financial services.”

“We add value because payments and banking are complex global businesses with local specificities, and we understand that better than anyone else.”

See also: Dock to Use Crypto in International Money Transfers

PYMNTS wrote that Dock plans to use cryptocurrency to process international remittances. The report said Brazilian reais will be converted to bitcoin and then to another currency. After that, they’ll reach end users through Dock customers like Vivo or Natura.

Frederico Amaral, head of products and technology at Dock, said this would be “quick and cheap.”