Brazilian fintech Dock has raised US$110 million, vowing to revitalize its products and expand operations throughout Latin America.
A São Paulo-based company which offers all the infrastructure a business requires to launch digital payment services, Dock said it is tapping into a US$18 billion market in the region.
The new round of fundraising brings the company’s valuation to over US$1.5 billion. The funding round was led by UK-based Lightrock and Silver Lake Waterman, with existing investors, including Riverwood Capital, Viking Global Investors and Sunley House Capital.
Dock became a dominant player in Latin America’s fintech market in August 2021 when it was merged with rival firms Conductor and Muxi. Its cloud platform paves the way for businesses to launch banking services, from processing payments to banking-as-a-service.
The Brazilian company claims to be serving 300 clients and operating as many as 65 million accounts across the region.
In December last year, the number of monthly accounts processed by Dock surged suddenly by 55%, indicating a sharp growth in digital banking in Latin America.
“This is only the beginning for us,” said Antonio Soares, CEO at Dock. “This 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.”
Currently, the company has offices in Mexico City, Lima (Perú), Santiago (Chile) and Bogotá (Colombia). It is likely to launch offices in Buenos Aires (Argentina), Quito (Ecuador) and Santo Domingo (Dominican Republic) later this year.