Latin America gained a new Brazilian unicorn, as the fintech Dock raised a $110M funding round, which brought its valuation to over $1.5B. The round was led by U.K.-based Lightrock and Silver Lake Waterman. Other participants, which had also invested in the startup in previous rounds, were Riverwood Capital, Viking Global Investors, and Sunley House Capital.
The fintech Dock is a Banking as a Service startup, whose clients are companies that need infrastructure to offer financial services on their platforms such as payment processing, the launch and management of custom cards, fraud management and more.
The cloud-native startup uses an open API that makes it possible for every business to offer financial services. Antonio Soares, the company’s CEO, explained the following:
“Dock is now the biggest, most modern fintech partner available in Latin America. We are enabling any company of any size and at any stage to deliver financial services for their clients.”
The startup has 300 clients in industries ranging from fintech, banking, and technology to retail. These clients are improving the banked population’s experience and are bringing the financially excluded population into the banking and digital payments systems. With 65 million active accounts, the fintech Dock processes more than 5 billion transactions a year.
Dock had previously raised $170M in 2020 in a round led by Viking Capital, and in 2021 expanded to Mexico after acquiring Cacao, a Mexican card processing startup.
The Brazilian startup plans to use this funding to accelerate its product development roadmap, hire more talent, and expand to other countries. Currently, the startup has offices in Mexico City, Rio de Janeiro, and São Paulo.