The Brazilian paytech Dock officially launched operations in Mexico this month as it seeks to become the leading payments infrastructure provider in Latin America.
Dock is a leading provider of financial technology and payments infrastructure. The platform enables companies to offer digital banking services to clients with its range of financial tools, such as payments cards and digital bank accounts.
The paytech recently acquired Cacao Paycard, a Mexican fintech, which enabled the launch into the country.
Cacao is a card processing solutions provider that is already well-established in Mexico, serving major companies such as Albo and Clip.
“The two companies share significant values and a core mission to enable their clients to democratize, through technology, access to the financial system for the millions of underbanked people in Latin America,” said Antonio Soares, CEO of Dock.
Dock launched officially in Mexico City, where Soares aims to become the leading payments service provider.
“The Mexican and Brazilian markets are very similar. Both countries have a very low penetration of digital banking, with a heavy reliance on cash in the economy. These factors make it the perfect market for our company in both countries,” said Soares.
Dock also launched operations in other capital cities in Latin America, including Lima (Peru), Santiago (Chile), and Bogotá (Colombia). The paytech also plans to launch into Buenos Aires (Argentina), and eventually Quito (Ecuador) and Santo Domingo (Dominican Republic) in the future.
Currently, Dock serves over 60 million accounts in Brazil. The paytech aims to reach 1 billion users throughout Latin America, and the Mexican market will play a significant role in achieving this.
Read more on Latam Fintech Hub.