Dock raises $110m, bringing total valuation to over $1.5b
By Edlyn Cardoza
Dock, a leading full-stack payments and digital banking platform across Latin America, recently announced that it has raised $110 million in growth funding led by Lightrock and Silver Lake Waterman, with participation from existing investors Riverwood Capital, Viking Global Investors and Sunley House Capital, bringing its valuation to over $1.5 billion. The funds will accelerate the company’s product development roadmap and international expansion plans and add new talent as Dock taps into the $18.5 billion total addressable market for card processing and banking-as-a-service in the Latin America region.
Dock delivers solutions through its open API and cloud-native platform, enabling over 300 clients to offer unique user experiences in their payments, credit and digital banking offerings and powering 65 million active end-users throughout the region today. Dock has scaled into the leading business-to-business FinTech infrastructure company in Latin America, facilitating the acceleration of the digital adoption of financial services as its clients offer world-class, differentiated consumer journeys.
Dock’s modern end-to-end platform allows any business to offer financial services, including launching and managing custom cards, payment processing, and banking-as-a service with digital accounts, mobile payments, and fraud management. Dock’s broad client base includes FinTechs, retailers, banks, and technology companies focused on improving the customer experience for the currently banked population and bringing previously unbanked and underbanked consumers into the digital payments and banking systems. With this capital, Dock is one step closer to achieving its mission of democratising access to financial services for consumers and businesses in Latin America and beyond.
“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. As we close this funding round, we are excited to continue innovating and expanding while building products that help our clients grow by providing fast, efficient and personalized financial services to their customers. We add value because payments and banking are complex global businesses with local specificities, and we understand that better than anyone else.”
“Dock’s mission is perfectly aligned with our focus on building a sustainable future,” said Marcos Wilson Pereira, Managing Partner and Head of Latin America at Lightrock. “Despite positive advancements over the last few years, the financial services market in Latin America still has significant room for accelerated growth. We’re excited to partner with Dock to enable greater financial inclusion, which will drive economic growth and increase fairness.”
“We’re proud to work with Dock’s management team and stakeholders to help the company continue to expand throughout the region,” said Shawn O’Neill, Managing Director and Group Head of Silver Lake Waterman. “Dock’s extensible platform is becoming the platform of choice for companies of all sizes, across sectors, to launch and scale payments and digital banking businesses throughout Latin America, and we are excited for what is still to come.”
IBSi Daily News Analysis
September 29, 2023
Banking is becoming byte-sized with rise of Embedded Finance, Temenos study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage