Dock, one of the leading platforms for digital payments and banking in Latin America, announced this month that it has raised $110 million in funding, led by Lightrock and Silver Lake Waterman. The funding, which brings its valuation to over $1.5 billion, will be used to accelerate the company’s product development roadmap and international expansion plans.
Latin America is currently experiencing a stratospheric increase in investment in its fintech startups. In 2021, investments in this sector reached $5 billion, compared to $2 billion raised in 2020.
Powered by open API technology and a native cloud platform, Dock serves 65 million active users in the region through its customers.
The company has not only become a leading business-to-business financial technology infrastructure company in Latin America, but has also contributed to accelerating the digital adoption of financial services in the region.
“This is just the beginning for us,” said Antonio Soares, CEO at Dock. “This investment validates our vision to bring great solutions to market that solve real business problems for our customers by increasing and democratizing access to financial services. As we close this funding round, we are excited to continue to innovate and expand as we build products that help our customers 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 specifics and we understand this better than anyone else.”
Growth in Latin America is being driven by three main factors: the adoption of about 10.8 million people in Latin America using digital banking services for the first time; regulatory policies and central banks that are determined to increase levels of financial inclusion in a continent where 60% or more of the population may be unbanked; and fintechs that clearly define the markets they want to reach.
“The growth of fintech in Latin America is a classic example of ‘leapfrogging’ – fintechs have exploited the need for financial inclusion among a large part of the population to jump right into a new generation of services,” said Ricardo Anhesini. , head of financial services. for KPMG.
The still significant scope for accelerated growth of the financial services market in Latam and the focus on building a sustainable future were decisive factors considered by Lightrock, the global private equity firm, when leading the financing round.
At the same time, Lake Waterman expressed pride in participating with Dock’s management team to help the company continue to expand across the region, as the startup is becoming the platform of choice for companies to further digital banking across Latin America.
