The objective is to accelerate expansion in the country, where the company officially arrived this year with the opening of an office, led by Anderson Olivares, who was previously business director for Latam.
Information about the transaction with the Mexican fintech was said by Antonio Soares, CEO of Dock, during the opening panel of the Singapore Fintech Festival's Brazil stage, which is being held by FID21 this Thursday (11).
“It's not acquisition by acquisition, we look at what can accelerate our product. We are always bringing people to accelerate this journey”, stated Antonio at the event. For him, Mexico has many similarities with Brazil, such as the low penetration of financial services among the population.
Dock's bet on the country is justified. Mexico is the second largest country in Latin America, with 130 million inhabitants and a GDP of US$ 1.3 trillion. Detail: more than 50% of Mexicans do not have a bank account, more than 30% do not have access to any financial product and only 31% have access to credit services, as quoted by a16z in a recent report on the fintech boom in America Latin.
If completed, the transaction with Cacao will be the third made by Dock recently. Last year, still as Conductor, the company bought Muxi, a provider of acquiring solutions, to grow in this segment.
In early October, Dock closed the purchase of BPP (formerly Brasil Pré-Pagos), a payment institution (IP) specialized in BaaS. With the conclusion of the operation, subject to approval by the Central Bank (BC), Dock will be directly integrated into the National Financial System (SFN).
With more than 160 million accounts and more than $50 billion in payments processed annually, Dock offers card issuance, digital banking, acquiring solutions, as well as risk and compliance solutions on a single platform.
It currently serves companies in various segments, such as retail, mobility, financial institutions, startups and fintechs, including names such as C6 Bank, Bitz (Bradesco wallet) and Conta Simples. With the deal, the portfolio will grow to more than 200 customers and partners. The approximately 150 BPP employees join the Dock.
The company led by Antonio has also been strengthening the top echelon. At the end of October, he brought Leonardo Santos (ex-banQi and Zoop) as CTO, as well as Sérgio Gama (ex-IBM) as director of ‘tech advocacy’.
Also last month, the company brought in three new independent members to the board: Patricia Pomies, COO of Globant; Mark Shifke, CFO of Billtrust; and Sam Schrauger, Airbnb's global head of payments.
At the end of 2020, Dock (then Conductor) received an additional US$20 million contribution from Temasek, Singapore. The check was added to a round of $150 million, led by Viking Global Investors, with participation from Sunley House, an affiliate of Advent.
In late July, the company was the target of a Reuters report about a possible IPO in the United States. At the time, the company did not comment on the information.
Source
The objective is to accelerate expansion in the country, where the company officially arrived this year with the opening of an office, led by Anderson Olivares, who was previously business director for Latam.
Information about the transaction with the Mexican fintech was said by Antonio Soares, CEO of Dock, during the opening panel of the Singapore Fintech Festival's Brazil stage, which is being held by FID21 this Thursday (11).
“It's not acquisition by acquisition, we look at what can accelerate our product. We are always bringing people to accelerate this journey”, stated Antonio at the event. For him, Mexico has many similarities with Brazil, such as the low penetration of financial services among the population.
Dock's bet on the country is justified. Mexico is the second largest country in Latin America, with 130 million inhabitants and a GDP of US$ 1.3 trillion. Detail: more than 50% of Mexicans do not have a bank account, more than 30% do not have access to any financial product and only 31% have access to credit services, as quoted by a16z in a recent report on the fintech boom in America Latin.
If completed, the transaction with Cacao will be the third made by Dock recently. Last year, still as Conductor, the company bought Muxi, a provider of acquiring solutions, to grow in this segment.
In early October, Dock closed the purchase of BPP (formerly Brasil Pré-Pagos), a payment institution (IP) specialized in BaaS. With the conclusion of the operation, subject to approval by the Central Bank (BC), Dock will be directly integrated into the National Financial System (SFN).
With more than 160 million accounts and more than $50 billion in payments processed annually, Dock offers card issuance, digital banking, acquiring solutions, as well as risk and compliance solutions on a single platform.
It currently serves companies in various segments, such as retail, mobility, financial institutions, startups and fintechs, including names such as C6 Bank, Bitz (Bradesco wallet) and Conta Simples. With the deal, the portfolio will grow to more than 200 customers and partners. The approximately 150 BPP employees join the Dock.
The company led by Antonio has also been strengthening the top echelon. At the end of October, he brought Leonardo Santos (ex-banQi and Zoop) as CTO, as well as Sérgio Gama (ex-IBM) as director of ‘tech advocacy’.
Also last month, the company brought in three new independent members to the board: Patricia Pomies, COO of Globant; Mark Shifke, CFO of Billtrust; and Sam Schrauger, Airbnb's global head of payments.
At the end of 2020, Dock (then Conductor) received an additional US$20 million contribution from Temasek, Singapore. The check was added to a round of $150 million, led by Viking Global Investors, with participation from Sunley House, an affiliate of Advent.
In late July, the company was the target of a Reuters report about a possible IPO in the United States. At the time, the company did not comment on the information.
Source