Dock, one of many main platforms for funds and digital banking in Latin America, introduced this month it has raised $110M in funding, led by Lightrock and Silver Lake Waterman. The funding, which brings its valuation to over $1.5 billion, will probably be used to speed up the corporate’s product improvement roadmap and worldwide extension plans.
Latin America is at the moment witnessing stratospheric development of funding in its fintech startups. In 2021 investment in the sector reached $5 billion, in comparison with the $2 billion raised in 2020.
Powered by open API know-how and a cloud-native platform, Dock serves 65 million energetic customers within the area by way of its shoppers.
The firm has not solely develop into a number one business-to-business monetary know-how infrastructure firm in Latin America but in addition has contributed to the acceleration of digital adoption of monetary providers within the area.
“This is only the beginning for us,” stated Antonio Soares, CEO at Dock. “This investment validates our vision of bringing great solutions to the market that solves 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.”
The development in Latin America is being pushed by three key elements: the adoption of an estimated 10.8 million folks in Latin America who’re utilizing digital banking providers for the primary time; regulatory coverage and central banks which can be decided to extend ranges of monetary inclusion on a continent the place 60% or extra of the inhabitants could also be unbanked; and fintechs clearly defining the markets they wish to attain.
“The growth of fintech in Latin America is a classic example of ‘leapfrogging’ — fintechs have leveraged the need for financial inclusion amongst large swathes of the population to move straight to a new generation of services,” stated Ricardo Anhesini, head of monetary providers for KPMG.
The nonetheless important room for accelerated development of the monetary providers market in Latam, and the concentrate on constructing a sustainable future, have been deciding elements taken under consideration by Lightrock, the worldwide non-public fairness agency when main the financing spherical.
At the identical time, Lake Waterman expressed pleasure in taking part with Dock’s administration workforce to assist the corporate proceed to develop all through the area, because the startup is turning into the platform of selection for corporations to additional digital banking all through Latin America.