Dock Raises $110 Million, Bringing Total Valuation to Over $1.5 Billion
Dock, a leading full-stack payments and digital banking platform across Latin America, announced today 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 be used to accelerate the company's product development roadmap and international expansion plans, and to 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.1
Dock delivers best-in-class 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 an 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 the launch and management of 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 that are focused on improving the customer experience for the currently banked population, as well as 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 democratizing 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."
Learn more at dock.tech.
Dock is one of the leading platforms for payments and digital banking in Latin America. The company adds commercial value, innovation and scalability to its customers, bringing together card issuance, digital banking and acquiring through a single and complete platform. Dock's modular solutions facilitate critical processes that accelerate companies' ability to bring new payment and financial services to market. The result is a wider range of innovative products, greater consumer access to financial services, credit card services, and enhanced customer experiences.
Dock operates 65 million active accounts and more than 5 billion transactions annually through its cloud platform, reducing operational and regulatory burden and providing other valuable tools to customers through its partner ecosystem so they can focus on the end-user experience.
Lightrock is a global private equity platform that backs purpose-driven entrepreneurs tackling the world's biggest challenges. Since 2009, Lightrock has invested in companies that pursue scalable and tech-driven business models around the key impact themes of people, planet, and productivity/tech for good. Lightrock's portfolio includes more than 80 high-growth companies in 14 countries across Europe, the USA, Latin America, Asia and Africa, supported by over 80 professionals based in 5 offices across these regions, including Lightrock's headquarter in London. https://www.lightrock.com
About Silver Lake Waterman
Silver Lake Waterman is part of Silver Lake, the global leader in technology investing with more than $90 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake Waterman focuses on providing flexible expansion capital to later-stage growth companies in the technology and technology-enabled industries. For more information about Silver Lake Waterman and Silver Lake, please visit www.silverlake.com.
1 Americas Market Intelligence, Card/Payments Processing & Banking-as-a-Service Market Read - Latin America, September 2021