LatAm-focused PayTech Dock hits $1.5bn valuation

LatAm-focused full-stack payments and digital payment platform Dock has reached a $1.5bn valuation after the close of a $110m growth round.

Lightrock and Silver Lake Waterman served as the lead investors to the round, with participation also coming from existing Dock backers Riverwood Capital, Viking Global Investors and Sunley House Capital.

With the capital, Dock plans to accelerate its product development roadmap and international expansion plans. It also hopes to hire more staff to help capitalise on the market size.

Dock offers an open API and cloud-native platform that lets more than 300 clients offer unique user experiences in their payments, credit and digital banking offerings.

Its 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.

Clients of Dock include FinTechs, retailers, banks, and technology companies focused on improving the customer experience for the currently banked and unbanked population

Dock CEO Antonio Soares said “This is only the beginning for us. 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.”

FinTech in Latin America has been booming. Last year, a total of $12.6bn was invested through 399 deals, a massive increase from 2020, where just $3bn was invested through 178 transactions.

After the first quarter, 2022 looks to set a new record for deal activity, with $3.2bn raised in 125 deals.

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