Dock, a provider of modern financial technology infrastructure in Latin America, announced the completion of its acquisition of Cacao, a card processing solutions provider operating in Mexico, from now on “branded also as Dock.”
The deal expands Dock’s regional presence and “advances its goal of becoming a primary fintech services provider across all of Latin America,” according to a release.
Antonio Soares, Chief Executive Officer of Dock, stated:
“The two companies share significant values and a core mission to enable their clients to democratize, through technology, access to the financial system for the millions of unbanked and underbanked people in Latin America.”
Cacao issued more than 4 million cards across its Card Management and Credit Card Platforms. The acquisition brings Dock, which is reportedly the only Brazilian firm to provide card issuing, acquiring and banking as a service on one fully integrated platform, “more than 50 new clients, including Albo, Bnext, Lanapay, Oyster, Kapital, Clip, Rapyd, Billpocket, Jefa, and Tribal.”
The announcement also mentioned that Dock will offer clients “with full stack solutions and card processing powered by Dock in Mexico and across the region.”
With access to Dock’s technology and resources, Cacao will continue to “serve its clients at the highest standards and grow and scale its operations in Mexico under the Dock brand,” the update confirmed.
As noted in the release, Dock is a provider of Fintech infrastructure in Latin American (LatAm) markets. Dock aims to “unlock scalability for its customers by offering Cards (a “white-label” technology and infrastructure to enable different businesses to become a card issuer, manage card programs and connect with card networks to facilitate payment transactions), Digital Banking (a “white-label” technology and infrastructure to enable different businesses to become digital banks and offer payment services or other financial products directly to their clients) and Acquiring (a “white-label” acquirer model in which the customer operates under Dock’s sub-acquisition with its own brand) through its comprehensive platform.”
Dock’s modular platform “enables mission-critical experiences seeking to accelerate a company’s ability to bring new digital payments and banking services to market.”
As of September 30, 2021, Dock powers over 40 million active accounts via its Cloud-enabled platform.