Dock, an innovator in financial technology infrastructure across Latin America, has expanded to various locations across the region, with new offices located in Mexico City, Mexico; Lima, Peru; Santiago, Chile; and Bogotá, Colombia. The company also intends to set up operations in Buenos Aires, Argentina, by the end of the first quarter of this year, and in Quito, Ecuador, and Santo Domingo, Dominican Republic, before the end of 2022.
This expansion follows a series of acquisitions and is part of the company’s plans to tap into the $16billion total addressable market for banking-as-a-service and the $2.5billion total addressable market for card processing in the Latin American region.
Dock also saw substantial organic growth in 2021 within the areas of active accounts, clients and talent. Growth highlights, year over year:
- Total monthly active accounts processed in December 2021 increased 55 per cent to four million.
- Active digital banking accounts increased 380 per cent.
- Dock’s team grew by 72 per cent, with over 700 new hires, expanding its global team to over 1,700 employees.
“Dock is now the biggest, most modern fintech partner available in Latin America,” says Antonio Soares, Chief Executive Officer of Dock. “We’re proud of the momentum we’ve gained over the last year and look forward to our continued growth in 2022. Our expanded operations in the Latin American region will give us access to new partners and talent, as we make a more robust investment in our technology and people to deliver an unmatched experience to our customers.”
As part of its Latin American expansion, Dock has elevated the co-founders of Cacao, the Mexico-based payments infrastructure company which Dock acquired in December 2021, to its executive leadership team. Gerardo Bonilla, co-founder and former president of Cacao, will assume the role of Chief Revenue Officer at Dock and will lead Dock’s sales and business operations across all countries, including Brazil. Jorge Alvarez, co-founder and former CEO of Cacao, will assume the role of Latin American Expansion Officer, in which he will oversee all of Dock’s regional office launches and operations.
“Our mission is to enable our clients to democratise access to the financial system for millions of unbanked and underbanked people in Latin America,” said Gerardo Bonilla, Chief Revenue Officer of Dock. “We’re focused on enabling clients of all sizes and sectors, from banks to fintechs to embedded finance initiatives. The opening of our regional operations will accelerate our efforts to reach and serve more customers in the region.”
