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Visa's investee, Dock buys Mexican fintech Cacao

With the acquisition, whose value has not been revealed, Dock gains more than 50 new corporate clients, including Mexican high-growth fintechs like Clip and Rapyd

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Dock (formerly Conductor), a Brazilian fintech that offers a set of white-label financial structure solutions to other companies, announced the acquisition of the Mexican card processing solutions provider Cacao this Tuesday. The deal, whose value was not disclosed, brings more than 50 new corporate clients to Dock, including startups and high-growth companies such as Albo, Bnext, Lanapay, Oyster, Kapital, Clip, Rapyd, Billpocket, Jefa, and Tribal.

The deal expands Dock’s regional footprint and is key for the fintech‘s strategy of becoming a primary services provider across all of Latin America. 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

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Currently, Dock manages more than 40 million active accounts of its corporate clients through its cloud platform. Its tools allow retailers, banks, and financial startups to offer credit cards and payment wallets to their clients. Annually, Dock processes over BR 50 billion in transactions throughout Latin America– in July this year, still as Conductor, the company processed BRL 20 billion.

In Brazil, C6 Bank, Conta Simples, and BV are among the company’s customers. Dock is backed by venture capital firm Riverwood Capital and payments processor Visa.

READ ALSO: Mexico increases number of fintechs by 16%, says Fintech Radar 2021

“Both companies share significant values and a core mission to enable their customers to democratize, through technology, the access to the financial system for millions of unbanked or under-banked people in Latin America,” said Antonio Soares, CEO of Dock, in a statement on the fintech‘s blog. Also according to the statement, to date, Cacao has issued more than 4 million cards for its clients in Mexico.

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