“Can Dock become the default embedded finance infrastructure for Latin America by owning licenses, card processing, and acquiring under one cloud-native platform?”
Dock is the result of a 2021 merger of three Brazilian payments-tech brands — Conductor (card processing), Dock (BaaS), and Muxi (POS/acquiring) — into a single full-stack embedded finance infrastructure provider. The company holds its own BACEN-regulated payment institution and acquiring licenses, making it a self-operated BaaS platform rather than a reseller. Post-merger it positioned itself as LatAm's most complete card issuing, banking, Pix and acquiring infrastructure, raising $110M in 2022 at unicorn valuation.
Dock discloses Dock Instituição de Pagamento S.A. (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Dock does not disclose a bank charter of its own; its banking services are provided through Dock Instituição de Pagamento S.A. (in-house).
Dock processes payments through Dock Acquiring (self-operated), Pix (self-operated) and Boletos (self-operated). Disclosed money-movement rails: Pix.
Dock's cards are issued through Dock (in-house).
Dock connects to bank accounts through Dock Open Finance (in-house).
The Embedded Finance Index 2026 maps 5 layers in Dock's stack: Payments / PSP (Dock Acquiring (self-operated), Pix (self-operated) and Boletos (self-operated)); Money movement (Pix); Banking / BaaS (Dock Instituição de Pagamento S.A. (in-house)); Card issuing (Dock (in-house)); Open banking (Dock Open Finance (in-house)).
Dock is founded in 1999 and headquartered in São Paulo, Brazil.
Dock has raised $170M+ (disclosed) in total (latest round: Growth round, May 2022; valuation: $1.5B+ (2022)).
Get a read on where your own stack stands against Dock and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.