Dock
“Can Dock become the default embedded finance infrastructure for Latin America by owning licenses, card processing, and acquiring under one cloud-native platform?”
Founded1999
HQSão Paulo, Brazil
Total raised$170M+ (disclosed)
Latest roundGrowth round, May 2022
Valuation$1.5B+ (2022)
IndustryInfrastructure / BaaS
The story
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.
Last 12 months
—
Product timeline
2021
Conductor, Dock, and Muxi unified into a single Dock brand offering end-to-end payment and digital banking infrastructure· pivot
2022
Raised $110M growth round at $1.5B+ valuation led by Lightrock and Silver Lake Waterman· funding
Regulated entities
3
regulatory licences held by Dock
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
4 layers disclosed in Dock’s embedded-finance stack
Payments / PSP
Dock Acquiring (self-operated)Pix (self-operated)Boletos (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Open banking
in the full report
Accounting gap: none
3 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.