Dock, a B2B technology company for payments and banking, announced today that Tenpo, Chile’s largest digital bank with more than 2.2 million customers, is now a customer of the Brazilian company.
Dock’s expertise and infrastructure is behind the issuing and processing technology that Tenpo is using for its recently launched credit cards. The customer acquisition marks a major step in Dock’s Latin American expansion.
Chile is the ninth market for Dock, which currently operates more than 70 million active accounts and processes more than $240 billion annually. In addition to Brazil, the company operates in Mexico, Argentina, Colombia, Ecuador, Peru, Panama and the Cayman Islands. Dock’s expansion in Latin America is part of the company's plan to tap a potential market of $16 billion for Banking as a Service and $2.5 billion in card processing.
“With experience acquired in Brazil, a world leader in payments, we are now able to replicate our financial services advancements across Latin America. Considering the particularities of each country, everything we do in the Brazilian market is 80 to 90% replicable. Our deep knowledge of this space allows us to expedite the availability of banking and payments technologies in other regions,” said Antonio Soares, CEO of Dock.
Tenpo's credit card will allow the Chilean company to compete directly with traditional players in the banking sector. With this launch, the fintech has positioned itself as the most important digital bank in Chile, with a complete offering of financial products and services.
“This milestone represents the result of the hard work of the entire Tenpo team and the consolidation of our company as a relevant player in the Chilean financial market. With the new credit card, we seek to fulfill our disruptive banking objective and compete side by side with traditional institutions. Today in Chile there is no digital account that offers this full range of financial products and services in such a personalized, secure and 100% digital way as Tenpo,” said Fernando Araya, Co-Founder & CEO of Tenpo, who expressed his enthusiasm about this new stage.
For more than 20 years, Dock has been working to democratize access to financial services, promoting the inclusion of the un- and under-banked. In 2022, its market value rose to $1.5 billion after receiving $133.6 million in its most recent funding round.