Brazilian fintech Dock has acquired e-payments provider BPP in a move that will firm up the fintech’s payments and digital banking offering in the region.
Dock believes the acquisition of BPP, formerly known as Brasil Pré-Pagos, will make its full-stack Banking-as-a-Service (BaaS) offering more competitive, accelerate its integrations and reinforce the solution within the country’s instant payment system, PIX, introduced by the Central Bank in November 2020.
With over 300 million monthly transactions processed between the two companies, Dock says the deal will make the combined company “the clear BaaS leader in Brazil and Latin America”.
Dock CEO Antonio Soares says that integrating BPP’s already established direct connections to local payment rails into Dock’s product offering will provide “immediate value to our customer base as we pursue a fully aligned vision of the future”.
BPP was an early white label payments infrastructure provider and in 2019 the company became the first BaaS provider to become a licenced payment institution in Brazil.
Dock’s chief product and technology officer Frederico Amaral says: “The fact that we build and run the technology for our own regulated institution creates an additional layer of trust and reliability for customers.”