Chilean digital bank Tenpo partners Dock for new credit card offering
Chilean digital bank Tenpo has partnered with Dock, a Brazilian B2B technology company for payments and banking, to power its new credit card offering.
Tenpo hopes the launch of its credit card product will enable it to compete directly with traditional financial lenders while further building out its identity as an established digital-first bank.
“With the new credit card, we seek to fulfil our disruptive banking objective and compete side by side with traditional institutions,” explains Fernando Araya, co-founder and CEO of Tenpo.
For its partner Dock, the collaboration marks a new step forward for its expansion plans in Latin America. In addition to its native Brazil and its newfound partnership in Chile, the company also operates in Mexico, Argentina, Colombia, Ecuador, Peru, Panama and the Cayman Islands, serving a total of 70 million accounts.
Antonio Soares, CEO of Dock, explains how the company has been able to replicate the success its financial services have so far enjoyed in Brazil, “a world leader in payments”, across Latin America.
“Considering the particularities of each country, everything we do in the Brazilian market is 80 to 90% replicable,” he says.
“Our deep knowledge of this space allows us to expedite the availability of banking and payments technologies in other regions.”
Currently processing more than $240 billion annually, Dock’s valuation surpassed the $1.5 billion mark in May last year after it raised $110 million in a Lightrock and Silver Lake Waterman-led growth funding round.
Its efforts to tap the $16 billion Banking-as-a-Service (BaaS) market were further established when its acquired the Brazilian e-payments provider BPP in October 2021.