Dock, a B2B technology company for payments and banking, announced the start of cooperation with Tenpo, Chile’s largest digital lender, with a customer base of more than 2.2 million people.
The firm’s infrastructure and expertise are the base of technologies that a virtual financial institution uses to work with its newly issued credit cards. Interaction with the Chilean digital bank is an important stage in the process of expanding the scope of the technology company’s activities in Latin America.
For Dock, Chile is the ninth market of its business presence. Currently, the company serves more than 70 million active accounts and annually participates in the processing of transactions worth more than 240 billion. In addition to Chile, the firm also operates in Argentina, Colombia, Mexico, Panama, Ecuador, Brazil, Peru, and the Cayman Islands.
The expansion of the company’s business in Latin America is a step in the implementation of the strategy for the development of the banking services market with a turnover of $16 billion. Also in this region, the card processing industry has a total profitability of $2.5 billion.
Antonio Soares, CEO of Dock, says that the experience gained in the framework of activities in Brazil allows the company to scale achievements in the area of financial services throughout Latin America. He noted that each country has its own technological specifics, but the so-called Brazilian developments are reproducible on average by 80-90%.
The Tenpo credit card will provide the Chilean digital bank with the opportunity to fully compete with the traditional structures of this industry. The partnership will also make the lender the main virtual financial institution in Chile offering a full range of bank products and services.
Fernando Araya, co-founder and CEO of Tenpo, says that currently there is not a single digital lender in the Chilean financial system offering the entire scroll of banking solutions. A financial institution within the partnership will begin to fill this gap.
As we have reported earlier, Shopify and Volt Forge Open Banking Partnership.
