When a dark outlook loomed for the platform Cocoa Paycard, after the rejection of the National Baking and Stock Commission (CNBV) to operate as an institution of electronic payment funds, the firm founded by Gerardo Bonilla is on the way to be acquired by the Brazilian company Dock, which operates as a provider of financial technology infrastructure.
Informed sources of the operation revealed that Dock, focused on the payment means industry, reached an agreement with Cacao Paycard, which will be made official soon, since they are still in the definition of some issues to close the deal.
From Brazil, Antonio Soares, general director of Dock, revealed some details of the operation; however, this agreement is not yet official. If completed, it would be the third acquisition of the Brazilian firm and the first in Mexico, with a view to deepening the Mexican market.
Dock was founded in 2018 under the Conductor brand, and later, after the acquisition of the Muxi firm, the Brazilian company unified its aspects to operate as it is currently known.
A few weeks ago, the purchase of Dock of the company BPP, a payment firm regulated by the Brazilian government specialized in the subject of Banking as a Service. “We believe that the integration of BPP’s already established direct connections to local payment rails into our product offering provides immediate value to our customer base as we seek a fully aligned vision of the future,” Soares explained at the time. .
According to the Brazilian firm, it currently has 38 million active accounts and performs more than 3 billion operations a year through its cloud-based platform.
After the Fintech Law
Cocoa PayCard is a firm that became known within the environment of financial technology for offering fintech as a service (FaaS) solutions to other platforms that hung on their operation to have an offer in different aspects under their brand. For example, the Spanish giant Bnext acted as Cacao broker to offer its digital portfolio.
However, the blow to Cocoa PayCard arrived a few weeks ago when CNBV notified it that it would not be authorized to operate as an electronic payment fund institution, under fintech law, which is why it was prevented from opening new digital wallet accounts and has to direct the closure of its active operations in this regard.
It is estimated that different firms had agreements with Cocoa PayCard to act as commission agents for digital wallets, such as Bnext, Oyster, Iban Wallet, Jefa, among others.
With this rejection, Cocoa Paycard It remained only as a technology provider for card payment methods, which is the business division that Dock will absorb once the operation is completed.
In the coming days, the operation that is part of the mergers and acquisitions that are taking place in Latin America, especially in Mexico, in the financial technology ecosystem and as part of the regulatory process of the ley fintech.
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Reference-www.eleconomista.com.mx