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Dock

Fintech / payments and banking-as-a-service infrastructureBrazil
New to Unitard
✂️ Markdown
Peak $1.5 BillionToday
~-74%
from peak
  1. 🦄
    Became a unicorn
    May 2022
  2. 📈
    Peak valuation
    $1.5 Billion ’22
  3. 💔
    Became a Unitard
    Jun 2023
  4. 💸
    Last valuation
    ~$390M
Current status
Private and operating in Brazil, Mexico and other Latin American markets

The rise & fall

8 moments · 2014–2026

The key moments, with employee sentiment along the way.

2014
Antonio Soares and Riverwood buy card processor Conductor
The Brazilian card processor had about 80 staff; the buyout created the business that became Dock.
TechCrunch
Nov 3 ’20
$150M round led by Viking Global
Sunley House and Capital Group join; Conductor says it powers over 85 million accounts across Latin America.
Simpson Thacher
Aug 2021
Conductor, Dock and Muxi combine under the Dock name
The group adds Brazil's BPP and Mexico's Cacao as it builds a regional banking-as-a-service platform.
TechCrunch
May 12 ’22
The peak: $110M round at more than $1.5B$1.5B
Lightrock and Silver Lake Waterman lead, with Riverwood, Viking Global and Sunley House; Dock reports 65 million active accounts and 1,936 staff.
Bloomberg Línea
Nov 7 ’22
About 12% of staff cut six months after the round
Around 160 people in Brazil and 30 in Mexico; Dock says it is removing overlap after its mergers, not cutting costs.
Startups.com.br
Jun 30 ’23
Capital Group cuts its mark to $6.26 — joins the Unitard Club 💔$687M
SMALLCAP World Fund's mark falls from $10.81 to $6.26 a share, about 54% below mid-2022; applied to the whole company that implies about $687M.
SEC NPORT-P
From the inside · Glassdoor reviews, 2023–24
A small set of Glassdoor reviews turned more mixed in 2023 and 2024: employees said raises and promotions were hard to win and pay trailed the market, and some described disorganization after the merger. Several praised benefits and remote work.
Jun 30 ’26
Fund marks Dock at $3.51 a share, about 74% below 2022$385M
SMALLCAP World Fund still holds the same 4.32 million shares it bought in October 2020 for $26M, now carried at about $15M.
SEC NPORT-P
Today
Still private — the funds keep marking
SMALLCAP World Fund Inc marks it at $3.51/share · -74% from its peak mark · as of Jun 2026
SEC NPORT-P

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Dock, based in São Paulo, provides card processing, payments and banking-as-a-service infrastructure that lets companies across Latin America launch financial products. It grew out of Conductor, a Brazilian card processor that CEO Antonio Soares and Riverwood Capital bought in 2014, and took the Dock name after merging Conductor, Dock and Muxi in 2021.

On May 12, 2022 it raised $110M led by Lightrock and Silver Lake Waterman at a valuation of more than $1.5B. About six months later it cut roughly 12% of staff, around 190 people in Brazil and Mexico.

Mutual-fund filings show Capital Group's SMALLCAP World Fund valued its Dock stake at $3.51 a share in June 2026, about 74% below the $13.67 mark it carried in June 2022.

Mutual-fund markdowns

1 fund · SEC NPORT-P

How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.

Per-share mark from peak
-74%
SMALLCAP World Fund Inc
$13.67 → $3.51
as of Jun 2026

Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Oct 2026.

Source: TechCrunch and Bloomberg Línea (May 12, 2022): $110M round led by Lightrock and Silver Lake Waterman, with Riverwood, Viking Global and Sunley House, at more than $1.5B; Conductor, Dock and Muxi combined as Dock in August 2021. Simpson Thacher (Nov 3, 2020): $150M round in Conductor Technology Ltd led by Viking Global with Sunley House and Capital Group. Startups.com.br (Nov 7, 2022): about 12% of staff cut, about 160 in Brazil and 30 in Mexico. SEC N-CSR, SMALLCAP World Fund (0000051931-21-001007): Dock, Ltd., 4,318,937 shares, acquired Oct 19, 2020 for $26.0M. SEC NPORT-P, SMALLCAP World Fund (CIK 858744), same 4,318,937 shares throughout: $12.99 (Mar 31, 2022), $13.67 (June 30, 2022; 0001145549-22-053386), $6.26 (June 30, 2023), $3.51 (June 30, 2026; 0001193125-26-371341). Drop keyed to $3.51 vs $13.67 = 74.3%. Single fund holder; no priced down round has been reported.

Founders & leadership

  • Antonio Soares
    CEO (led at peak)
    Still there — CEOLinkedIn ↗
  • Marcelo Jacques
    co-founder
    Still there — Chief Strategy OfficerLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-10-22. See our methodology.

Disclosed investors (7)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard

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