Dock, a fintech infrastructure provider in Latin America, has acquired Brazilian banking-as-a-service (BaaS) provider BPP for an undisclosed sum.

BPP, formerly known as Brasil Pré-Pagos, was the first BaaS provider to be licensed by the Central Bank.

BPP is said to be a leading BaaS provider in the Brazilian market.

Dock seeks to leverage BPP’s integrations with the Brazilian interbank systems (SPB and SPI).

It is expected to enhance Dock’s full-stack BaaS offerings such as card issuing and digital accounts.

Dock CEO Antonio Soares said: “We are thrilled to be in a position to add value to current BPP customers, who will be able to accelerate their business faster now that they will be integrated with the most complete and composable payments and digital banking platform in Latin America.”

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Upon the completion of the deal, which is subject to regulatory approval, the combined entity will lead the BaaS market in Brazil and Latin America, Dock said.

BPP CEO Paulo Della Volpe said: “We are thrilled to join Dock on its journey to change the future of finance and banking in Latin America.

“This combination is a perfect match for our employees and customers. We look forward to becoming a part of Dock’s vibrant, innovative culture, and playing our part in the next chapter of growth.”

In August,  Brazilian digital lender Cora raised $116m in a Series B round of funding, which was led by Greenoaks Capital.