Dock, a Latin America-based full-stack payments and digital banking platform, has raised $110m in growth, bringing its valuation to over $1.5bn.

Led by Lightrock and Silver Lake Waterman, the financing round was joined by existing investors Riverwood Capital, Viking Global Investors and Sunley House Capital.

Dock intends to utilise the proceeds from the round to support its international expansion plans and accelerate its product development roadmap.

The firm also plans to use the fresh capital to hire new resources as it forays into the $18.5bn total addressable market for card processing and banking-as-a-service (BaaS) in the Latin American region.

Dock CEO Antonio Soares said: “This investment validates our vision of bringing great solutions to the market that solve real business problems for our clients, while increasing and democratising access to financial services.

“As we close this funding round, we are excited to continue innovating and expanding while building products that help our clients grow by providing fast, efficient and personalised financial services to their customers. We add value because payments and banking are complex global businesses with local specificities, and we understand that better than anyone else.”

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Dock, via its open API and cloud-native platform, delivers solutions that allow fintechs, retailers, banks, and technology companies to offer enhanced payments, credit and digital banking offerings.

This platform enables any business to provide financial services, such as launch and management of custom cards, payment processing, and BaaS with digital accounts, mobile payments, and fraud management.

Lightrock Latin America head and managing partner Marcos Pereira said: “Despite positive advancements over the last few years, the financial services market in Latin America still has significant room for accelerated growth. We’re excited to partner with Dock to enable greater financial inclusion, which will drive economic growth and increase fairness.”

Silver Lake Waterman group head and managing director Shawn O’Neill added: “Dock’s extensible platform is becoming the platform of choice for companies of all sizes, across sectors, to launch and scale payments and digital banking businesses throughout Latin America, and we are excited for what is still to come.”

Recently, PayRetailers opened an office in Peru to drive its expansion efforts in Latin America.