Dock Financial Acquires Paydora and Considers Applying for a Bank License

Published 6 months ago

Dock Financial, the banking startup led by experienced fintech manager Marko Wenthin, is expanding its business by acquiring Paydora, a fintech startup in which it already held a majority stake. The move comes as Wenthin, a former Solaris founder, considers reapplying for a banking license.

Acquisition of Paydora

Paydora, a young startup founded by former Revolut manager Claudio Wilhelmer, was recently launched and Dock Financial has now purchased the founders’ shares, promoting the creators to its own management team. Although Paydora is still in the early stages, the acquisition underscores Wenthin’s ability to build larger projects within a short period, having co-founded Solarisbank just two years ago.

Dock Financial’s Growth

Dock Financial’s growth is evident in its recent acquisition of mid-sized financier Compeon and its employment of 180 staff members. The company also anticipates a double-digit million turnover this year. In an interview with Finance Forward, Wenthin revealed that they are currently considering applying for their own banking license, which would provide them with greater flexibility in product development. The company currently holds an E-money license.

Dock Financial’s Origins and Services

Dock Financial originated as a spin-off from Crosscard, a former payment player and offshoot of the billion-dollar German-British payment service provider PPRO. The company offers bank accounts, cards, and payment systems via an interface for other companies. The focus is not on neobanks or other fintechs, but larger companies. For instance, travel portal E-Hotel processes its payments through Dock Financial, creating a virtual credit card for each business trip payment, allowing for precise assignment of bookings with corporate credit cards.

Addition of Paydora to Dock Financial

With the addition of Paydora, Dock Financial gains expertise in frontend development, with a team of around 30 people. Paydora has developed a Banking-as-a-Service offer on Dock Financial’s technical infrastructure and has started initial projects with travel company Booking.com and trading group Metro. The acquisition of Paydora and the integration of its founders into Dock Financial’s management is set to provide the next growth boost for the company.

Wenthin’s Role in the Fintech Scene

Known in the fintech scene for his role in the development of Solarisbank and the founding of Sofortüberweisung, Wenthin’s focus for Dock Financial has been primarily on companies outside of the fintech world. However, they have found themselves competing with Solaris on some projects in this business field. In line with this, Timo Weber, a long-standing Solaris manager, has joined Dock Financial to lead its operations.