Marko Wenthin, Dock Financial CEO (Pictured Above)
Claret Capital Partners backs Dock Financial as it prepares for the launch of a new Banking-as-a-Service platform.
Munich / Luxembourg, February 24rd, 2022 – Dock Financial announces the development of a new Banking-as-a-Service platform. The company emerged from Crosscard, a spin-off of the payment service provider PPRO. In May 2021, the transformation into a platform provider was initiated by PPRO founder Philipp Nieland and Solarisbank co-founder Marko Wenthin. In addition to the founding team, the group of shareholders currently includes the London- based growth investor Claret Capital Partners, who already has invested in successful models such as Wefox, in addition to PPRO.
Dock Financial builds on the strong core business of Crosscard: Last year, the company made a turnover of around 14 million euros from payment cards with private and corporate customers. Dock Financial is now adding a banking-as-a-service platform to this portfolio.
This will allow its partners to design and launch their own products around payment accounts and cards in a modular and highly efficient manner. Dock Financial will support fintechs and banks as well as other companies with the desire to embed financial services into their value chain. Dock Financial holds an e-money license in Luxembourg and is a Principal Member of Mastercard.
“Since taking over Crosscard, we already have invested heavily in technology, people and processes,” says Marko Wenthin, CEO of Dock Financial. “Card payments and the issuing of payment cards continue to boom. It was therefore clear to us that by investing in the core business, as the foundation for an expanded platform approach, we can help to shape the market.”
Dock Financial will meet the highest standards, especially in risk management and compliance, thanks to automated processes and technologies as well as massively strengthened, highly qualified staff.
Before joining Dock Financial, CEO Marko Wenthin helped to build up Solarisbank, Sofort Bank and the business banking provider Penta. Previously, he was a member of the
Management Board and COO of Deutsche Bank in Poland. As a result, he is very familiar with all aspects of the Banking-as-a-Service market.
With Philipp Nieland as main investor, Dock Financial has a recognised expert in the fintech and payment market aboard. “We are entering the market with a positioning that is ideally suited to the current trends and we intend to drive this forward to benefit from the strong market dynamics,” says the entrepreneur. “In a very short time the new management has already recruited excellent talent and built a first-class fintech, banking and compliance team. I am convinced that we will play an important role in the market.”
With the newly developed Banking-as-a-Service platform, Dock Financial follows an international trend. For the scalability as well as the quality and efficiency of its banking processes, the company has partnered with core banking provider Mambu. For its payment cards it has joined forces with Marqeta, the global modern card issuing platform. Through close cooperation with a leading AML and fraud prevention platform, Dock Financial furthermore wants to set new standards in transaction monitoring and fraud prevention.
“With the selection of our partners and with Rust as the programming language for our platform, we have one of the most modern and qualitative setups in our industry,” says Wenthin. At Dock Financial he is supported by leading figures in finance software development. Blockchain and decentralized finance pioneer Peter Großkopf for example advises the company on all IT and platform issues as member of the advisory board.
Großkopf was not only Wenthin’s companion at Solarisbank, but was also responsible for the development of the Digital Exchange as Managing Director of the Stuttgart Stock Exchange. He is also co-founder of the decentralized finance provider Unstoppable Finance.