Argentine fintech Cocos raises US$34 million at US$508 million valuation, led by Kaszek
Cocos closed its first outside round led by Kaszek, the fund's first large bet on a company based mainly in Argentina. Funds go to banking products and Brazil.
Argentine fintech Cocos has closed its first funding round, US$34 million at a valuation of US$508 million, according to bloomberglinea.com. bloomberglinea.com
bloomberglinea.combloomberglinea.comOpen source ↗ The round was led by Kaszek, with participation from Spice Expeditions. Until now the company financed its growth with its own resources and reinvested profits.
Cocos, founded by Nicolás Mindlin and Ariel Sbdar, began operating in 2021 with US$50,000. The company reports more than 2.5 million users, almost 300 employees and a transaction volume of around US$200,000 million per year. According to its own statement, the group has annualized revenue of US$150 million and "operates profitably".
Investor and use of funds
Kaszek was founded in 2011 by Hernán Kazah, a co-founder of MercadoLibre, and Nicolás Szekasy, who served as its chief financial officer. Since then it has raised more than US$3,000 million through nine funds and backed Nubank, Creditas and QuintoAndar. Cocos is its first large bet on a company whose business is concentrated mainly in Argentina.
Part of the US$34 million will go to developing new products and services. The funds are also meant to consolidate the digital investment bank in Argentina and to expand into Brazil. bloomberglinea.com
bloomberglinea.combloomberglinea.comOpen source ↗ Mindlin, president and co-founder of Cocos, said: "Five years ago we started with US$50,000 and a conviction: that from Argentina we could build a world-class digital investment bank."
Banking and Brazil
In 2026 Cocos completed the acquisition of Banco Voii, which lets it add banking services to its platform and develop Cocos Bank. The strategy is to combine investments, accounts, savings, payments and financing in one app, for individuals and for companies. Cocos currently manages more than US$2,000 million in assets and has more than 2,000 companies among its clients.
In July 2026 Cocos agreed to acquire the assets of Warren, a Brazilian investment platform. The deal is still subject to approval by the Central Bank of Brazil. Brazil is the largest financial market in Latin America.
