Argentina's Cocos raises $34M, hits $508M valuation in first outside round
What's the deal? Argentine fintech Cocos CapitalDealroom has a profile for this one. Try Dealroom → raised $34 million in its first outside funding round, reaching a valuation of $508 million. Kaszek led the round, with Spice ExpeditionsDealroom has a profile for this one. Try Dealroom → and spice ventures participating.
What does the company do? Founded in 2021 by Nicolás Mindlin and Ariel Sbdar, Cocos began as an investment platform and now operates as a digital bank. It has more than 2.5 million clients and over 2,000 corporate customers, who transact roughly $200 billion a year.
The company reports $150 million in annualised group revenue and more than $2 billion in assets under management. It started with $50,000 in capital and says it reached profitability before raising external money.
What's the money for? In Argentina, Cocos plans to expand its financial products with a focus on artificial intelligence and consolidate Cocos Bank, building on its 2026 acquisition of Banco VoiiDealroom has a profile for this one. Try Dealroom →. The goal is to integrate investments, accounts, savings, payments, and financing into one digital experience.
Why now? The raise comes during a regional push. In July, Cocos agreed to acquire Brazilian investment platform Warren — a deal still awaiting approval from Brazil's central bank — and the capital gives that expansion a stronger base.
What could go wrong? The Warren acquisition hinges on regulatory clearance it does not yet have. The $508 million valuation is private and reported, not independently verified.
Who's backing it? Kaszek, founded in 2011 by Mercado Libre alumni Hernán Kazah and Nicolás Szekasy, has raised more than $3 billion across nine funds and was an early investor in Nubank. The deal is its first major bet on a company whose business sits mainly in Argentina.
"Cocos shows that profitable technology companies with regional ambition can be built from Argentina," said Kazah, Kaszek cofounder and managing partner (translated from Spanish).
The signal: At $34 million, the round ranks near the top of early-stage venture deals in Argentina — above the 96th percentile for such rounds over the past four years. It also fits a wider revival of sizable Latin American fintech financings, with Ualá raising $195 million and Pomelo securing $55 million in 2026.
Read more: iproup.com
Image credit: Nicolas Solop
