A virtual wallet enters the banking business to compete with Mercado Pago

Cocos's strategy

The transaction will be financed in cash and doesn't involve capital increases or the entry of new investors. According to Nicolás Mindlin, president and co-founder of Cocos, this reinforces the strength of the company's business model.

The Argentine fintech Cocos has just taken a step in its expansion: it has acquired 100% of Banco Voii. It is fully entering the competition with traditional banks and other digital wallets such as Mercado Pago.

Thanks to the banking license obtained through this transaction, it will be able to offer new financial products and compete under better conditions. The transaction still needs to be approved by the Banco Central, but it already marks a turning point for the sector.

What does it mean for Cocos to have a banking license?

With this acquisition, Cocos now has the legal capacity to offer products such as:

• Interest-bearing accounts
• Time deposits
• Savings accounts
• Loans

All of this within a digital, simple, and secure experience, according to the company. In addition, it will allow the company to reduce operating costs and offer more competitive conditions compared to banks.

Which bank did Cocos acquire?

It is Banco Voii, a small institution with a 100% digital profile. It is headquartered in CABA and, according to BCRA data, has only 131 checking accounts and 222 active savings accounts.

94% of its portfolio corresponds to private sector consumption and its operating profitability is 16.8%.

"We reinvest what we generate: we are committed to the country and to facilitating access to financial services," Mindlin explained. In the same vein, CEO Ariel Sbdar emphasized: "We grew up in an exclusionary financial system. Cocos was created to change that, and this acquisition is a step in that direction."

Sustained growth and regional expansion

So far this year, Cocos has surpassed one million users in Argentina. It also manages more than US$700 million in assets through mutual funds in pesos and dollars.

The company has launched new payment solutions, added functionality to operate with Pix in Brazil, and an international Mastercard card.

What is Mercado Pago doing in response?

Mercado Pago is also in the process of becoming a bank in Argentina, something it has already achieved in Brazil and Mexico. This move by Cocos accelerates competition in a market that was already undergoing major transformation.

Meanwhile, users benefit: more options, lower costs, and better 100% digital financial services.