The archive · Money & Fintech · Product decision · 2021–2026
Cocos bets simple retail investing scales in Argentina: 2M users, $49.7M, buys a bank
Argentine invest-tech bootstrapped to 2M users and US$49.7M 2025 revenue, bought Banco Voii for a banking license, then acquired Brazil's Warren
Cocos Capital
What the business is
Cocos is an Argentine digital platform where retail investors buy and sell dollars, mutual funds, bonds and stocks in one app, adding payments, cards and — after the Banco Voii acquisition — banking products.
Starting capital：Bootstrapped: the company states it grew without capital increases or outside investors (Aug 2025 announcement). The 2026 Warren acquisition was funded entirely from Cocos' own capital through cash plus newly issued shares, with Kaszek Ventures becoming a shareholder.
How it started
Cocos was founded in Argentina in 2021 by Ariel Sbdar (CEO, previously Head of Strategy at BIND) and Nicolás Mindlin (Chairman, ex-CFO of Pampa Energía) with a bet that retail investors were excluded from the country's capital markets by complexity and cost. Revenue in 2021, its first operating year, was US$1.5M.
What happened
The company grew without outside capital and passed 1 million users in 2025; in August 2025 it agreed to buy 100% of Banco Voii for about US$20 million in cash to obtain a banking license and add savings accounts, fixed deposits and credit. In 2025 results filed with Argentina's securities regulator (CNV), Cocos reported US$49.7M revenue (+75% YoY), annualized revenue above US$70M, more than 2 million users, over US$2B in assets under administration, adjusted EBITDA of US$25M, and Cocos Asset Management passing US$1.2B under management (+200% YoY).
How it ended up
Still scaling: in July 2026 Cocos agreed to acquire Brazil's Warren Investimentos with its own capital — cash plus newly issued shares, with Kaszek joining as shareholder — and said it expects to top US$100M annual revenue by the end of 2026 and manage more than US$4B in assets.
Background
Cocos is an Argentine fintech founded in 2021 by Ariel Sbdar (CEO, ex-Head of Strategy at BIND) and Nicolás Mindlin (Chairman, ex-CFO of Pampa Energía). Its bet: ordinary Argentines were excluded from investing by complexity and cost, and would come in if one app let them buy dollars, mutual funds, bonds and stocks in a few clicks with no prior financial knowledge.
The company bootstrapped deliberately — it says it grew without capital increases or outside investors, reinvesting what it generated. It passed 1 million users in 2025, and in August 2025 agreed to acquire 100% of Banco Voii for about US$20 million in cash to obtain a banking license and add remunerated accounts, fixed deposits and credit.
In 2025 results filed with Argentina's securities regulator, Cocos reported US$49.7M revenue, up 75% from 2024, annualized revenue above US$70M, more than 2 million users, over US$2B in assets under administration and adjusted EBITDA of US$25M; Cocos Asset Management passed US$1.2B under management, up 200% year over year. Revenue in 2021, its first operating year, had been US$1.5M.
In July 2026 Cocos agreed to acquire Brazil's Warren Investimentos, funded entirely with its own capital through a mix of cash and newly issued shares (with Kaszek Ventures becoming a shareholder), and expects to exceed US$100M in annual revenue by the end of 2026.
What has to be true
- Access was the product: no prior knowledge or broker relationship needed to invest, which opened Argentina's capital markets to retail users.
- Bootstrapping forced discipline: profitability was built into the model, so growth never depended on external capital.
- The license widened the moat: Banco Voii's banking license let Cocos add savings, fixed deposits and credit to the same app.
- Results made the case: 2M users and US$49.7M revenue in 2025, then regional expansion via Warren paid for with its own capital.
What can be applied
Build the wedge where exclusion is: simplify the entry point, stay profitable without outside capital, and use a license to widen the product — then replicate the model in the next excluded market.
Aftermath
As of September 2026 Cocos is scaling: it reported 2M+ users, US$49.7M 2025 revenue (+75% YoY) and US$2B+ in assets under administration, completed its purchase of Argentine bank Banco Voii for a banking license, and in July 2026 agreed to acquire Brazil's Warren Investimentos with its own capital, expecting to exceed US$100M annual revenue by end-2026 and manage more than US$4B in assets.
Sources
- Cocos adquiere un banco argentino para ampliar su oferta
- Startup Fintech argentina Cocos adquiere Banco Voii y consigue la licencia bancaria
- Cocos cerró 2025 con ingresos por US$49,7 millones y ya supera los 2 millones de usuarios
- Argentina's Cocos Capital acquires Warren Investimentos
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