Cocos bets simple retail investing scales in Argentina: 2M users, $49.7M, buys a bank

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.

That ordinary Argentines would invest if the app were simple, cheap and educational, and a bootstrapped platform could become a bank and expand regionally.

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.

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.

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).

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.

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.

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.

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.