Cocos 押注简化散户投资在阿根廷能规模化：200万用户、4970万美元、收购一家银行

做的是什么生意

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.

启动资金：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.

起因

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.

经过

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).

结果

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.

可借鉴之处

在被排斥的地方建立切入点：简化入口，不靠外部资本保持盈利，用牌照扩展产品——然后在下一个被排斥的市场复制模式。