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dLocal

dLocal Limited is a Cayman Islands-incorporated company headquartered in , , that operates a payments platform enabling global merchants to connect with consumers in emerging markets through seamless pay-in, pay-out, and invoicing solutions in local currencies. Founded in 2016 as a division of and becoming independent in 2018, dLocal went public on the in 2021 under the DLO, focusing on high-growth regions in , , and . The platform supports over 900 payment methods and serves more than 700 merchants, including major global brands such as , , and , by handling cross-border transactions via a single integration that manages , fraud prevention, and . dLocal's core offerings include pay-ins for accepting local payment methods like credit cards, bank transfers, and digital wallets; pay-outs for disbursing funds compliantly across borders; and specialized tools such as the Defense Suite for fraud detection and dLocal for Platforms for marketplace integrations. The company operates in over 40 countries, with a primary emphasis on (accounting for approximately 75% of its total payment volume as of 2024), while expanding in and to reach billions of or underbanked consumers. In 2025, dLocal secured payment licenses in the , , and the , enhancing its regulatory compliance. Licensed as an Electronic Money Issuer in the and registered as a with FinCEN in the United States, dLocal ensures secure data handling and adherence to local regulations, mitigating risks like anti-money laundering and currency volatility. Since its inception, dLocal has demonstrated rapid growth, processing $25.6 billion in total payment volume (TPV) in , up from $17.7 billion in 2023 (a 45% year-over-year increase), with reaching $746 million in , reflecting a 15% rise from the prior year. In the first half of , TPV reached $17.3 billion (Q1: $8.1 billion; Q2: $9.2 billion, 53% year-over-year growth), driven by strong performance in , , and emerging Asian and markets, alongside a net retention rate of 144-146%. In Q3 , TPV hit a record $10.4 billion (59% year-over-year growth), with net retention at 149%. With a team of over 1,000 employees across over 40 countries and $254 million in corporate cash reserves as of June , dLocal continues to prioritize innovation in infrastructure, supporting industries from to streaming and ride-hailing.

History

Founding

dLocal was established in 2016 in , , as a from , a payments company addressing challenges in emerging markets. The company was co-founded by Sergio Fogel, Andrés Bzurovski, Sebastián Kanovich—who served as the initial CEO—and Jacobo Singer, all experienced entrepreneurs in the sector. The initial motivation stemmed from the need to resolve cross-border payment difficulties faced by global merchants, such as , in markets like , where diverse local payment methods and regulatory hurdles created significant barriers. dLocal launched in a bootstrapped manner without external , beginning operations with a small team and serving 40 initial customers focused on pay-in solutions in . This self-funded approach enabled steady early progress, paving the way for later expansion into status.

Early growth

Following its separation from on August 1, 2018, dLocal experienced rapid operational scaling, growing its merchant base from an initial focus on a limited number of clients to over 330 by the end of 2019. This expansion occurred organically, with the company adding nearly six new pay-in merchants per month on average during this period, driven by direct integrations and a emphasis on serving global enterprises entering emerging markets. Without reliance on funding until 2020, dLocal prioritized self-sustained growth through cash flow generation and strategic partnerships, achieving over 100% annual organic revenue growth from 2016 onward. A core element of this early expansion was dLocal's penetration into key Latin American markets, beginning with and as primary hubs for cross-border pay-in services. By , these markets accounted for significant portions of total payment volume, with representing 26% and 15%, amid broader operations across over 20 countries in the region. The company addressed the fragmented payment ecosystems prevalent in these areas—characterized by low banking penetration, diverse local methods, and regulatory hurdles—through hyper-local adaptations, such as integrating with over 600 payment methods tailored to regional preferences like in and cash-based options in . This approach enabled seamless transactions for merchants navigating economic instability and compliance requirements, including anti-money laundering standards. Key milestones underscored dLocal's momentum, including the launch of one-click checkout solutions and marketplace capabilities in 2018, which facilitated faster onboarding and enhanced user experiences for platforms. These innovations attracted high-profile clients like and . Despite challenges such as risks, dLocal's focus on scalable technology and local expertise propelled its total payment volume to $1.29 billion by 2019, establishing a for sustained presence in emerging markets.

Unicorn status and funding

dLocal achieved unicorn status in September 2020 following a significant funding round that marked a pivotal milestone in its growth. Prior to this, the company had secured smaller investments, including an initial stake from in late 2019 to support product development and early expansion efforts. These earlier rounds provided foundational capital but were modest in scale compared to the breakthrough investment that propelled dLocal into unicorn territory. The landmark round, announced on September 15, 2020, raised $200 million in a growth equity investment led by , with participation from existing investors and new backer . This infusion valued dLocal at $1.2 billion post-money, establishing it as Uruguay's first unicorn and one of the highest-valued startups in at the time. The deal highlighted the company's rapid traction in cross-border payments for emerging markets, drawing interest from prominent global investors. Proceeds from the 2020 funding were strategically allocated to fuel international expansion, particularly into new regions such as , , and , while also supporting key hires and enhancements to the company's technology platform. This investment enabled dLocal to target 13 additional markets within the subsequent 18 months, broadening its footprint beyond . The round not only solidified dLocal's position as a leader in emerging markets payments but also attracted further scrutiny and investment from international firms, underscoring its potential in the global landscape.

Initial public offering

dLocal went public on June 3, 2021, listing its Class A common shares on the Global Select Market under the "DLO". The was priced at $21 per share, following the company's achievement of status in the private market earlier that year. In total, dLocal raised $617 million in gross proceeds through the sale of 29.4 million shares, with the company itself issuing 4.4 million new shares to generate approximately $75 million for its use, while the majority—25 million shares—were sold by existing shareholders, including the founders. The IPO valued dLocal at approximately $6.1 billion on a fully diluted basis at the offering price, but shares debuted strongly, opening at $31 and reaching a of about $9.2 billion on the first day of trading. The offering was underwritten by a syndicate led by , , , and as global coordinators, with Securities, , and Investment Bank serving as joint bookrunners. dLocal intended to use its net proceeds primarily for and general corporate purposes, including accelerating investments in technology and pursuing growth opportunities such as potential acquisitions, though the limited new capital raised by the company itself constrained direct funding for expansion.

Post-IPO expansion and challenges

Following its in 2021, dLocal experienced significant expansion in 2022 and 2023, with annual reaching $419 million in 2022 and surging 55% to $650 million in 2023, driven by increased total payment volume of $17.7 billion in the latter year. This growth was supported by strategic entries into new emerging markets, including in mid-2023 through integration of local payment methods like UPI to capitalize on the country's boom. Similarly, dLocal deepened its presence in during this period, expanding operations in countries such as , the , and to meet rising merchant demand for localized payment solutions, contributing to a 114% year-over-year increase in and combined in 2023. In March 2024, dLocal underwent a key leadership transition when co-founder and CEO Sebastián Kanovich stepped down, transitioning to head the company's Commercial and M&A Committee on the board. He was succeeded by Pedro Arnt, a former executive at , who had joined as co-CEO in August 2023 and brought extensive experience in scaling operations across . This change aimed to bolster strategic focus amid post-IPO pressures. The period was not without challenges, as dLocal's stock faced significant declines in due to broader volatility in emerging economies and allegations of irregularities raised by short-seller reports, including claims of inconsistent total volume growth and . These issues culminated in a class-action in accusing the company of misleading investors on financial disclosures. In response, dLocal implemented recovery measures, including enhanced cost controls and operational efficiencies, which helped stabilize performance by 2024 through improved gross margins and a focus on high-growth segments. By 2025, dLocal announced further expansion into , including its June intention to acquire AZA Finance (pending regulatory approval as of November 2025) to strengthen cross-border payment infrastructure across the continent. The company's Q3 2025 earnings, released on November 12, 2025, reflected stabilized growth with strong increases in payment volumes, particularly in and , underscoring a rebound in core markets.

Business model and services

Core platform

dLocal's core platform is a cloud-based, API-driven system designed to facilitate seamless cross-border payments in emerging markets, allowing global merchants to process transactions without managing local regulatory, currency, or infrastructural complexities. The platform, known as "One dLocal," operates through a single contract and unified technology stack that handles authorization, , and settlement, enabling efficient scaling across diverse geographies. At its architectural core, the platform provides a single integration that connects merchants to over 900 local methods spanning more than 40 countries in regions including , , , and the . This RESTful follows predictable resource-based structures, supporting both payins—where businesses receive customer payments—and payouts, where funds are disbursed to recipients, all via developer-friendly endpoints that abstract away market-specific variances. The localization strategy centers on dedicated Payins and Payouts modules that streamline operations by acting as the merchant of record in target markets. The Payins module processes incoming payments in local currencies and methods, managing compliance with regional regulations, tax requirements, and currency fluctuations through automated dynamic conversion. Similarly, the Payouts module enables outbound disbursements with flexible options, such as or automated triggers based on timelines or balances, while handling local banking systems and volatility to ensure reliable fund delivery. Security is integral to the platform, with dLocal maintaining DSS Level 1 compliance as a certified , which minimizes merchants' compliance burdens by reducing the scope of cardholder data they handle. Tokenization via Smart Fields further protects sensitive payment information during transactions, replacing card details with unique tokens to prevent direct exposure, thereby enhancing data protection for both payins and payouts across the ecosystem.

Payment solutions

dLocal's payment solutions encompass a range of products designed to facilitate transactions in emerging markets through localized methods. The core offerings include payins for collecting payments, payouts for disbursements, and specialized tools for subscriptions and recurring payments, all integrated via a single that connects to the company's underlying platform. Payins enable businesses to accept payments from customers using over 900 local methods across more than 40 countries in emerging regions such as , , and . These methods include credit and debit cards (e.g., and ), bank transfers, eWallets, , and cash vouchers, with examples like in and in allowing offline collection at physical locations. This diversity supports higher conversion rates by aligning with regional preferences, such as cash-based payments in areas with limited digital infrastructure. Payouts provide mechanisms for disbursing funds in local currencies to stakeholders, including marketplaces, suppliers, and recipients for remittances, operating without transfer limits and across the same 40+ countries. Businesses can execute mass payouts for , such as paying vendors or gig workers, with automated reconciliation through a dedicated . The solution handles cross-border s by converting funds dynamically to the recipient's preferred . In June 2025, dLocal partnered with BVNK to introduce stablecoin funding options for accelerated cross-border payouts, reducing settlement times for s. For subscriptions and recurring payments, dLocal offers Merchant Initiated Transactions (), which allow one-click authorizations for seamless renewals tailored to providers and platforms. Customers complete a one-time setup, enabling automated billing at fixed intervals without repeated , as seen in integrations like SmartPix in for recurring charges or Yape in for mobile subscriptions. This approach reduces churn by simplifying ongoing payments in local methods. In October 2025, dLocal launched , the first aggregator for , unifying multiple BNPL providers through a single and contract to enable scalable payments and higher conversions across , , the , and . dLocal supports over 50 currencies, including the , , and , with real-time conversion to manage settlements efficiently. This coverage ensures transactions occur in the local currency of 54 countries, minimizing conversion fees and currency risks for global merchants.

Risk management features

dLocal employs advanced fraud prevention measures through its Defense Suite, which integrates algorithms to detect and mitigate fraudulent activities in real-time. This AI-driven system analyzes transaction patterns, device fingerprinting, and behavioral data to score and block suspicious activities, reducing false positives and enhancing security for payments across emerging markets. Additionally, dLocal supports authentication as an extra layer of protection for card transactions, verifying user identity to prevent unauthorized use. To address (FX) and settlement risks inherent in volatile emerging market currencies, dLocal utilizes hedging strategies, including financial instruments such as forward currency contracts, to manage exposure from fluctuations. The platform offers guaranteed settlements primarily in USD or EUR, providing merchants with protection against local devaluation and ensuring predictable payouts regardless of regional economic . This approach minimizes monetary balances held in local currencies and facilitates multi- processing with FX transparency. Compliance automation is embedded in dLocal's operations through built-in KYC and AML screening processes, which perform real-time validations to meet regulatory standards in over 40 countries, including adherence to frameworks like the EU's MLD5 and U.S. FinCEN requirements. The Manager tool automates collection, withholding, and reporting, handling complexities such as calculations and remittances by acting as a where required by local laws. This ensures seamless integration of compliance without burdening merchants with manual oversight. For chargeback management, dLocal leverages local expertise in high-risk regions to handle disputes and reversals efficiently, offering tools for asynchronous notifications, , and a Guarantee that shields merchants from penalties and maintains high conversion rates. This includes monitoring for during authorization and utilizing proprietary data to contest invalid claims, thereby reducing reversal rates in markets prone to and regulatory challenges.

Operations and markets

Geographic presence

dLocal maintains a robust presence in emerging markets, with its core operations centered in Latin America, where it facilitates payments across 18 countries, including key economies such as Brazil, Mexico, and Argentina. This region remains the company's largest market by volume, benefiting from deep integration with local financial systems and consumer preferences. The company has extended its reach to , operating in 14 countries such as and , primarily through partnerships that enable access to diverse payout and collection methods. In the area, dLocal supports markets like and , focusing on high-growth hubs with tailored digital wallet and bank transfer options. Collectively, dLocal's platform covers over 40 countries in these regions, integrating more than 900 local methods to streamline cross-border transactions. As of the third quarter of 2025, it is on track to process over $40 billion in total payment volume (TPV) for the full year, underscoring its scale in facilitating global merchant access to these markets. dLocal's expansion began in upon its founding in 2016, followed by entry into in 2020 and in 2021, allowing it to diversify beyond its initial regional focus. To navigate varying regulatory landscapes, the company deploys dedicated teams for each area, ensuring compliance with local laws and customization of payment flows on its unified platform.

Key clients and partnerships

dLocal serves a diverse array of global merchants, with prominent clients including for e-commerce payouts, and for streaming subscriptions, and for travel bookings. These enterprise customers leverage dLocal's platform to process payments in local currencies and methods across emerging markets, enabling seamless transactions for end-users. Additional key clients span industries such as ride-sharing (, ), software (, ), and retail (, ), reflecting broad adoption in digital services and consumer goods. The company's partnership ecosystem includes integrations with major card networks like and to support locally issued cards, facilitating compliant and efficient payment processing in regions such as and . Strategic alliances extend to payment providers, including collaborations with for expanded access to over 40 emerging markets in , the , , and (expanded in May 2025); for digital options (announced in September 2025); and to enhance cross-border payouts. These partnerships also involve acquirers, banks, and digital wallets, allowing dLocal to connect merchants with over 900 local payment methods. Case studies illustrate dLocal's impact, such as its partnership with gaming marketplace Eneba, which localized payment options to reach over 100 million gamers in , improving checkout experiences and market accessibility without reported specific revenue figures. Similarly, collaborations with ride-sharing platform have enabled seamless local payments across , Africa, and Asia, boosting for mobility services in high-growth regions. For e-commerce leader , dLocal's solutions supported scaling operations with tailored payment integrations, enhancing conversion rates in emerging markets. dLocal's revenue is significantly driven by its top clients, with the top 10 accounting for approximately 60% of total revenues as of the third quarter of 2025, diversified across sectors like travel, digital entertainment, and e-commerce to mitigate concentration risks. This client base underscores dLocal's role in facilitating payment volumes in emerging markets, including Latin America.

Regulatory compliance

dLocal maintains a robust strategy tailored to the complexities of emerging markets, securing key licenses to facilitate secure payment processing. In , the company obtained a payment institution license from the (BACEN) in July 2023, enabling it to accept public deposits, manage e-wallets, and participate in the Pix instant payment system. In , dLocal operates through Demerge Mexico S.A. de C.V., which is registered with the Banking and Securities (CNBV) and Banco de México (Banxico) to support compliant . For European operations, dLocal Ltd holds authorizations from the (MFSA) as an Electronic Money Institution (EMI) and Payments Institution (PI), allowing cross-border services across the . Additionally, dLocal's platform is certified to DSS Level 1 standards, the highest level of compliance for securing cardholder data against breaches. The company's compliance framework emphasizes adherence to international and local standards, including data protection regulations. In the EU, dLocal aligns with GDPR requirements for personal data handling and PSD2 directives for secure payment services, as part of its broader audit-ready processes monitored by regulators. For markets like , dLocal ensures compliance with (RBI) rules on and card data storage restrictions, such as prohibiting the retention of sensitive card information post-October 2022. dLocal addresses regulatory challenges in volatile environments, particularly varying foreign exchange (FX) controls. In , the company navigates stringent capital restrictions and FX regulations, which underwent revisions in December 2023, through ongoing consultations with local legal advisors to maintain operational continuity. In African markets, dLocal implements anti-money laundering (AML) measures aligned with regional standards to mitigate risks, supported by its platform's transaction monitoring capabilities. In 2025, dLocal advanced its regulatory footprint through preparations for integrating AZA Finance, following the acquisition announcement in , which remains pending final regulatory approvals. This move aims to bolster compliance coverage across African jurisdictions by leveraging AZA's established local licenses and expertise in cross-border payments.

Corporate affairs

Leadership

dLocal was co-founded in 2016 by Sergio Fogel, Sebastián Kanovich, Andrés Bzurovski, and Jacobo Singer, all of whom shared a background in Uruguayan tech entrepreneurship and prior experience in payments and ventures. Fogel, who previously co-founded , serves as President and Chief Strategy Officer, focusing on strategic vision and business initiatives. Kanovich, the initial CEO, led the company through its IPO and growth phase until stepping down in 2024. Bzurovski, also a co-founder of , acts as an on the board, contributing expertise in technology and investments. Singer, involved in early operations, held roles as Chief Operating Officer and Co-President before transitioning to a board position in December 2024. In March 2024, Pedro Arnt was appointed as sole CEO, succeeding Kanovich and bringing over two decades of and leadership from his prior role as at . Arnt's experience in scaling operations across aligns with dLocal's focus on emerging markets, where he oversees global strategy and expansion. In September 2024, Carlos Menendez was appointed as , succeeding Singer after a transition period. The board of directors comprises 11 members as of November 2025, chaired by Eduardo Azar, with a composition that includes founders Fogel, Bzurovski, Kanovich, and Singer alongside independent directors and investor representatives. , a key early investor, has influenced through board participation, such as the addition of its principal Luiz Ribeiro in 2020, emphasizing robust oversight and compliance. Other members include Martín Escobari and experts in and , ensuring a balance of operational insight and strategic guidance, with recent changes including the appointment of Will Pruett as an in June 2025. dLocal's leadership philosophy prioritizes hiring talent with deep local market knowledge to drive global scalability, drawing from the founders' regional roots while building an international team experienced in emerging economies. This approach fosters innovation tailored to diverse regulatory and cultural contexts, with executives often hailing from the markets they serve to enhance client solutions in payments and cross-border transactions.

Offices and workforce

dLocal's headquarters is located in , , where it functions as the central hub for (R&D) and core operations. The company operates a network of global offices to support its international presence, including for Latin American activities, for U.S. sales, for Europe, , and (EMEA) engagement, Tel Aviv for technology initiatives, and , in connection with the announced intention to acquire AZA Finance in 2025. As of December 31, 2024, dLocal employed 1,095 people worldwide, with growth into 2025; approximately 34% are in or technology-related positions. The workforce reflects diversity in backgrounds, drawing talent from various countries to align with the company's focus on emerging markets across , , and . dLocal promotes a remote-friendly corporate culture centered on and adaptability, implementing a "Work From Anywhere" policy to accommodate its distributed global team.

Acquisitions

PrimeiroPay

In April 2021, dLocal completed the acquisition of certain assets, primarily merchant agreements, from PrimeiroPay, a payment service provider founded in 2014 that specialized in facilitating online payments for international merchants targeting the market. The deal, signed on March 11, 2021, with an effective date of April 1, 2021, was valued at $40 million, consisting of $38.67 million in immediate cash and $1.33 million in contingent consideration. This transaction marked dLocal's first major inorganic expansion move, focusing on bolstering its foothold in , a high-growth . The strategic rationale behind the acquisition centered on enhancing dLocal's payment processing capabilities in , particularly by expanding its merchant base, technical infrastructure, and geographic reach in through the of PrimeiroPay's established local acquiring relationships and expertise. PrimeiroPay's assets included connections to major local acquirers for processing and solutions, which complemented dLocal's cross-border by adding robust tools for handling domestic transactions and prevention tailored to Brazilian regulations. This move aligned with dLocal's "One dLocal" model, enabling a unified for seamless pay-in and pay-out operations while addressing the complexities of local payment ecosystems in emerging markets. Post-acquisition integration involved novating merchant contracts to dLocal's affiliates and fully incorporating the assets into its operations by 2022, resulting in strengthened local payment solutions such as enhanced connectivity for ride-hailing and clients in . Key personnel from PrimeiroPay, including Gabriela Vieira, who served as Global Director of Legal and , transitioned to dLocal, with Vieira appointed as to support regulatory alignment and expansion efforts. The acquisition contributed to notable in , which accounted for approximately 20% of dLocal's in 2022 (up from the prior year), though it also incurred a $0.7 million operating loss related to integration costs. Overall, the deal has proven accretive, supporting dLocal's scaling of total payment volume in the region through diversified local methods.

AZA Finance

In June 2025, dLocal announced its intention to acquire AZA Finance, an company, for approximately $150 million, with the deal subject to regulatory approvals and customary closing conditions. AZA Finance, founded in 2013 and headquartered in , , specializes in cross-border payments, (B2B) remittances, and (FX) services across . The company operates in 17 countries and has processed over 15 million transactions valued at more than $9 billion since its inception, providing solutions for businesses to transact, exchange, pay out, and settle in local currencies as well as G20 currencies. The acquisition aims to bolster dLocal's presence in Africa's emerging markets by integrating AZA's capabilities, including over-the-counter services, treasury management tools, support, and API-driven banking solutions for efficient payouts and remittances. This move would extend dLocal's reach beyond its current operations in 13 African countries to additional markets such as and , enhancing cross-border payment volumes for global merchants and strengthening regional treasury operations. As of November 2025, the transaction remains under regulatory review in relevant jurisdictions, with no completion announced; challenges include navigating Africa's complex approval processes across multiple countries, though the deal represents dLocal's first major expansion outside if finalized. The deal has faced additional challenges, including a third-party and concerns over a $23.2 million that may need to be written down, potentially requiring restructuring, as reported in September 2025.

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