dLocal

dLocal is an emerging-markets payment processor built in Montevideo in 2016 by Andrés Bzurovski and Sergio Fogel, now run by chief executive Pedro Arnt. The holding company, DLocal Limited, is registered in the Cayman Islands and has traded on Nasdaq as DLO since June 2021. It handles collections and payouts for large international merchants, naming Shein, Didi, Uber, Spotify and Worldpay among them, and processed US$40.8bn of volume in 2025 on revenue of US$1.09bn.

The pitch is one API, one contract and one platform for markets where international cards handle a minority of spending. Its annual report puts coverage at 44 countries with more than 160 pay-in methods, while marketing claims 60-plus markets and 1,000-plus methods; the developer documentation carries 51 country pages. Pix and Boleto in Brazil, SPEI and OXXO in Mexico, PSE and Nequi in Colombia, M-Pesa and Airtel Money in East Africa, OPay and Paga in Nigeria, UPI in India, GCash in the Philippines and JazzCash in Pakistan all have documented payment codes.

Licensing is unusually well documented. dLocal Ltd holds Maltese electronic money and financial institution authorisations that passport across the EEA; dLocal Opco UK Ltd was authorised by the FCA as a payment institution on 17 December 2024 under firm reference 1007955; dLocal Corp. LLP is a FinCEN-registered money services business. The group reports more than 30 licences and registrations, adding Brazil, Nigeria, Kenya, Rwanda, Tanzania, Uganda, Honduras, the Philippines and the UAE in recent years. Payouts reach 60-plus markets, funded in dollars, euros or stablecoins.

The target is enterprise scale: merchants processing over US$6m a year accounted for 99% of 2025 volume, and pricing at that tier is not published, although the self-serve dLocal Go product does carry a rate card. Settlement timing is configured per merchant rather than fixed, and about half of revenue still comes from Brazil, Mexico and Argentina, so local foreign-exchange rules matter more than the country count.