dLocal Limited is a Uruguayan financial technology company that provides cross-border payment services for international merchants operating in emerging markets. Founded in 2016, the company expanded rapidly throughout Latin America and later into Africa, Asia, the Middle East, and Europe. It is widely regarded as the first unicorn in Uruguay’s history.[2]
dLocal was created in Montevideo by entrepreneurs Sergio Fogel and Andrés Bzurovski to simplify the fragmented payments landscape in emerging markets. Their goal was to build a single infrastructure platform that would allow global companies to accept local payment methods, send payouts, and manage foreign exchange within a unified system. The company initially gained traction in major Latin American markets such as Brazil, Mexico, and Argentina before expanding into new regions across Africa and Asia.
Public listing
On 3 June 2021, dLocal completed its initial public offering on the NASDAQ under the ticker symbol “DLO”. The company debuted with a valuation of approximately US$9.5 billion, becoming only the second Uruguayan firm to be listed on a U.S. stock exchange after Starmedia in the 1990s.[3][2]
Operations
Through its “One dLocal” platform, the company enables global merchants to operate in developing economies by providing technology to process local card payments, bank transfers, digital wallets, and cash-based transactions. The platform also incorporates currency conversion, settlement, compliance controls, and fraud prevention. By 2024, dLocal operated in more than 40 countries and supported over 900 localized payment methods.
Its clients include large e-commerce platforms, software companies, streaming services, travel providers, and digital marketplaces. The company positions itself as a financial infrastructure partner for global enterprises seeking to enter complex, highly regulated, or underbanked markets.
Expansion and acquisitions
dLocal has expanded through a combination of organic growth and strategic acquisitions. In 2021, it acquired the Brazilian payment provider PrimeiroPay for US$40 million to strengthen its presence in South America.[4]
In June 2025, the company announced plans to acquire AZA Finance, a Kenya-based African payments company, for approximately US$150 million. This acquisition marked one of the most significant fintech deals in Africa and positioned dLocal as a major player in the continent’s cross-border payments sector.[5]
Between 2024 and 2025, dLocal also opened regional hubs in the United Arab Emirates and China, expanding its operational capabilities in the Middle East and Asia-Pacific regions.
Financial performance
Since its IPO, dLocal has reported sustained revenue growth fueled by increasing demand for digital payments across developing economies. The company’s global expansion and focus on markets with limited existing payment infrastructure have contributed to its competitive advantage. Despite overall growth, its stock has experienced volatility due to regulatory developments and economic instability in several markets where it operates.
Governance
The company is led by chief executive officer Pedro Arnt, chief operating officer Carlos Menendez, and chief financial officer Mark Ortiz. The founders, Fogel and Bzurovski, remain significant shareholders and were included among the wealthiest individuals in Uruguay thanks to the company’s public listing.[6]
Regulatory matters
As a multinational payments company, dLocal operates under the oversight of financial authorities in numerous jurisdictions. Over time, it has faced inquiries related to foreign exchange management, anti-money-laundering controls, and settlement procedures, particularly in Brazil and Nigeria. The company has stated that it cooperates fully with regulators and continually updates its compliance frameworks to meet local requirements.
Criticism and scrutiny
dLocal has occasionally been the subject of public and investor scrutiny, including concerns related to valuation swings following its IPO and challenges associated with operating in high-volatility markets. Analysts have highlighted the potential risks of currency fluctuations and regulatory shifts in emerging economies. The company maintains that it adheres to industry standards and provides detailed disclosures in its financial reporting.
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