dLocal

Cross-border payment platform connecting global enterprises to 900+ local payment methods across 40+ emerging markets in Africa, Asia, and Latin America. NASDAQ: DLO. Acquired AZA Finance in 2025 for $150M. First Uruguayan company on Nasdaq. Profitable.

dLocal is the defining emerging-markets payment infrastructure company—its public listing and profitability demonstrate that frontier-market payment rails are a durable business.

dlocal.com Cross-Border PaymentsUruguaypublic · DLO

At a glance

Total raised

$442.6M

last round ipo

Headcount

1k-5k

approximate · public range

Headquarters

Montevideo

Uruguay

Founded

2016

10 years active

Status

Public

Ticker · DLO

Latest valuation

$6.1B

IPO · 2021

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Funding history

Total raised

$442.6M

Rounds tracked

Latest stage

IPO

Latest valuation

$6.1B

Date	Stage	Amount	Valuation	Lead investors
Jun 3, 2021	IPO	$92.6M	$6.1B	—
Apr 2, 2021	Growth	$150M	$5B	Alkeon Capital
Sep 15, 2020	Growth	$200M	$1.2B	General Atlantic

Stock performance

$12.0600004196167

2026-05-22 · DLO

Founder backgrounds

Andrés Bzurovski

Cofounder & Board Member

Prior to co-founding dLocal in 2016, Bzurovski founded Pagar, a Uruguayan payment gateway that was later acquired. He holds a law degree from Universidad de Montevideo and an MBA from Universidad Torcuato Di Tella. Before dLocal, he also advised fintech and technology startups on strategy and regulatory matters in Latin America's emerging payments landscape.

Sebastián Kanovich

Founding CEO & Chairman of Commercial Committee (Board of Directors)

Co-founded dLocal alongside Sergio Fogel, building the cross-border payment platform from Uruguay into a publicly traded company on Nasdaq (IPO in 2021). Prior to dLocal, Kanovich was a co-founder and director of AstroPay, a digital wallet and prepaid card product for cross-border transactions in Latin America — a venture that gave him direct exposure to the fragmentation of payment systems across emerging markets. He also holds a degree in Business Administration from Universidad ORT Uruguay. Available biographical details are limited; his public posture is low-profile, with most of his external visibility tied to dLocal's corporate communications rather than personal branding.

Sergio Fogel

Cofounder, Co-President & Chief Strategy Director

A Uruguayan entrepreneur who previously co-founded AstroPay, a digital payment platform that served the Latin American market before dLocal's founding. That prior venture gave him firsthand experience with the friction of cross-border payments in emerging markets — the exact friction dLocal was built to solve. He holds an economics degree from Universidad de la República and began his career in investment banking at ABN AMRO in Uruguay.

AI bull / bear

Bull case

dLocal's profitability in frontier markets is the moat that most competitors can't replicate. Running payment operations across 40+ jurisdictions with 900+ local methods requires regulatory expertise, banking relationships, and reconciliation infrastructure built over years—not months. Global merchants like Amazon, Spotify, and Nike chose dLocal precisely because no one else offers a single API that handles Brazilian Boleto, Nigerian bank transfers, and Indonesian e-wallets while absorbing local compliance burdens as merchant of record. The $150M AZA Finance acquisition in 2025 adds a mature African treasury and FX operation in Kenya, Tanzania, and Uganda, deepening the hardest-to-enter continent while adding high-margin B2B payout volumes. With $443M in cumulative funding and profitable operations, dLocal doesn't need to ration capital to chase growth. Emerging-market digital commerce is structurally under-penetrated—the platform benefits from every incremental shift from cash to digital payments across its markets, creating a long-duration tailwind that most public fintechs lack.

Bear case

dLocal's concentration in volatile markets is a structural risk that no moat can fully insulate against. Argentina, Brazil, and Nigeria have historically driven a disproportionate share of volume—and each has demonstrated willingness to impose sudden capital controls, currency devaluations, or punitive fintech regulations. The business might be profitable today, but a single major market disruption can compress take rates and trigger merchant churn as global customers seek stability over coverage. The AZA Finance acquisition at $150M comes with execution risk: integrating treasury operations across East Africa while maintaining margins is operationally complex, and dLocal's track record on M&A is unproven. Competitive pressure is intensifying from multiple directions—Stripe is expanding its own emerging-market footprint, Adyen continues to add local methods, and well-funded regional players like Ebanx and Flutterwave are hardening their positions. Governance overhang from past short-seller scrutiny and related-party concerns hasn't fully dissipated, constraining the multiple public markets will assign even if fundamentals hold.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

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dLocal · last 30 days

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Leadership

Andrés Bzurovski

Cofounder & Board Member

—

Sergio Fogel

Cofounder, Co-President & Chief Strategy Director

—

Sebastián Kanovich

Founding CEO & Chairman of Commercial Committee (Board of Directors)

—

Pedro Arnt

Chief Executive Officer (CEO)

—

Carlos Menendez

Chief Operating Officer (COO)

—

Guillermo Lopez

Chief Financial Officer (CFO)

—

John O'Brien

Chief Revenue Officer (CRO)

—

Products

dLocal Payins
A payment processing solution that enables global enterprises to accept payments from customers in emerging markets using over 900 local payment methods across 40+ countries. Merchants integrate via a single API to offer credit cards, debit cards, bank transfers, cash payments (e.g., OXXO, Boleto), and local digital wallets. Smart Routing optimizes transaction success rates, while local processing ensures settlement in the merchant's currency. Built for e-commerce platforms, digital services, and SaaS companies expanding into Africa, Asia, and Latin America.
dLocal Payouts
A cross-border payout solution that lets businesses compliantly send mass payments — including contractor payouts, marketplace seller settlements, and business-to-business supplier payments — to recipients in emerging markets. It supports multiple payout methods (bank transfers, mobile money, cash pickups) and handles local regulatory and FX requirements automatically. Designed for platforms, gig economy companies, and enterprises that need to move funds into hard-to-reach markets without setting up local entities.
dLocal for Platforms
A comprehensive payment and payout solution tailored for marketplaces, platforms, and aggregators that need to manage money movement between multiple parties. It handles sub-merchant onboarding, split payments between platforms and sellers, automated payout settlement, and white-label checkout experiences. Features include local acquiring, PCI-compliant hosted payment pages, and Smart Routing. Helps platforms like ride-hailing apps, freelance marketplaces, and e-commerce aggregators scale across emerging markets with a single integration.

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