Wallets/dlocal
dLocal
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Overview
dLocal is Uruguay-based cross-border-payments platform connecting global merchants with billions of consumers in emerging markets, NASDAQ-listed (DLO) [1, 2, [global-cro]]. Single API simplifying access for global businesses to fragmented financial systems across Latin America + Africa + Asia (40+ emerging markets).
2025 record financial performance [3]:
- 2025 revenue: $1.09 billion (+46.60% YoY) from $745.97 million in 2024
- 2025 earnings: $196.80 million (+63.43%)
- Analyst-rated stock: 12-month average price target $17.65 (+60.31% potential upside)
June 2025 — BTC Africa SA acquisition LOI [4]: dLocal signed letter of intent to acquire BTC Africa SA — increasing scale in Africa + enhancing cross-border volumes + footprint + supporting remittance vertical.
dLocal moat: Enables seamless transactions across fragmented financial systems in Latin America + Africa + Asia via single API — distinctive emerging-markets cross-border-payments-infrastructure positioning.
History
2016 — dLocal founded [2] in Uruguay by Sebastián Kanovich (CEO) + Andrés Bzurovski + Sergio Fogel + Néstor Pinto.
2018-2020 — Multi-region emerging-markets expansion: LATAM + Africa + Asia.
2021 — NASDAQ IPO (DLO) at $9B+ valuation (debut at peak).
2022-2024 — Post-peak revaluation + emerging-markets expansion build.
2025 — $1.09B revenue (+46.60% YoY) + $196.80M earnings (+63.43%) + June 2025 BTC Africa SA acquisition LOI [3, 4].
Ownership & operator
Operating entity: dLocal Limited (NASDAQ: DLO).
Co-founders: Sebastián Kanovich (CEO) + Andrés Bzurovski + Sergio Fogel + Néstor Pinto — Uruguayan team.
Major shareholders: Tiger Global + General Atlantic + Addition + Bond + Alkeon + Public float (NASDAQ: DLO) + others.
Regulators: Per-country across 40+ emerging markets + Uruguay BCU (Banco Central del Uruguay).
Technical integration
| Layer | Description |
|---|---|
| Type | Cross-border-payments platform (single API for emerging markets) — NOT consumer wallet |
| Channels | API integration |
| Identifiers | Card + bank account + local payment method (varies per market) |
| LATAM rails | PIX (BR) + SPEI (MX) + COELSA (AR) + PSE (CO) + others |
| Asia rails | UPI (IN) + GCash (PH) + GoPay/DANA/OVO (ID) + others |
| Africa rails | M-Pesa (KE) + Verve (NG) + Mukuru (SADC) + others |
| Coverage | 40+ emerging markets (LATAM + Africa + Asia) |
| License | Per-country + Uruguay BCU |
Users & growth
2025 baseline [3]:
- 2025 revenue: $1.09 billion (+46.60% YoY) from $745.97M in 2024
- 2025 earnings: $196.80 million (+63.43%)
- Coverage: 40+ emerging markets across LATAM + Africa + Asia
- June 2025: BTC Africa SA acquisition LOI
- Analyst 12-month target: $17.65 (+60.31% upside)
Use cases
Global merchant cross-border payments to/from 40+ emerging markets (LATAM + Africa + Asia); single-API access to fragmented financial systems; local-payment-method acceptance (PIX + SPEI + COELSA + PSE + UPI + GCash + GoPay/DANA/OVO + M-Pesa + Verve + etc.); BTC Africa SA acquisition for African scale (June 2025 LOI); remittance-vertical support.
Implementations & partners
Operator: dLocal Limited (NASDAQ: DLO) — Co-founders Sebastián Kanovich (CEO) + Andrés Bzurovski + Sergio Fogel + Néstor Pinto.
Major shareholders: Tiger Global + General Atlantic + Addition + Bond + Alkeon + Public float.
June 2025 LOI: BTC Africa SA acquisition (African scale + cross-border volume + remittance vertical).
Major cross-border-emerging-markets-payment competitors:
- [[bitso]] (LATAM crypto + cross-border fintech; 9M users + LATAM-fiat-rail bridges)
- [[ebanx]] (BR LATAM cross-border payment platform)
- PayU LATAM + Africa + Asia (Prosus-owned)
- Worldpay + Adyen + Stripe (global; emerging-markets capabilities)
- Boku (mobile-payments + carrier-billing global)
- [[flutterwave]] (African unicorn; 34-country payment processor)
- [[paystack]] (Stripe-acquired NG)
- [[cellulant]] (35-African Tingg)
Regulators: Per-country across 40+ emerging markets + Uruguay BCU.
Fun facts
- Uruguay-based cross-border-payments emerging-markets platform.
- NASDAQ: DLO since 2021 IPO (at $9B+ valuation; later revaluation).
- 2025 revenue $1.09B (+46.60% YoY) + $196.80M earnings (+63.43%).
- 40+ emerging markets covered (LATAM + Africa + Asia).
- Single API for fragmented emerging-markets financial systems — distinctive moat.
- June 2025 BTC Africa SA acquisition LOI — African scale expansion.
- Co-founders: Sebastián Kanovich (CEO) + Andrés Bzurovski + Sergio Fogel + Néstor Pinto — Uruguayan team.
- Backed by Tiger Global + General Atlantic + Addition + Bond + Alkeon.
Comparison
| Feature | dLocal | [[bitso]] (LATAM cross-border crypto rival) | EBANX (BR LATAM cross-border rival) | PayU LATAM + Africa + Asia (Prosus-owned) | [[flutterwave]] (African 34-country) |
|---|---|---|---|---|---|
| Operator | dLocal Limited (NASDAQ: DLO; Sebastián Kanovich CEO + co-founders; Tiger Global + General Atlantic backed) | Bitso (Daniel Vogel CEO; Tiger Global + Coatue + Paradigm + a16z backed) | EBANX (BR; FTV Capital + Endeavor Catalyst backed) | PayU (Prosus-owned; Naspers spin-off) | Flutterwave (African unicorn) |
| Type | Cross-border-payments platform single API for 40+ emerging markets | LATAM crypto exchange + cross-border-payments via fiat rails + 2025 stablecoin | BR LATAM cross-border payment platform | Global online payments (LATAM + Africa + Asia + CEE + India) | Africa payment processor + cross-border + Polygon stablecoin |
| Country | UY HQ + 40+ emerging markets | MX HQ + BR + AR + CO + CL + PE + 7 LATAM | BR HQ + LATAM | India + LATAM + CEE + Africa | 34 African countries + US + GB |
| Revenue 2025 | $1.09B (+46.60%) + $196.80M earnings (+63.43%) | Major LATAM crypto | Major LATAM | Prosus parent-anchored | $40B+ total payment volume |
| Listing | NASDAQ: DLO since 2021 IPO | Private; Mexico IFPE-licensed | Private | Prosus public parent | Private (African unicorn) |
| Distinctive | 40+ emerging markets single-API moat; UY HQ; Jun 2025 BTC Africa SA acquisition LOI; 2021 NASDAQ IPO at $9B+ | LATAM crypto-fintech bridge; SPEI + PIX + COELSA + PSE all free | BR LATAM cross-border (EBANX + MACH 2025 integration) | Multi-region Prosus reach | 2025 Polygon stablecoin; Uber+Netflix+thousands enterprise |
Status
Active, Uruguay-based cross-border-payments emerging-markets platform (NASDAQ-listed) [1, 3]:
- dLocal Limited (NASDAQ: DLO) since 2016 (NASDAQ IPO 2021).
- 2025 revenue $1.09B (+46.60% YoY) + earnings $196.80M (+63.43%).
- 40+ emerging markets coverage (LATAM + Africa + Asia).
- June 2025 BTC Africa SA acquisition LOI.
- Per-country + Uruguay BCU regulated.
- Sebastián Kanovich CEO + Andrés Bzurovski + Sergio Fogel + Néstor Pinto Uruguayan team.
Sources
- 1 dLocal — official
- 2 DLocal DLO stock — StockAnalysis
- 3 dLocal 2025 financials — StockAnalysis
- 4 DLocal LatAm + EM + BTC Africa SA — Seeking Alpha
- [global-cro] In-corpus: see country reports across 40+ emerging markets
Source
Biography extracted from dlocal.md. See matrix.md for standards-support matrix if present.