dLocal Ltd (DLO)

dLocal Limited is a technology-first online payments company that enables global enterprise merchants to get paid (pay-in) and make payments (pay-out) in emerging markets. Founded in 2016, it began with a single cross-border pay-in product in Brazil and has grown into a cloud-based platform operating in 44 countries as of December 31, 2025. Its "One dLocal" model gives merchants one API, one technology platform and one contract. Revenue comes from fees charged to merchants on approved transactions, either a fixed fee or a percentage per transaction. These include processing fees, FX service fees, installment fees, chargeback and refund fees, and set-up, minimum monthly, maintenance and small transfer fees. Total payments volume was US$40.8 billion in 2025 and revenue was US$1,093.6 million, with an Adjusted EBITDA Margin of 25.4%.

The platform supports cross-border and local-to-local pay-ins and pay-outs through more than 160 local pay-in payment methods and 939 local pay-out methods. It combines payment processing and FX management with compliance, tax and fraud management, dynamic routing across acquiring partners, refund and dispute management, and reporting and reconciliation. Other offerings include marketplace capabilities, "dLocal for Platforms," smart alternative payment methods (tokenized APMs), and Buy Now Pay Later integrations, for which dLocal assumes no buyer credit risk. It applies AI to fraud detection, anomaly detection, routing and operational efficiency, and 371 full-time equivalents work solely on technology. In 2025 it announced an intended acquisition of AZA Finance, a cross-border payments and FX fintech in Africa. After restructuring that transaction, it acquired certain assets and 100% of the share capital of Mint Code Solution S.A., Cameroon, in February 2026.

dLocal targets large global enterprise merchants in verticals such as financial services, remittances, e-commerce, advertising, streaming, on-demand delivery, ride hailing, SaaS, travel, e-learning, gaming and crypto. Its portfolio includes over 760 merchants, among them Shein, Didi, Payoneer, Temu, Google, Facebook, Rappi, Deel, Uber, SpaceX, Worldpay and Spotify. It also partners with marketplaces such as Shopify and selectively with payment service providers to reach long-tail merchants. Enterprise merchants, defined as those processing more than US$6 million in TPV, made up 99% of 2025 TPV. Markets served include Brazil, Mexico, Argentina, Colombia and Chile in Latin America; Nigeria, South Africa and Morocco in Africa; and India, the Philippines and Indonesia in Asia.

dLocal runs an asset-light model built on direct merchant integrations and partnerships with alternative payment methods, local financial institutions and acquirers. It competes with fragmented legacy providers that merchants have previously used in emerging markets. DLocal Limited is a Cayman Islands exempted company incorporated in February 2021 ahead of its June 2021 IPO. Its principal executive offices are in Grand Cayman and its operational headquarters is in Montevideo, Uruguay.