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dLocal

Can a single API own cross-border payins, payouts, and increasingly stablecoin rails for every emerging market that the global internet wants to reach?

Founded2016
HQMontevideo, Uruguay
FoundersAndrés Bzurovski, Sergio Fogel
Total raised$350M+ (pre-IPO)
Latest roundIPO (Nasdaq: DLO), June 2021
Valuation$9.5B (IPO, 2021)
IndustryInfrastructure / Payments
The story

Founded 2016 as a single-API cross-border payments processor connecting global merchants (Spotify, Google, Uber, Netflix) to emerging-market consumers in LatAm, Africa, and Asia. Bootstrapped early before raising from General Atlantic, reaching unicorn status in 2020 and IPO'ing on Nasdaq in 2021. Currently broadening from pure payins/payouts into BNPL aggregation (BNPL Fuse), stablecoin rails (Circle Payments Network, Stable Sea), and platform/marketplace tooling — positioning as the 'financial OS for emerging markets' rather than just a PSP.

Last 12 months
2026-01
2025-06
2025
2025-01
2024-11
Product timeline
2016
Founded in Montevideo as cross-border payments processor for emerging markets· launch
2020
Became Uruguay's first unicorn at $1.2B valuation after $200M General Atlantic round· funding
2021
IPO on Nasdaq at $9.5B valuation; acquired PrimeiroPay for $40M· ipo
2024
Certified as Payment Initiation Service Provider (PISP) for Pix in Brazil's Open Finance ecosystem· regulatory
2025
Secured UK FCA Authorised Payment Institution license via Dlocal Opco UK· regulatory
2025
Announced acquisition of AZA Finance for ~$150M to expand African payments footprint· acquisition
2025
Launched stablecoin payments integration and joined Circle Payments Network· pivot
2026
Announced Asia expansion priority with hiring and licensing push in Vietnam and Thailand· expansion
Regulated entities
EMI
EU (Malta)
Dlocal Ltd
Payments Institution
EU (Malta - MFSA)
Dlocal Ltd
MSB
US (FinCEN)
Dlocal Corp LLP
Authorised Payment Institution
UK FCA · 2025
Dlocal Opco UK Ltd
Payment Initiation Service Provider (PISP)
Brazil (Central Bank) · 2024
dLocal
The stack
Payments / PSP
dLocal Payins (self-operated)dLocal Payouts (self-operated)dLocal for Platforms (self-operated)
Lending
BNPL Fuse (BNPL aggregator)PayflexAtome
Open banking
dLocal PISP (self, Brazil Pix)
FX & payouts
dLocal Payouts (self-operated)Convera (partner)
Crypto
Circle (Circle Payments Network)Stable Sea
Accounting gap: minor