dLocal
Also a provider — view dLocal’s profile →“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
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
5
regulatory licences held by dLocal
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in dLocal’s embedded-finance stack
Payments / PSP
dLocal Payins (self-operated)dLocal Payouts (self-operated)dLocal for Platforms (self-operated)
Lending
in the full report
Open banking
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting gap: minor
8 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.