dLocal becomes Uruguay’s first unicorn with new $200M investment

LatamListdLocal, a leading cross-border payment platform, announced a $200M investment round led by existing investor General Atlantic, a leading global equity firm. The payment platform also secured investment from Addition, a recently launched investment firm that focuses on early and growth-stage companies.

With this new investment, dLocal is now valued at $1.2B, making it not only Uruguay’s first unicorn but also one of the highest-valued Latin American fintech companies supporting global merchants’ growth in emerging markets.

Since founding in 2016, dLocal has been profitable every year, achieving over 100% annual organic growth, providing 450 merchants in 20 countries with over 300 alternative payment methods.

“I am extremely proud of what the team at dLocal has achieved since we started serving global e-commerce players four years ago,” said Sebastián Kanovich, CEO of dLocal. “Beyond securing unicorn status and becoming one of the highest-valued Latin American financial technology companies supporting global merchants, we are expanding access and helping those in emerging markets connect to e-commerce, building reliable payment technology tailored to specific local needs, constantly improving our products and growing our global footprint.”

dLocal aims to accelerate its global expansion with this new funding, targeting 13 new markets over the next 18 months, including Central America, Africa, and Southeast Asia countries. It will also further build and refine its product set to solve critical pain points for global merchants seeking to serve emerging market consumers.

“From our previous work with leading global fintechs, we know the payment solutions sector well and can bring deep, hands-on experience as dLocal establishes itself as a partner of choice for global merchants seeking bespoke solutions tailored specifically to their needs in a range of unique geographies. We believe strongly in dLocal’s potential as a transformative company in the emerging markets space,” said Martín Escobari, Co-President, Managing Director, and Head of Latin America at General Atlantic.

The fintech’s recent growth was accelerated by its presence in high-growth markets such as India, Morocco, Nigeria, and South Africa. dLocal also recently launched partnerships with some of its global customers including Amazon, Shopify, Spotify, and Zara.

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