dLocal raises $617.65M in IPO

LatamListdLocal, a cross-border payments platform, raised $617.65M in US initial public offering (IPO). The company priced 29.4 million shares at $21 each. This IPO values dLocal at $6.06B.

dLocal is a 360 payments processing platform that facilitates cross-border payments. It serves as a localized platform for the fragmented payment system, providing key services such as bank transfers, international and local cards, cash, eWallets, mobile money, and hundreds of alternative payments methods.

With the increasing shift towards digital payments methods and the growth of the e-commerce market, dLocal’s IPO is well timed. The company’s revenue grew by 88.4% in 2020 compared to the previous year at $104M. 

dLocal is one of multiple payments companies to go public this year, such as Paymentus Holdings Inc and Flywire Corp.

dLocal recently reached $5B valuation and has secured over 330 global enterprise clients since launch in 2016. The platform partners with some of the world’s largest commercial brands to offer cross-border payments to clients, including Spotify, Zara, and Amazon.

The company’s shares are scheduled to start trading on Thursday June 3. J.P. Morgan, Goldman Sachs, Citigroup, and Morgan Stanley are the lead underwriters for the IPO.

Read more on Reuters.

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