LatAm List – dLocal is a cross-border payments company based in Uruguay that leverages API-driven technology to support 300 payment methods in 17 emerging markets. The startup recently announced their expansion to South Africa and Nigeria, two strong fintech markets in Africa.
Following the expansion, merchants in Nigeria will be able to accept credit and debit card payments from Visa, Mastercard, and Verve, as well as direct transfers from the country’s major banks. South African merchants will be able to accept debit and credit cards from Visa and Mastercard, as well as transfers from banks like Standard Bank, Nedtec, and FNB.
The dLocal platform is simple to integrate through a single API, meaning merchants can start accepting payments almost immediately. The company is already operating in the world’s five largest emerging economies by population: China, India, Brazil, Indonesia, and Mexico.
“Nigeria and South Africa each have their own unique commerce environment, so it’s critical for merchants looking to access these markets to take a localized approach to their payments strategies,” said Sebastian Kanovich, CEO of dLocal.
“For example, according to our research South Africa is one of the most advanced countries on the continent when it comes to eCommerce and mCommerce. And while Nigeria is still cash dominant, the country’s cashless initiative is expected to drive growth for eCommerce and digital payments services in the near future. We are pleased to be able to offer access to these countries for our clients to take advantage of the incredible opportunity these markets present.”
As a result of the expansion, dLocal’s market is now worth over $170B, a boon for its 450 global clients in e-commerce, retail, tourism, and tech companies.