dLocal raises $150mn; appoints Sumita Pandit as new COO, Jacobo Singer as President

dLocal raises $150mn; appoints Sumita Pandit as new COO, Jacobo Singer as President

Sebastian Kanovich, CEO of dLocal

Uruguay based FinTech company dLocal, providing cross-border payments platform connecting global merchants with emerging markets has announced securing $150mn in new investment at a valuation of $5 bn.

The funding round was led by Alkeon Capital alongside BOND, D1 Capital Partners, and Tiger Global. In conjunction with the investment, dLocal has announced the appointment of Sumita Pandit as Chief Operating Officer  (COO)and has also promoted its former COO Jacobo Singer to President.

“I am thrilled about this next era of growth for dLocal, the addition of new world-class investors, and what it means for our customers. This new investment combined with our strengthened leadership team will allow us to further focus on our customers’ success,” said Sebastián Kanovich, CEO of dLocal.

Before joining dLocal, Pandit was a Managing Director and Global Head of Fintech Investment Banking for J.P. Morgan. She brings nearly 2 decades of experience in investment banking, advising companies across verticals in fintech including neo-banks, payments, financial software, and insurtech. Previously, Pandit worked at Goldman Sachs. She holds an MBA from The Wharton School at the University of Pennsylvania. Pandit will report to Kanovich and Singer.

“Sumita is a highly respected and accomplished fintech investment banker, and she’s played a pivotal role advising some of the world’s most successful fintech companies as they’ve scaled to become global leaders. We are excited to welcome her as our new COO, where she’ll help steer dLocal’s next chapter of growth and strengthen our position as an essential service for global merchants that rely on us to access consumers in emerging markets and accelerate their overall growth strategies,” Kanovich added.

“I am delighted about this new step for the company and looking forward to welcoming Sumita to the executive team. In my new role as the President of the Company, I will focus on continuous innovation on the technology front and the geographic expansion of our operations to ensure our customers’ success and enable global merchants to connect with billions of emerging market consumers through one seamless platform,” said Singer.

Founded in 2016, dlocal is a 360 payments technology platform designed to handle mass online payments in emerging markets. It helps in eliminating cross-border payment complexities and minimizing operational costs. The company recently raised $200 mn investment and became Uruguay’s first unicorn.

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