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dLocal raises $200 mn investment, becomes Uruguay’s first unicorn

By Pavithra R

September 16, 2020

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dLocal unicorn
Sebastián Kanovich, CEO of dLocal

Uruguay based FinTech company dLocal, providing cross-border payments platform connecting global merchants with emerging markets, has announced securing a new investment of $ 200 mn. The new investment raised dLocal to a $ 1.2 bn valued company making it not only Uruguay’s first unicorn but also a high-valued LATAM FinTech company supporting global merchants’ growth in emerging markets.

The main investor in the funding round was General Atlantic, a leading global provider of growth capital with offices throughout the Americas, Europe and Asia. dLocal has also secured an investment from Addition, a recently launched investment company targeting early or growth-stage companies.

The FinTech is planning to use the funding to enhance global expansion, targeting 13 new markets over the next 18 months, including Central America, Africa, and Southeast Asia countries. dLocal is also aiming to bolster its products to solve critical pain points for global merchants seeking to serve emerging market consumers.

“I am extremely proud of what the dLocal team has achieved since we started working with global e-commerce companies four years ago. We have achieved unicorn status and become one of the highest-rated Latin American financial technology companies for supporting global merchants. In addition, we are increasing access to emerging markets and helping people there to connect with e-commerce. We are building reliable payment technology tailored to specific local needs, constantly improving our products and expanding our global footprint,” said Sebastián Kanovich, CEO of dLocal.

Since its inception in 2016, dLocal has established itself as a trusted cross-border payment processor. According to company data, the FinTech has been profitable every year and achieved 100% annual organic growth over the past four years. It serves 450 merchants in 20 countries, with connectivity to more than 300 alternative payment methods.

The company is seeing tremendous momentum, and successful new business wins in additional high-growth markets, including India, Morocco, Nigeria, and South Africa. Its global customers include DiDi, Gearbest, Nike, Shopify, Spotify, Amazon, Uber, Visa/Earthport, Zara, and many others.

“We are excited to support dLocal as it continues to develop innovative local-payment solutions in the emerging markets. 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.

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