# dLocal Ltd

Summary updated: 2026-10-02T13:37:37.41219Z
Canonical: https://finbar.com/research/companies/dlocal-ltd

## Overview

dLocal Ltd is a financial-technology company that provides payment infrastructure for global merchants operating in emerging markets. Its “One dLocal” platform connects businesses to local payment systems through a single API, supporting online pay-ins and pay-outs, payment processing, foreign exchange and payment orchestration. The company’s stated mission is to connect global merchants with billions of users in emerging markets. [1](https://app.finbar.com/go?id=P151864278)[2](https://investor.dlocal.com/about-us/)

Founded in Uruguay in 2016, dLocal reported operations in 44 countries at the end of 2025; its current company website describes coverage in 60 countries. [3](https://app.finbar.com/go?id=P151864263)[1](https://app.finbar.com/go?id=P151864278)[4](https://www.dlocal.com/) For scale, it reported FY2025 revenue of US$1.09 billion and total payment volume of US$40.8 billion, and H1 2026 revenue of US$735.5 million. [5](https://app.finbar.com/go?id=P151864296)[6](https://app.finbar.com/go?id=P156519965)
[1](https://app.finbar.com/go?id=P151864278)[3](https://app.finbar.com/go?id=P151864263)[5](https://app.finbar.com/go?id=P151864296)[6](https://app.finbar.com/go?id=P156519965)[2](https://investor.dlocal.com/about-us/)[4](https://www.dlocal.com/)

## Products & services

dLocal’s One dLocal platform provides pay-ins and pay-outs through a single API and contract, with integration options including a back-end API, checkout module, payment links, and plugins; merchants can also manage transactions through an API or dashboard. Its 2025 annual filing reported local payment methods in 44 countries, with 160+ pay-in methods and 939 pay-out methods. The Q2 2026 presentation describes the broader network as covering 60+ markets and 1,000+ payment methods. [1](https://app.finbar.com/go?id=P151864278)[7](https://app.finbar.com/go?id=P151864304)[8](https://app.finbar.com/go?id=T17999622)

Payment optimization tools include Smart Routing, which selects payment routes based on factors such as card brand, payment method, issuer, and BIN, and can switch processors or retry soft declines. Other checkout capabilities include network tokenization, Smart Retry, Smart 3DS, installments, recurring payments, reminders, and branded checkout. The platform also offers fraud detection using machine-learning models, anomaly monitoring, refunds and dispute management, reporting, and automated-settlement reconciliation. [9](https://app.finbar.com/go?id=P151864400)[10](https://app.finbar.com/go?id=P156101158)[11](https://app.finbar.com/go?id=P156101159)[12](https://app.finbar.com/go?id=P156101175)[13](https://app.finbar.com/go?id=P151864305)

Additional offerings include dLocal for Platforms, with onboarding and verification, payment processing, and funds and platform management; SmartAPMs, which tokenize alternative payment methods; and BNPL integrations at checkout. The company also describes stablecoin services for funding local-currency payouts, collecting in local currency with stablecoin settlement, and stablecoin pay-ins and payouts. [14](https://app.finbar.com/go?id=P151864281)[15](https://app.finbar.com/go?id=P14470509)

For 2025, pay-ins represented 69% of total payment volume (US$28.212 billion) and pay-outs 31% (US$12.605 billion), out of US$40.816 billion in total TPV; these are volume shares, not product revenue shares. [16](https://app.finbar.com/go?id=T3422513)
[1](https://app.finbar.com/go?id=P151864278)[7](https://app.finbar.com/go?id=P151864304)[8](https://app.finbar.com/go?id=T17999622)[9](https://app.finbar.com/go?id=P151864400)[10](https://app.finbar.com/go?id=P156101158)[11](https://app.finbar.com/go?id=P156101159)[12](https://app.finbar.com/go?id=P156101175)[13](https://app.finbar.com/go?id=P151864305)[14](https://app.finbar.com/go?id=P151864281)[15](https://app.finbar.com/go?id=P14470509)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)

## Geographic presence

dLocal’s 2025 annual filing described services in 44 countries across Latin America, Africa and Asia, including Brazil, Mexico, Argentina, Colombia and Chile; Nigeria, South Africa and Morocco; and India, the Philippines and Indonesia. [17](https://app.finbar.com/go?id=P151864254) Its 2Q26 presentation described a footprint of 60+ markets and grouped revenue geographically into Latin America and Africa & Asia; the presentation’s market definition is based on recent payment-processing activity, so the figures should not be treated as directly comparable. [10](https://app.finbar.com/go?id=P156101158)[11](https://app.finbar.com/go?id=P156101159)[18](https://app.finbar.com/go?id=P156101291)

In 2025, Brazil, Mexico and Argentina accounted for 19%, 17% and 15% of revenue, respectively, based on the location of end-user transactions. [19](https://app.finbar.com/go?id=P151864097) The filing identifies the Cayman Islands as the location of its principal executive offices and Montevideo, Uruguay, as its operational headquarters. [3](https://app.finbar.com/go?id=P151864263) It does not provide employee distribution by country. [20](https://app.finbar.com/go?id=P151864716)[21](https://app.finbar.com/go?id=P151864720)[22](https://app.finbar.com/go?id=P151864722)
[17](https://app.finbar.com/go?id=P151864254)[10](https://app.finbar.com/go?id=P156101158)[11](https://app.finbar.com/go?id=P156101159)[18](https://app.finbar.com/go?id=P156101291)[19](https://app.finbar.com/go?id=P151864097)[3](https://app.finbar.com/go?id=P151864263)[20](https://app.finbar.com/go?id=P151864716)[21](https://app.finbar.com/go?id=P151864720)[22](https://app.finbar.com/go?id=P151864722)

## Business segments

dLocal reports one formal operating segment, “payment processing”; it does not disclose separate reportable segments by product, merchant industry, or geography. Its payment-processing activities include pay-ins—collecting payments from merchants’ customers—and pay-outs—disbursing funds to merchants’ partners or customers. The company serves merchants across industries including retail, streaming, ride-hailing, financial services, advertising, SaaS, travel, e-learning, and gaming, but does not report revenue shares for those industries. [23](https://app.finbar.com/go?id=P151865848)[24](https://app.finbar.com/go?id=P151863871)[25](https://app.finbar.com/go?id=P151864519)

Geography is disclosed as a revenue disaggregation, not as separate operating segments. In FY2025, Latin America contributed approximately 80% of revenue (US$874.1 million of US$1,093.6 million), while Africa & Asia contributed approximately 20% (US$219.4 million). [26](https://app.finbar.com/go?id=T3931637)[26](https://app.finbar.com/go?id=T3931637)[26](https://app.finbar.com/go?id=T3931637) The company also presents transaction-flow categories such as pay-ins/pay-outs and cross-border/local-to-local, but their reported proportions are shares of total payment volume (TPV), not revenue, and should not be interpreted as segment revenue contributions. [16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)
[23](https://app.finbar.com/go?id=P151865848)[24](https://app.finbar.com/go?id=P151863871)[25](https://app.finbar.com/go?id=P151864519)[26](https://app.finbar.com/go?id=T3931637)[26](https://app.finbar.com/go?id=T3931637)[26](https://app.finbar.com/go?id=T3931637)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)[16](https://app.finbar.com/go?id=T3422513)

## Company history

dLocal was founded in Uruguay in 2016 by Sergio Fogel and Andres Bzurovski, with Sebastián Kanovich among its founding management team. The company went public on Nasdaq in June 2021. [27](https://app.finbar.com/go?id=P151853281)[28](https://app.finbar.com/go?id=P151853282)[29](https://app.finbar.com/go?id=P151854046)[30](https://app.finbar.com/go?id=P151853804)

In 2022, dLocal expanded its African footprint to Ivory Coast and Rwanda, and added Brazil’s Pix to its payment partnership with Rappi. [31](https://www.dlocal.com/press-releases/dlocal-expands-african-footprint-adds-two-new-countries/)[32](https://www.dlocal.com/press-releases/rappi-and-dlocal-further-expand-their-partnership-and-add-pix-brazils-payment-method/) In 2023, it introduced Invoice Collection and appointed Pedro Arnt co-CEO alongside Kanovich. [33](https://www.dlocal.com/press-releases/dlocal-introduces-invoice-collection-to-optimize-cross-border-invoice-payment-collection/)[34](https://www.dlocal.com/press-releases/dlocal-appoints-pedro-arnt-as-co-chief-executive-officer-alongside-sebastian-kanovich/) In 2024, dLocal became an authorized payment initiation service provider for Pix in Brazil’s Open Finance ecosystem. [35](https://www.dlocal.com/press-releases/dlocal-becomes-certified-payment-initiation-service-provider-for-pix-streamlining-payments-for-global-companies-in-brazils-open-finance-ecosystem/)

In 2025, dLocal announced plans to acquire AZA Finance. In February 2026, it exercised a call option to acquire certain assets and all of Cameroon-based Mint Code Solution S.A. [36](https://www.dlocal.com/press-releases/dlocal-announces-intention-to-acquire-aza-finance/)[37](https://app.finbar.com/go?id=P151864272) Also in 2026, the company launched Stablecoin Full, a product for stablecoin acceptance, conversion and payouts. [38](https://www.dlocal.com/press-releases/dlocal-launches-the-most-seamless-stablecoin-integration-for-payments-in-emerging-markets/)
[27](https://app.finbar.com/go?id=P151853281)[28](https://app.finbar.com/go?id=P151853282)[29](https://app.finbar.com/go?id=P151854046)[30](https://app.finbar.com/go?id=P151853804)[37](https://app.finbar.com/go?id=P151864272)[31](https://www.dlocal.com/press-releases/dlocal-expands-african-footprint-adds-two-new-countries/)[32](https://www.dlocal.com/press-releases/rappi-and-dlocal-further-expand-their-partnership-and-add-pix-brazils-payment-method/)[33](https://www.dlocal.com/press-releases/dlocal-introduces-invoice-collection-to-optimize-cross-border-invoice-payment-collection/)[34](https://www.dlocal.com/press-releases/dlocal-appoints-pedro-arnt-as-co-chief-executive-officer-alongside-sebastian-kanovich/)[35](https://www.dlocal.com/press-releases/dlocal-becomes-certified-payment-initiation-service-provider-for-pix-streamlining-payments-for-global-companies-in-brazils-open-finance-ecosystem/)[36](https://www.dlocal.com/press-releases/dlocal-announces-intention-to-acquire-aza-finance/)[38](https://www.dlocal.com/press-releases/dlocal-launches-the-most-seamless-stablecoin-integration-for-payments-in-emerging-markets/)

## Sources

1. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864278)
2. [investor.dlocal.com](https://investor.dlocal.com/about-us/)
3. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864263)
4. [www.dlocal.com](https://www.dlocal.com/)
5. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864296)
6. [dLocal Ltd — Partial financial report (2026 Q 2)](https://app.finbar.com/go?id=P156519965)
7. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864304)
8. [dLocal Ltd — Presentation (2026 Q 2), p7](https://app.finbar.com/go?id=T17999622)
9. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864400)
10. [dLocal Ltd — Presentation (2026 Q 2), p7](https://app.finbar.com/go?id=P156101158)
11. [dLocal Ltd — Presentation (2026 Q 2), p7](https://app.finbar.com/go?id=P156101159)
12. [dLocal Ltd — Presentation (2026 Q 2), p9](https://app.finbar.com/go?id=P156101175)
13. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864305)
14. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864281)
15. [dLocal Ltd — Presentation (2025 Y), p11](https://app.finbar.com/go?id=P14470509)
16. [dLocal Ltd — Presentation (2025 Y), p38](https://app.finbar.com/go?id=T3422513)
17. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864254)
18. [dLocal Ltd — Presentation (2026 Q 2), p22](https://app.finbar.com/go?id=P156101291)
19. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864097)
20. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864716)
21. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864720)
22. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864722)
23. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151865848)
24. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151863871)
25. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864519)
26. [dLocal Ltd — Presentation (2025 Y), p39](https://app.finbar.com/go?id=T3931637)
27. [dLocal Ltd — Full financial report (2021 Y)](https://app.finbar.com/go?id=P151853281)
28. [dLocal Ltd — Full financial report (2021 Y)](https://app.finbar.com/go?id=P151853282)
29. [dLocal Ltd — Full financial report (2021 Y)](https://app.finbar.com/go?id=P151854046)
30. [dLocal Ltd — Full financial report (2021 Y)](https://app.finbar.com/go?id=P151853804)
31. [www.dlocal.com](https://www.dlocal.com/press-releases/dlocal-expands-african-footprint-adds-two-new-countries/)
32. [www.dlocal.com](https://www.dlocal.com/press-releases/rappi-and-dlocal-further-expand-their-partnership-and-add-pix-brazils-payment-method/)
33. [www.dlocal.com](https://www.dlocal.com/press-releases/dlocal-introduces-invoice-collection-to-optimize-cross-border-invoice-payment-collection/)
34. [www.dlocal.com](https://www.dlocal.com/press-releases/dlocal-appoints-pedro-arnt-as-co-chief-executive-officer-alongside-sebastian-kanovich/)
35. [www.dlocal.com](https://www.dlocal.com/press-releases/dlocal-becomes-certified-payment-initiation-service-provider-for-pix-streamlining-payments-for-global-companies-in-brazils-open-finance-ecosystem/)
36. [www.dlocal.com](https://www.dlocal.com/press-releases/dlocal-announces-intention-to-acquire-aza-finance/)
37. [dLocal Ltd — Full financial report (2025 Y)](https://app.finbar.com/go?id=P151864272)
38. [www.dlocal.com](https://www.dlocal.com/press-releases/dlocal-launches-the-most-seamless-stablecoin-integration-for-payments-in-emerging-markets/)

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