Latin America-based dLocal bags $200 million for cross-border payments; joins the covetous unicorn club at $1.2 billion valuation

dLocal is a Montevideo, Uruguay-based fintech startup that offers a cross-border payment platform that connects global merchants in emerging markets. Today, dLocal announced it has secured $200 million in new growth equity investment to become a new member of the covetous unicorn club at $1.2 billion valuation.

The round was led by existing investor General Atlantic, a leading global growth equity firm with a presence across North and South America, Europe, and Asia. dLocal also secured investment from Addition, a recently launched investment firm focused on early and growth-stage companies.

dLocal said it will use its new funding to accelerate global expansion, targeting 13 new markets over the next 18 months, including Central America, Africa, and Southeast Asia countries. It will also further build and refine its product set to solve critical pain points for global merchants seeking to serve emerging market consumers. Following the funding, dLocal becomes not only Uruguay’s first unicorn but also one of the highest-valued Latin American financial technology companies supporting global merchants’ growth in emerging markets.

dLocal was founded in January 201 by Sebastian Kanovich and Sergio Fogel as a spin-off of AstroPay. The company’s payment platform empowers anyone to reach billions of customers, accept payments, send payouts, and settle funds globally. Its 360°, single-API platform is designed to handle and facilitate mass online payments across Latin America, APAC, the Middle East, and Africa. By operating as a merchant’s local payments processor in each country, dLocal empowers global merchants to reach billions of customers, accept payments, send payouts, and settle funds globally.

By operating as the payments processor and merchant of record in each market, dLocal is making it simple for online companies to reach 2 billion digitally-savvy consumers in today’s fastest-growing markets. Over 450 global e-commerce merchants, online travel providers, and marketplaces rely on dLocal to accept more than 300 locally-relevant payment methods including local credit and debit cards, bank transfers, and cash payments, as well as issue millions of payments to their contractors, agents, and sellers in growth markets around the world.

The company has been profitable every year, achieving over 100% annual organic growth over the past four years.  dLocal’s recent momentum is underscored by successful new business wins in additional high-growth markets, including India, Morocco, Nigeria, and South Africa. Its global customers include Amazon, DiDi, Gearbest, Nike, Shopify, Spotify, Uber, Visa/Earthport, Zara, and many others.

“I am extremely proud of what the team at dLocal has achieved since we started serving global eCommerce players four years ago,” said Sebastián Kanovich, CEO of dLocal. “Beyond securing unicorn status and becoming one of the highest-valued Latin American financial technology companies supporting global merchants, we are expanding access and helping those in emerging markets connect to eCommerce, building reliable payment technology tailored to specific local needs, constantly improving our products and growing our global footprint.”