Business

Payments startup dLocal is Uruguay's first unicorn

The Montevideo-based company raised $200 million in a growth-equity financing round led by General Atlantic

Sebastián Kanovich, CEO of dLocal
Sebastián Kanovich, CEO of dLocal. Photo: Screenshot/dLocal
  • Founded in 2016, the company stressed in a press release that it has been profitable since its beginning;
  • And that it has achieved over 100% annual organic growth over the past four years;
  • Today, dLocal says it serves 450 merchants in 20 different countries, offering them more than 300 payment methods.

Montevideo-based dLocal, a startup that helps international companies process payments in emerging markets, raised $200 million in a growth-equity financing round led by General Atlantic, and was valued at $1.2 billion. With is, dLocal is Uruguay’s first unicorn. The recently launched investment firm focused on early and growth-stage companies Addition also participated in the round.

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Founded in 2016, the company stressed in a press release that it has been profitable since its beginning and that it has achieved over 100% annual organic growth over the past four years. Today, dLocal says it serves 450 merchants in 20 different countries, offering them more than 300 payment methods.

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“I am extremely proud of what the team at dLocal has achieved since we started serving global e-commerce players four years ago,” said Sebastián Kanovich, CEO of dLocal, in the press release. “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 e-commerce, building reliable payment technology tailored to specific local needs, constantly improving our products and growing our global footprint.”

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”.