# dLocal

> Source: https://docs.barcoder.ai/docs/wallets/dlocal
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [dLocal — official](https://www.dlocal.com/)

## Overview

**dLocal** is **Uruguay-based cross-border-payments platform connecting global merchants with billions of consumers in emerging markets**, **NASDAQ-listed (DLO)** <sup>[1][1], [2][2], [global-cro]</sup>. Single API simplifying access for global businesses to **fragmented financial systems across Latin America + Africa + Asia (40+ emerging markets)**.

**2025 record financial performance** <sup>[3][3]</sup>:
- **2025 revenue**: **$1.09 billion (+46.60% YoY)** from $745.97 million in 2024
- **2025 earnings**: **$196.80 million (+63.43%)**
- **Analyst-rated stock**: 12-month average price target $17.65 (+60.31% potential upside)

**June 2025 — BTC Africa SA acquisition LOI** <sup>[4][4]</sup>: dLocal signed letter of intent to acquire BTC Africa SA — increasing scale in Africa + enhancing cross-border volumes + footprint + supporting remittance vertical.

**dLocal moat**: Enables seamless transactions across **fragmented financial systems** in Latin America + Africa + Asia via single API — distinctive emerging-markets cross-border-payments-infrastructure positioning.

## History

**2016 — dLocal founded** <sup>[2][2]</sup> in Uruguay by **Sebastián Kanovich (CEO) + Andrés Bzurovski + Sergio Fogel + Néstor Pinto**.

**2018-2020 — Multi-region emerging-markets expansion**: LATAM + Africa + Asia.

**2021 — NASDAQ IPO (DLO)** at $9B+ valuation (debut at peak).

**2022-2024 — Post-peak revaluation + emerging-markets expansion build**.

**2025 — $1.09B revenue (+46.60% YoY) + $196.80M earnings (+63.43%) + June 2025 BTC Africa SA acquisition LOI** <sup>[3][3], [4][4]</sup>.

## Ownership & operator

**Operating entity**: **dLocal Limited** (NASDAQ: DLO).

**Co-founders**: **Sebastián Kanovich (CEO) + Andrés Bzurovski + Sergio Fogel + Néstor Pinto** — Uruguayan team.

**Major shareholders**: **Tiger Global + General Atlantic + Addition + Bond + Alkeon + Public float (NASDAQ: DLO)** + others.

**Regulators**: Per-country across 40+ emerging markets + **Uruguay BCU (Banco Central del Uruguay)**.

## Technical integration

| Layer | Description |
|---|---|
| **Type** | Cross-border-payments platform (single API for emerging markets) — NOT consumer wallet |
| **Channels** | API integration |
| **Identifiers** | Card + bank account + local payment method (varies per market) |
| **LATAM rails** | **PIX (BR) + SPEI (MX) + COELSA (AR) + PSE (CO)** + others |
| **Asia rails** | **UPI (IN) + GCash (PH) + GoPay/DANA/OVO (ID)** + others |
| **Africa rails** | **M-Pesa (KE) + Verve (NG) + Mukuru (SADC)** + others |
| **Coverage** | 40+ emerging markets (LATAM + Africa + Asia) |
| **License** | Per-country + Uruguay BCU |

## Users & growth

**2025 baseline** <sup>[3][3]</sup>:
- **2025 revenue**: $1.09 billion (+46.60% YoY) from $745.97M in 2024
- **2025 earnings**: $196.80 million (+63.43%)
- **Coverage**: 40+ emerging markets across LATAM + Africa + Asia
- **June 2025**: BTC Africa SA acquisition LOI
- **Analyst 12-month target**: $17.65 (+60.31% upside)

## Use cases

Global merchant cross-border payments to/from 40+ emerging markets (LATAM + Africa + Asia); single-API access to fragmented financial systems; local-payment-method acceptance (PIX + SPEI + COELSA + PSE + UPI + GCash + GoPay/DANA/OVO + M-Pesa + Verve + etc.); BTC Africa SA acquisition for African scale (June 2025 LOI); remittance-vertical support.

## Implementations & partners

**Operator**: **dLocal Limited** (NASDAQ: DLO) — Co-founders Sebastián Kanovich (CEO) + Andrés Bzurovski + Sergio Fogel + Néstor Pinto.

**Major shareholders**: **Tiger Global + General Atlantic + Addition + Bond + Alkeon + Public float**.

**June 2025 LOI**: **BTC Africa SA** acquisition (African scale + cross-border volume + remittance vertical).

**Major cross-border-emerging-markets-payment competitors**:
- **[Bitso](https://docs.barcoder.ai/docs/wallets/bitso)** (LATAM crypto + cross-border fintech; 9M users + LATAM-fiat-rail bridges)
- **EBANX** (BR LATAM cross-border payment platform)
- **PayU LATAM + Africa + Asia** (Prosus-owned)
- **Worldpay + Adyen + Stripe** (global; emerging-markets capabilities)
- **Boku** (mobile-payments + carrier-billing global)
- **[Flutterwave](https://docs.barcoder.ai/docs/wallets/flutterwave)** (African unicorn; 34-country payment processor)
- **[Paystack](https://docs.barcoder.ai/docs/wallets/paystack)** (Stripe-acquired NG)
- **[Cellulant (Tingg)](https://docs.barcoder.ai/docs/wallets/cellulant)** (35-African Tingg)

**Regulators**: **Per-country across 40+ emerging markets + Uruguay BCU**.

## Fun facts

- **Uruguay-based cross-border-payments emerging-markets platform**.
- **NASDAQ: DLO since 2021 IPO** (at $9B+ valuation; later revaluation).
- **2025 revenue $1.09B (+46.60% YoY) + $196.80M earnings (+63.43%)**.
- **40+ emerging markets** covered (LATAM + Africa + Asia).
- **Single API for fragmented emerging-markets financial systems** — distinctive moat.
- **June 2025 BTC Africa SA acquisition LOI** — African scale expansion.
- **Co-founders**: Sebastián Kanovich (CEO) + Andrés Bzurovski + Sergio Fogel + Néstor Pinto — Uruguayan team.
- **Backed by Tiger Global + General Atlantic + Addition + Bond + Alkeon**.

## Comparison

| Feature | dLocal | [Bitso](https://docs.barcoder.ai/docs/wallets/bitso) (LATAM cross-border crypto rival) | EBANX (BR LATAM cross-border rival) | PayU LATAM + Africa + Asia (Prosus-owned) | [Flutterwave](https://docs.barcoder.ai/docs/wallets/flutterwave) (African 34-country) |
|---|---|---|---|---|---|
| Operator | **dLocal Limited (NASDAQ: DLO; Sebastián Kanovich CEO + co-founders; Tiger Global + General Atlantic backed)** | Bitso (Daniel Vogel CEO; Tiger Global + Coatue + Paradigm + a16z backed) | EBANX (BR; FTV Capital + Endeavor Catalyst backed) | PayU (Prosus-owned; Naspers spin-off) | Flutterwave (African unicorn) |
| Type | **Cross-border-payments platform single API for 40+ emerging markets** | LATAM crypto exchange + cross-border-payments via fiat rails + 2025 stablecoin | BR LATAM cross-border payment platform | Global online payments (LATAM + Africa + Asia + CEE + India) | Africa payment processor + cross-border + Polygon stablecoin |
| Country | UY HQ + 40+ emerging markets | MX HQ + BR + AR + CO + CL + PE + 7 LATAM | BR HQ + LATAM | India + LATAM + CEE + Africa | 34 African countries + US + GB |
| Revenue 2025 | **$1.09B (+46.60%) + $196.80M earnings (+63.43%)** | Major LATAM crypto | Major LATAM | Prosus parent-anchored | $40B+ total payment volume |
| Listing | **NASDAQ: DLO since 2021 IPO** | Private; Mexico IFPE-licensed | Private | Prosus public parent | Private (African unicorn) |
| Distinctive | **40+ emerging markets single-API moat; UY HQ; Jun 2025 BTC Africa SA acquisition LOI; 2021 NASDAQ IPO at $9B+** | LATAM crypto-fintech bridge; SPEI + PIX + COELSA + PSE all free | BR LATAM cross-border (EBANX + MACH 2025 integration) | Multi-region Prosus reach | 2025 Polygon stablecoin; Uber+Netflix+thousands enterprise |

## Status

**Active, Uruguay-based cross-border-payments emerging-markets platform (NASDAQ-listed)** <sup>[1][1], [3][3]</sup>:
- **dLocal Limited (NASDAQ: DLO)** since 2016 (NASDAQ IPO 2021).
- **2025 revenue $1.09B (+46.60% YoY) + earnings $196.80M (+63.43%)**.
- **40+ emerging markets coverage** (LATAM + Africa + Asia).
- **June 2025 BTC Africa SA acquisition LOI**.
- **Per-country + Uruguay BCU regulated**.
- **Sebastián Kanovich CEO + Andrés Bzurovski + Sergio Fogel + Néstor Pinto Uruguayan team**.

## Sources

[1]: https://www.dlocal.com/ "dLocal — official"
[2]: https://stockanalysis.com/stocks/dlo/ "DLocal DLO stock price overview — StockAnalysis"
[3]: https://stockanalysis.com/stocks/dlo/financials/ "dLocal 2025 financials $1.09B revenue +46.60%"
[4]: https://seekingalpha.com/article/4800274-dlocal-a-great-opportunity-for-latam-and-em-exposure "DLocal LatAm + EM exposure + BTC Africa SA — Seeking Alpha"

- [1] [dLocal — official][1]
- [2] [DLocal DLO stock — StockAnalysis][2]
- [3] [dLocal 2025 financials — StockAnalysis][3]
- [4] [DLocal LatAm + EM + BTC Africa SA — Seeking Alpha][4]
- [global-cro] In-corpus: see country reports across 40+ emerging markets

## Source

Biography extracted from [dlocal.md](https://docs.barcoder.ai/source/wallets/dlocal). See `matrix.md` for standards-support matrix if present.