Here are 1-3 brief analogies for DLocal (DLO):

• Stripe for emerging markets.
• Adyen, but exclusively for payments in Latin America and Africa.

• Payment Processing: A comprehensive service enabling global merchants to accept local payments from customers in emerging markets using various methods like cards, bank transfers, and cash.
• Mass Payouts: Facilitates businesses in sending funds to beneficiaries, employees, or partners efficiently and locally across diverse emerging markets.
• FX Management & Local Settlements: Manages foreign exchange conversions and handles local currency settlements for both incoming payments and outgoing payouts in emerging markets.

Major Customers of DLocal (DLO)

DLocal (DLO) operates primarily under a business-to-business (B2B) model, providing cross-border payment solutions to global companies looking to process payments in emerging markets. While DLocal serves hundreds of clients and does not disclose specific revenue contributions from individual customers (stating no single customer accounts for a material portion of revenue), it works with many of the world's largest digital merchants across various industries.

Based on DLocal's stated target industries and common industry knowledge, its major customer base consists of global companies in sectors such as e-commerce, SaaS, streaming, ride-sharing, and online gaming. Examples of such customer companies that have been widely associated with DLocal's services include:

• Uber (Symbol: UBER) - A global technology company known for ride-sharing and food delivery services.
• Netflix (Symbol: NFLX) - A global streaming entertainment service.
• Microsoft (Symbol: MSFT) - A multinational technology corporation known for software, consumer electronics, personal computers, and related services.
• Amazon (Symbol: AMZN) - A multinational technology company focusing on e-commerce, cloud computing, digital streaming, and artificial intelligence.
• Spotify (Symbol: SPOT) - A global audio streaming subscription service.

These companies represent the typical profile of DLocal's clientele, which requires sophisticated local payment processing and payout capabilities to operate effectively in diverse emerging economies.

• Amazon.com, Inc. (AMZN)
• Visa Inc. (V)
• Mastercard Incorporated (MA)

Pedro Arnt, Chief Executive Officer

Pedro Arnt has over 25 years of experience in strategy, operations, and finance. Prior to joining dLocal, he served as Chief Financial Officer and Executive Vice President of Mercado Libre for more than twelve years, having joined in December 1999. He also worked for The Boston Consulting Group. Mr. Arnt serves on the Board of Directors of Allegro.eu, a publicly traded European marketplace and payments company, and as an Executive Advisor to Riverwood Capital.

Guillermo López Pérez, Chief Financial Officer (Appointed)

Guillermo López Pérez brings over 25 years of experience in finance and payments. He is currently the Chief Financial Officer at Featurespace and was previously at Tink, a European Open Banking leader. His experience also includes serving as CFO for Visa's Continental Europe business and holding various leadership positions during his 13-year tenure at American Express.

Sergio Fogel, President & Chief Strategy Officer

Sergio Fogel co-founded dLocal in 2016 and has held an executive position as President and Chief Strategy Officer since 2013. He is a member of dLocal's board of directors, an active angel investor, and has invested in over 15 technology startups. He previously founded several other companies, including ElAgora.com (a B2B marketplace), Uniotel (VoIP), and AstroPay (a payments processor).

Carlos Menendez, Chief Operating Officer

Carlos Menendez was appointed in September 2024 and brings over 30 years of experience from world-class companies across payments, banking, and consumer industries, including Mastercard, Citibank, and Procter & Gamble. He holds a bachelor's degree from Harvard University and an MBA from Wharton School of the University of Pennsylvania.

John O'Brien, Chief Revenue Officer

John O'Brien is responsible for managing and growing dLocal's revenue, including sales, account management, customer success, technical account management, revenue operations, and marketing. Before joining dLocal, he spent 14 years in Worldpay's enterprise e-commerce division, holding various leadership roles across commercial and operational functions before joining their executive team in 2018. He completed an MA in International Management and Payment Ecosystems.

The accelerating expansion and deepening of local payment method and payout capabilities by established, well-funded global payment processing giants (e.g., Stripe, Adyen) and rising fintech competitors (e.g., Rapyd) into DLocal's core emerging markets.

DLocal's historical competitive advantage has been its specialized ability to navigate the complex, fragmented payment landscapes of emerging markets through a single API for global merchants. However, these larger, well-capitalized players are increasingly prioritizing and investing heavily in building out robust local payment infrastructure, regulatory compliance, and payout solutions in the same regions. This sustained strategic push by companies with greater resources and broader merchant ecosystems directly threatens to erode DLocal's unique selling proposition by offering similar "one API" simplification for emerging markets, often alongside a more extensive suite of global payment services and potentially more competitive pricing due to scale. This trend represents a direct encroachment on DLocal's specialized niche, making its distinct offering less differentiated over time.

DLocal (DLO) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Expansion into New Emerging Markets and Diversification: DLocal continues to broaden its geographical footprint, with recent significant volume increases in countries such as South Africa, Colombia, and Peru. The company has also obtained new licenses in emerging markets like Nigeria, Ecuador, and Uganda, and aims to expand further into regions like Southeast Asia and parts of the Middle East. This strategic expansion allows DLocal to tap into new customer bases and capitalize on the growing digitalization of payments in these regions.

2. Growth in Total Payment Volume (TPV) from Existing and New Merchants: A significant driver of revenue growth for DLocal is the re-acceleration of Total Payment Volume (TPV), which saw over 40% year-over-year growth in Q3 2024. The company focuses on increasing its "share of wallet" with existing enterprise merchants and attracting new ones. Revenue from existing merchants grew by 14% year-over-year, and the net revenue retention rate (NRR) reached 110% in Q3 2024, indicating strong retention and expansion within its current client base.

3. Launch and Expansion of New Products and Services: DLocal is continuously innovating its product offerings, including the introduction of "Smart Requests" technology to enhance transaction performance and a standalone payment orchestration solution. The company is also expanding its portfolio of alternative payment methods, such as integrating with Nupay in Brazil. A notable new product vertical, "dLocal for Platforms," has shown rapid growth by simplifying payment solutions for marketplaces and on-demand services, and the company also offers a Buy Now, Pay Later (BNPL) aggregator called "BNPL Fuse."

4. Growth in Key Verticals such as Financial Services and Remittances: DLocal has observed strong growth in specific industry verticals. In Q3 2024, financial services volume increased by 80% year-over-year, while pay-out volumes rose by 58%. Remittances, in particular, demonstrated robust growth with an 82% increase in volume, highlighting the demand for DLocal's solutions in these sectors.

Share Repurchases

• DLocal spent $98 million on share buybacks in 2023 and $101 million in 2024.
• The company's strategy of aggressive share buybacks is seen as a signal of confidence and potential for revenue growth.

Share Issuance

• In September 2025, a secondary offering of 17.25 million Class A common shares was completed at $12.75 per share, though DLocal itself did not sell any shares or receive proceeds from this transaction.
• DLocal's IPO in June 2021 involved the company offering 4,411,765 Class A common shares at $21.00 per share, in addition to 25,000,000 Class A common shares offered by selling shareholders from which DLocal received no proceeds.
• The total number of outstanding shares was 285.4 million at the end of 2025.

Inbound Investments

• In September 2020, dLocal secured a $200 million growth equity investment from Addition, which valued the company at $1.2 billion, making it Uruguay's first unicorn.
• As of June 2025, private equity firms held a 22% stake in DLocal, with General Atlantic Service Company, L.P. being the largest shareholder with 22% of outstanding shares.

Capital Expenditures

• Capital expenditures were reported as -$1.94 million in the last 12 months (prior to November 2025).
• The adjusted free cash flow, which incorporates investments in software assets as capital expenditures, has shown a generally growing trend.