Stripe for international businesses

Adyen for companies selling products and services globally

• Online Payment Processing: This service enables merchants to accept various online payment methods from customers internationally.
• Online Payment Payouts: This service allows merchants to disburse funds and make online payments to their partners and users.

DLocal (symbol: DLO) sells its payments platform services primarily to other companies (merchants). Some of its major customers include:

• Amazon (symbol: AMZN)
• Microsoft (symbol: MSFT)
• Netflix (symbol: NFLX)
• Uber (symbol: UBER)
• Spotify (symbol: SPOT)

• Visa (V)
• Mastercard (MA)

Pedro Arnt, Chief Executive Officer

Pedro Arnt possesses 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, from 2011 to 2023. During his tenure as CFO, Mercado Libre's market capitalization significantly increased from $4 billion to $70 billion. Before joining Mercado Libre in December 1999, he worked for The Boston Consulting Group. Pedro also 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. He holds a bachelor's degree, magna cum laude, from Haverford College and a master's degree from the University of Oxford.

Guillermo López Pérez, Chief Financial Officer

Guillermo López Pérez was appointed Chief Financial Officer in August 2025. He brings over 25 years of experience in Finance and Payments, having developed his career at prominent companies such as Visa and American Express. Prior to dLocal, he was the Chief Financial Officer at Featurespace, a machine learning platform focused on fraud prevention, and previously worked 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 a 13-year tenure at American Express.

Sergio Fogel, Co-founder

Sergio Fogel co-founded dLocal in 2016. He was instrumental as the operational backbone of the business since its inception. Fogel is a serial entrepreneur and angel investor, having also co-founded Astropay, a card payment solution. For a period in early 2023, he transitioned into the CEO role. He is recognized among the world's wealthiest individuals by Forbes.

Andrés Bzurovski, Co-founder, Chairman

Andrés Bzurovski is a co-founder of dLocal, teaming up with Sergio Fogel in 2016. He serves as the Chairman of the board of directors. A serial entrepreneur and angel investor, he focuses on online businesses in Latin America, and previously co-founded Astropay. He is a distinguished Endeavour entrepreneur and sits on the board of multiple companies. Bzurovski holds a Technology degree from the University of Northampton, United Kingdom, and a Marketing Degree from the ORT University Uruguay. He is also among the 2,000 richest people globally, according to Forbes.

Carlos Menendez, Chief Operating Officer

Carlos Menendez serves as the Chief Operating Officer of dLocal.

Here are the key risks to DLocal's business:

1. Concentration Risk: DLocal faces significant risk due to its high reliance on a small number of large customers. The company's top 10 merchants have accounted for a substantial portion of its total revenue, reported as 61% to 65% in recent periods. This concentration exposes DLocal to considerable vulnerability if any of these "mega-merchants" decide to insource their payment processing, renegotiate terms, or reduce their transaction volumes on DLocal's platform. There is evidence that some large merchants have already begun to obtain their own local licenses and process payments directly in key markets, which can reduce DLocal's revenue and margins in those regions.
2. Emerging Market Instability and Regulatory Scrutiny: Operating predominantly in emerging markets across Latin America, Africa, and Asia exposes DLocal to considerable economic and regulatory volatility. This includes significant exposure to unstable currencies, such as the Argentine Peso, Nigerian Naira, and Egyptian Pound, where sudden devaluations can negatively impact reported revenue in USD terms. Furthermore, DLocal must navigate complex and frequently changing regulatory landscapes in over 40 countries, including varying tax laws and licensing requirements. The company has faced government investigations and lawsuits related to alleged improper conduct and transfers in violation of foreign exchange regulations in Argentina, highlighting the ongoing regulatory risks.
3. Competitive Pressure: The digital payments sector in emerging markets is becoming increasingly competitive. Global payment giants like Adyen, Stripe, and PayPal are actively expanding their presence in these regions. This intensifying competition could lead to pricing pressure on DLocal's services and potentially compress its profit margins.

DLocal operates within significant addressable markets, primarily focused on emerging economies across Latin America, Africa, Asia, and the Middle East. The company's main products and services revolve around its payments platform, which facilitates both pay-in and pay-out solutions for global merchants in these regions.

The total addressable market (TAM) for DLocal is projected to reach $4.2 trillion by 2030. This market size specifically encompasses the digital commerce and inward remittances sectors in the regions where DLocal operates.

Additionally, DLocal is active in the broader cross-border B2B payments market, which is valued at $60 trillion globally and is experiencing an annual growth rate of 8.6%. This segment includes global supplier disbursements, payroll, and vendor payments, with key growth drivers identified in Latin America, Africa, and Asia-Pacific.

The overall global digital payments market, where DLocal's services reside, is expected to expand considerably, with projections indicating it will reach $16.63 trillion by 2028. This market is growing at a compound annual growth rate (CAGR) of 9.52% from 2024.

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

1. Growing Total Payment Volume (TPV) through Increased Merchant Adoption and Engagement: DLocal anticipates continued expansion in its Total Payment Volume (TPV), driven by both the acquisition of new global merchants and increased transaction activity from its existing client base. The company has a strong net revenue retention rate, consistently above 140%, indicating significant growth from its current merchants, often through cross-selling additional services. Management has raised full-year TPV growth guidance, reflecting confidence in this driver.
2. Geographic Expansion and Deeper Penetration in Emerging Markets: A core component of DLocal's strategy is its focus on emerging markets. The company is actively expanding its footprint within existing markets and entering new ones, particularly in regions such as Africa and Asia, with countries like Egypt showing strong growth. DLocal's platform offers a single integration for global merchants to access over 60 emerging markets, simplifying complex local payment landscapes.
3. Product and Service Innovation and Diversification: DLocal continues to innovate and expand its payment solutions. This includes enhancing its existing pay-in and pay-out services, with particular growth noted in local-to-local transactions. The company is also focused on product innovation, expanding its "dMor" product, and integrating AI automation initiatives to enhance its offerings and efficiency.
4. Capitalizing on the Growth of E-commerce and Digital Services: DLocal's business model is strategically positioned to benefit from the ongoing megatrends of e-commerce expansion, ride-hailing, and the broader growth of digital services in emerging markets. As these industries continue to develop in the regions where DLocal operates, the demand for its specialized payment platform is expected to increase, serving as a fundamental driver of revenue growth.

Share Repurchases

• In March 2026, DLocal authorized a new share repurchase program of up to $300 million of its Class A common shares, valid until March 2027 or until the full authorization is used.
• As of the end of the second quarter of 2026 (June 30, 2026), the company had repurchased approximately 6.9 million Class A shares for $86.1 million under this $300 million program, with all repurchased shares subsequently canceled.
• Between January 1, 2022, and December 31, 2025, DLocal returned US$351 million to shareholders through a combination of dividends and share buybacks.

Share Issuance

• DLocal completed its Initial Public Offering (IPO) on June 7, 2021, offering 33,823,530 Class A common shares at $21.00 per share.
• Of the IPO shares, 4,411,765 Class A common shares were offered by DLocal, and 29,411,765 Class A common shares were offered by selling shareholders.
• In September 2025, an entity associated with General Atlantic completed a secondary offering of 17.25 million Class A common shares at $12.75 per share, from which DLocal did not receive any proceeds.

Inbound Investments

• DLocal's IPO in June 2021 generated proceeds intended to accelerate investments in technology, manage working capital needs, pursue growth opportunities (including potential acquisitions), and for general corporate purposes.

Capital Expenditures

• DLocal's capital expenditures forecast is expected to average $76.005 million over the next five fiscal years.
• The projected capital expenditures for the upcoming fiscal year are $44.755 million.