dLocal becomes Uruguay’s first FinTech unicorn after closing new funding round

Cross-border payment platform dLocal has joined Latin America’s growing list of FinTech unicorns, following the close of a $200m round.

The investment, which was led by General Atlantic, puts the company’s valuation at $1.2bn and becomes Uruguay’s first FinTech unicorn.

Additional support to the round came from Addition, a newly launched investment firm targeting early and growth stage companies.

dLocal was founded in 2016 and claims to have been profitable every year and a 100% annual organic growth over the past four years. It currently serves around 450 merchants across 200 countries and supports over 300 alternative payment methods.

With the new capital, the FinTech hopes to enter 13 new markets over the course of 18 months, including in Central America, Africa and Southeast Asia. Funds will also be leveraged to support the development of its product and expand customer relationships.

The FinTech supports easy cross-border payments by acting as the local payments processor in each country.

dLocal CEO Sebastián Kanovich said, “I am extremely proud of what the team at dLocal has achieved since we started serving global ecommerce players four years ago.

“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.”

Last year, Brazil-based challenger bank Nubank reached a valuation of $10bn after a $400m Series F round, while Brazilian payments processing company EBANX reached a $1bn valuation following an investment round led by FTV Capital.

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