Uruguayan payments platform dLocal has secured $150 million from a recent funding round led by investment firm Alkeon Capital.
Joining Alkeon in the round were D1 Capital Partners, Tiger Global and BOND. This recent investment follows $200m funding from General Atlantic and Addition in 2020, a round which led to dLocal becoming Uruguay’s first FinTech unicorn with a $1.2bn valuation.
dLocal is a payment platform designed to handle mass online payments in growth markets across Latin America, Europe, Middle East and Africa and Asia Pacific and emerging markets. The company was founded in 2016 and currently serves around 450 merchants across 200 countries and supports over 300 alternative payment methods.
dLocal chief executive Sebastián Kanovich said, “I am thrilled about this next era of growth for dLocal, the addition of new world-class investors, and what it means for our customers.”
Commenting on the investment, Alkeon Capital general partner Deepak Ravichandran stated dLocal’s ‘unique’ platform empowers merchants with a single integrated payment solution to reach billions of customers, accept payments, send payouts and settle funds worldwide.
Montevideo-based dLocal has also appointed Sumita Pandit as its new COO. Before joining the firm, Pandit served as a managing director and global head of FinTech investment banking for J.P Morgan and has also previously worked as vice president of Goldman Sachs’ Financial Institutions Group. She holds nearly two decades of experience in investment banking and received her MBA from the University of Pennsylvania.
Pandit will take over from Jacobo Singer, who has been promoted to the role of president. Singer has been with dLocal for over five years and previously joined the company as CTO in 2016. He previously worked as a CTO for AstroPay, a leading payment solution provider in key emerging markets.
Mr Singer said, “I am delighted about this new step for the company and looking forward to welcoming Sumita to the executive team. In my new role as the president of the company, I will focus on continuous innovation on the technology front and the geographic expansion of our operations to ensure our customers’ success and enable global merchants to connect with billions of emerging market consumers through one seamless platform.”
Mr Kanovich added, “Sumita is a highly respected and accomplished fintech investment banker, and she’s played a pivotal role advising some of the world’s most successful fintech companies as they’ve scaled to become global leaders.
“We are excited to welcome her as our new COO, where she’ll help steer dLocal’s next chapter of growth and strengthen our position as an essential service for global merchants that rely on us to access consumers in emerging markets and accelerate their overall growth strategies.”
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