DLocal Limited

What they do

dLocal provides a single API that lets global merchants accept local payments and make payouts in emerging markets, handling local acquiring, foreign exchange, settlement and compliance. The platform covers more than 40 countries and supports hundreds of local payment methods, with merchants using it for e-commerce, streaming, ride-hailing, SaaS and advertising payments. dLocal earns fees on payment volume processed through its platform and related FX services.

Revenue drivers

• Payment processing fees — The core business: merchants pay dLocal a fee for each transaction processed through its local acquiring and payout network; this is the large majority of revenue.
• Foreign exchange and settlement — dLocal earns FX-related revenue by converting funds across currencies and settling to merchants, capturing a spread; this is a smaller but strategically important component.
• Payouts — dLocal processes payouts to local sellers, creators and workers on behalf of global platforms, generating fees on payout volume; growing but smaller than payment acceptance.
• Platform and integration services — Additional fees for integration, reporting and compliance tools provided to merchants; least material of the revenue lines.

Recent performance

The filing shows dLocal reported total revenue and other income for the year ended December 31, 2025, alongside prior periods. The XBRL data includes top-line, profitability and equity figures for 2025, 2024 and 2023, indicating continued growth and the company's transition to IFRS reporting. The company also reports non-IFRS measures such as adjusted EBITDA. Specific revenue and profit figures are not included in the excerpt text provided. Detailed segment and geographic breakouts are also not included in the excerpt text.

Strategy

dLocal states it intends to continue expanding its global payment network, adding new countries, payment methods and licenses. The company has been investing in its technology platform, compliance infrastructure and local teams to support enterprise merchants. A significant portion of strategy is focused on moving upmarket with large global merchants and increasing volume from existing accounts. The filing also references acquisitions and subsidiary expansions in various markets. Management priorities include operational efficiency and profitability alongside growth.

Risks

• Emerging market and currency risk — dLocal's revenue is tied to emerging markets, exposing it to currency devaluation, inflation, capital controls and political instability that can reduce volumes and margins.
• Regulatory and licensing risk — Operating in many jurisdictions requires licenses and compliance with local payment regulations; changes or revocations can restrict operations.
• Competition — The cross-border payments space is competitive, with global and local players, which could pressure pricing and win rates.
• Merchant concentration — A limited number of large merchants account for a significant share of volume, so losing one could materially affect revenue.

Outlook

The filing indicates dLocal expects continued growth in cross-border payment volumes and further expansion in existing and new markets. Management highlights ongoing investment in platform capabilities and compliance. However, specific forward-looking figures are not provided in the excerpted text. The company operates in diverse jurisdictions with varying macroeconomic conditions.