Cross-border payment startup dLocal Less than seven months after achieving $ 200 million at a $ 1.2 billion valuation, it has raised $ 150 million at a $ 5 million valuation.
This means that the five-year-old Uruguayan company has effectively squashed its valuation within a few months.
Alken Capital led the latest round, including the participation of Bond, D1 Capital Partners and Tiger Global. General Atlantic led its rear. The goal, Which closed last September and became Doklam Uruguay’s first unicorn and one of Latin American’s most valuable startups.
DLocal connects global enterprise merchants with “billions” of emerging market consumers in 29 countries in Asia-Pacific, Middle East, Latin America, and Africa. More than 325 global merchants, including e-commerce retailers, SaaS companies, online travel providers and marketplaces, use dLocal to accept over 600 local payment methods. They also use their platform to issue payments to their contractors, agents and vendors. Some of DLocal’s customers include Amazon, Booking.com, Dropbox, GoDaddy, MailChimp, Microsoft, Spotify, TripAdvisor, Uber and Zara.
In conjunction with this latest round, dLocal has nominated Sumita Pandit for the role of COO. Pandit is the former global head of fintech and managing director for JP Morgan, and has also worked at Goldman Sachs.
“Sumita is a highly respected and accomplished fintech investment banker, and has played a key role in some of the world’s most successful fintech companies as they have become global leaders,” said dLocal CEO Sebastian Novovich in a written statement.
Meanwhile, former COO Jacobo Singer has been promoted as president of dLocal.
The company plans to continue to use its new capital to enhance its technology and expand geographically.
Deepak Ravichandran, Alken’s general partner, believes that emerging markets represent some of the fastest growth opportunities in digital payments.
“However, as global merchants use these markets, they are often faced with a complex web of local payment methods, cross-border regulations and other operational constraints,” he said in a written statement. “DLocal’s unique platform empowers merchants to reach billions of customers, accept payments, remit payments and dispose of money globally with a single unified payment solution.”