Handling Cross-Border Payments
dLocal is a fintech startup company that handles cross-border payments and provides platforms in 29 countries, enabling major companies, including Amazon and Booking.com, to charge business consumers in various currencies through local credit card payments, bank transfers, and more.
Moreover, dLocal provides money transfer services to companies that want to send money to agents and contractors, such as Uber. dLocal’s main concept, known as “One dLocal,” consists of a direct application programming interface (API), a platform, and one contract that allows global companies to receive and send payments.
Moreover, the startup’s platform settles funds around the world without being required to handle separate pay-in and payout processors. It also establishes numerous local entities and integrates multiple buyers and payment methods in each sector.
The fintech startup company has more than 325 merchants around the globe, including ecommerce retailers, software as a service (SaaS) companies, online travel companies, and marketplaces. dLocal’s other well-known clients include Banggood, Constant Contact, Didi, DropBox, GoDaddy, MailChimp, Microsoft, Spotify, TripAdvisor, Wikimedia, and Zara.
The fintech business has separately announced the appointment of a former JP Morgan banker, Sumita Pandit, as its new chief operating officer (COO), while the startup’s former COO, Jacobo Singer, is now the president of the fintech startup.
Pandit has almost 20 years of experience in the investment business banking sector. He previously served as an advisor to companies in various fintech areas, including payments, financial software, neo-banks, and insurtech. Apart from JP Morgan, Pandit also worked at Goldman Sachs.
"I am excited to join the team during a period of strong growth. Sebastián and Jacobo have built a generational business. I am looking forward to partnering with them as we focus on delivering long-term value for our merchants, consumers, and partners,” Pandit said in a statement.
dLocal believes that newly-appointed Pandit will help the company provide services to global merchants that are looking to lure consumers from emerging markets, Kanovich said.
“Emerging markets represent some of the fastest growth opportunities in digital payments, underpinned by a rising middle class and the rapid growth of e-commerce. dLocal’s unique platform empowers merchants with a single integrated payment solution, to reach billions of customers, accept payments, send payouts, and settle funds globally,” said Deepak Ravichandran, general partner at Alkeon Capital.
The South American business entered the unicorn territory in September of last year when it secured $200 million and reached a valuation of $1.2 billion. The company’s existing investors also include General Atlantic and Addition.
South American fintech startup dLocal secured $150 million in the latest funding round led by Alkeon Capital, taking its business valuation to $5 billion. Furthermore, the startup has appointed a former JP Morgan and Goldman Sachs banker Sumita Pandit as its new COO to replace Jacobo Singer, who is now the president of the fintech company.
About the Author
Luigi Wewege is the Senior Vice President and Head of Private Banking at Caye International Bank. Outside of the bank, he serves as an instructor at the FinTech School which provides online training courses on the latest technology and innovation developments within the financial services industry. Luigi is also the published author of "The Digital Banking Revolution."