Dlocal Limited DLO

The business

DLocal runs one API that connects global enterprises, the streaming, ride-hailing, advertising, SaaS, marketplace, and gaming names of the world, to local payment methods across 40-plus emerging markets in Latin America, Africa, and Asia. It collects from local consumers (pay-ins) and disburses to local merchants and creators (pay-outs), earning a take rate on the money it moves. The engine is total payment volume: $40.8B in 2025, up 60%, converting at a 0.99% gross-profit take into $403M of gross profit, and that gross-profit line, not headline revenue, is what the franchise compounds. A handful of large global merchants carry a meaningful slice of that volume, so concentration is the structural tell.

What the financials do not show is the standing tension between volume and price. As big merchants scale and renegotiate, the blended take rate compresses, so volume has to grow faster than the take falls just to hold gross profit flat, and emerging-market currency swings make individual quarters lumpy. Under CEO Pedro Arnt, the former MercadoLibre CFO who took sole charge in March 2024, the machine has been running hot: Q1 2026 volume hit $14.1B, up 73%, the sixth straight quarter above 50% growth, per the company's May release. In April 2026 the company launched Stablecoin Full, folding stablecoin collections, payouts, and treasury into the same API across 44-plus markets, its answer to the argument that stablecoins bypass rails like these.