Uruguay’s DLocal Valued at $5 Billion After Alkeon and Tiger Invest
(Bloomberg) -- DLocal, a payments startup, has seen its valuation more than quadruple to $5 billion after raising $150 million in an investment round led by Alkeon Capital.
The Montevideo, Uruguay-based company also raised fresh capital from investment firms Bond, D1 Capital Partners and Tiger Global. DLocal, which processes cross-border payments, separately appointed Sumita Pandit, a former JPMorgan Chase & Co. banker, as chief operating officer, confirming an earlier Bloomberg News report. DLocal’s former COO, Jacobo Singer, has been named president.
“This new investment combined with our strengthened leadership team will allow us to further focus on our customers’ success,” Chief Executive Officer Sebastián Kanovich said in a statement. Pandit will help the firm serve global merchants that are seeking to access consumers in emerging markets, Kanovich added.
DLocal provides platforms in 29 countries that allow global companies such as Amazon.com Inc. and Booking.com to charge clients in different currencies by accepting local credit cards, bank transfers and other forms of payment. It also helps companies send money to their agents and contractors, such as Uber Technologies Inc.’s drivers.
The startup, which counts General Atlantic and Addition as existing investors, joined the so-called unicorn club last September after raising $200 million at a $1.2 billion valuation.
“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,” Deepak Ravichandran, general partner at Alkeon Capital, said in an emailed statement. “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,” he added.
©2021 Bloomberg L.P.