dLocal is a payment technology company that connects global enterprise merchants to local payment systems across emerging markets in Latin America, Africa, and Asia. Its customers are large digital companies — including Uber, Spotify, Google, Shein, and Temu — that need to accept and send payments locally across dozens of countries with fragmented payment ecosystems. dLocal gives merchants a single API and a unified platform covering 160+ local pay-in methods and 939 pay-out methods across 44 countries, eliminating the need for merchants to build or manage that infrastructure themselves. dLocal handles two payment flows: pay-ins (collecting consumer payments on behalf of merchants via local cards, digital wallets, bank transfers, and cash) and pay-outs (disbursing funds to local recipients like drivers, contractors, and marketplace sellers). dLocal sells exclusively to large enterprise merchants and has over 760 merchants, with its top 10 accounting for roughly 61% of revenue. The business model is asset-light: dLocal earns a fee on each approved transaction, plus an FX spread when it handles currency conversion. Take rates vary by country, payment type, and merchant volume, and face ongoing compression from volume-driven pricing tiers and mix shift toward local-to-local transactions. Growth comes from existing merchants expanding their use of dLocal across more countries and payment methods, new merchant wins, geographic expansion, and new products including BNPL aggregation, stablecoin on/off-ramps, and payment orchestration. dLocal holds 37 regulatory licenses across 26 markets, which represent a meaningful barrier to entry.