A major fintech startup from the Latin American region has filed for an IPO on the US markets. That startup is DLocal, which offers cross-border payment gateways for merchants doing business in emerging markets like its home region of Latin America.

• DLocal has filed an F-1 document with the US Securities and Exchange Commission (SEC) as required for foreign companies seeking to list shares on its markets. The F-1 as usual gives a great insight into DLocal’s business with information not publicly known before.

Details:

• DLocal’s F-1 document shows that of a fast-growing startup with a history of profitability. It’s unlike many companies in the recent crop of IPOs with little or no history of profitability.

• DLocal made $104mn in revenue in 2020, nearly double its $55mn revenue in the previous year. In 2020, the company reported $28mn in profit, nearly double its profit of $16mn in the previous year, 2019. 

• DLocal has made its mark as a fast-growing cross-border payment startup serving emerging markets mainly across Latin America and Africa. It has big customers like Amazon, Netflix, and Uber using its service. Think of DLocal as the “Adyen (AMS: ADYEN)” of emerging markets”.

• DLocal has filed to list on the Nasdaq stock exchange under the symbol “DLO”.

Highlights:

• DLocal is a startup backed by venture funding to the tune of over $350mn. It raised $200mn at a valuation of $1.2bn last September and $150mn at a valuation of $5bn just this past month, April.

• With an impending IPO on the US markets, DLocal is set to be a landmark listing for a tech company based in Latin America.

• DLocal’s investors include General Atlantic, Tiger Global, Mary Meeker’s Bond, and Lee Fixel’s Addition.

• DLocal has offices across the globe in Uruguay, the US, Brazil, UK, Israel, and China.

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