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Four alumni from Uruguay’s biggest private university started payments firm dLocal in 2016. Today they are the most successful entrepreneurs in their nation’s history, worth a combined $10 billion.
The five-year old startup already has offices in six countries and is operating in 30, up from 20 a year ago, including Nigeria, India and, of course, Uruguay. It processed $2.1 billion in payments last year from more than 330 customers including Didi, Nike, Amazon, Microsoft and Netflix, to name a few. “We are that technology infrastructure piece on top of which the merchants sit. It’s like building a highway into these markets and the merchant gets to choose whether they turn on Brazil or Indonesia,” Kanovich said in 2019. dLocal is spending the money it raised in the past year, snapping up Brazil-based payments provider PrimeiroPay for $40 million in April and continuing to push into new markets. It is also looking to improve its fraud protection services and add to its roster of more than 600 payment methods.
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