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Online Payments Platform Developer DLOCAL Raised $618 Million

Esther Thin

dLocal Ltd, an online payments platform developer, raised $618 million by offering 29.4 million ADSs at $21, above the proposed range of $16 to $18.

The company enable global enterprise merchants to get paid (pay-in) and to make payments (pay-out) online in a safe and efficient manner. Merchants on their platform consistently benefit from improving acceptance and conversion rates, reduced friction, and improved fraud prevention, leading to enhanced potential interaction with nearly 2 billion combined internet users.

The Montevideo, Uruguay-based company was founded in 2016 and booked $104 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq Global Select Market under the symbol “DLO.” Goldman Sachs, Citi, Morgan Stanley, BofA Securities, HSBC and UBS Investment Bank are underwriters of the IPO.

The company engages Davis Polk & Wardwell LLP as US Securities Counsel, and Price Waterhouse & Co S.R.L as Independent Auditor.

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