dLocal establishes extra presence in Latin American markets

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • dLocal, which operates in a number of regional economies across Latin America, has recently received a large funding boost that it intends to use to enhance its presence in various nations.
  • It uses an application programming interface (API) to help connect merchants to people who are looking to make purchases in emerging economies.
  • A senior figure at dLocal emphasised that payments systems in these countries were currently quite difficult to use but that the firm was making efforts to tackle this.

The international money transfers firm dLocal has announced that it will build out its existing transaction network to meet demand in a number of new markets.

The firm, which acts as a link between demand in emerging economies and international sellers, will now operate in the Dominican Republic, Costa Rica and Panama.

Sellers who operate in these markets will now be able to accept credit cards from Mastercard or Visa.

In terms of debit cards, merchants in Panama can now take Tarjeta Clave debit cards.

The firm has an application programming interface (API) that is innovative and flexible in nature.

Sellers of goods can connect to the dLocal system once and then use it again and again to take payments.

The platform, which can be used in more than 20 countries described as ‘emerging economies’, accepts more than 300 regional payment types.

Crucially, the sellers do not need to have a fixed physical location in order to take advantage of the dLocal service.

The most recent expansion has occurred in the wake of a funding boost of around US$200m to dLocal.

According to a press notice, this funding will be put towards a significant set of moves into well over 10 new markets in less than two years.

In a statement, a leading member of the management team at dLocal explained what the pain points were in the region’s current payments architecture.

Michel Golffed, who is the vice president of growth at dLocal, said that making payments in the region was something that’s considered to be difficult.

“The payments infrastructure in regions such as Latin America and the Caribbean is often complex and fragmented,” he explained.

There is, he claimed, a knock-on effect from this for firms that are looking to expand their business.

“Companies that enter these markets without the ability to accept locally-relevant payment methods are often unintentionally limiting their reach and hindering their growth,” he said.

However, for dLocal, at least according to Golffed, this poses an opportunity to use specialist local knowledge.

“As part of our mission, we develop deep expertise in each local market we serve, and we’re pleased to add Costa Rica, Panama, and the Dominican Republic to the growing list of countries available to our clients,” he concluded.

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