dLocal combines 92% TPV growth, a $2.1 trillion emerging-markets runway, and a $54.40 probability-weighted five-year target despite take-rate and concentration risks.
Overview
dLocal is a technology-first payments infrastructure company that connects global enterprises with fragmented payment and payout rails across Latin America, Africa, the Middle East, and Asia-Pacific. Its One dLocal model lets merchants use one API, contract, and integration rather than establishing local entities or managing numerous banks, currencies, payment methods, and regulatory regimes. The customer base includes Amazon, Netflix, Google, Microsoft, Nike, and Spotify, with applications spanning e-commerce, SaaS, ride-hailing, advertising, remittances, and financial services. **Operating momentum is exceptional:** Q2 2026 TPV rose 92% year over year to $17.7 billion, revenue rose 56% to $399.7 million, and management raised full-year TPV growth guidance to 60%–70%. Profitability remains strong, with $54.8 million of net income and $68.5 million of adjusted free cash flow, although gross margin fell to 32% from 39% because domestic mix and Tier 0 discounts reduced the take rate to 0.72%. Valuation is approximately 19x–34.4x forward P/E and 7.91x EV/EBITDA, below historical digital-payments averages. The near-term catalysts are guidance execution, stablecoin adoption, and continued share-of-wallet expansion.