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DLocal bags $150 million in funding and recruits JPMorgan executive as COO

DLocal bags $150 million in funding and recruits JPMorgan executive as COO

Latin American cross-border payments platform dLocal has bagged $150 million in funding and recruited JPMorgan's global head of fintech as chief operating officer.

Alkeon Capital led the round alongside BOND, D1 Capital Partners, and Tiger Global. It follows a $200 million round in September and puts a valuation on the Uruguayan-based ccompany of $5 billion.

The firm specialises in connecting global merchants to emerging markets, enabling clients to accept payments, send payouts and settle funds globally without the need to manage separate pay-in and payout processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.

In conjunction with the investment, dLocal has appointed Sumita Pandit from JPMorgan as chief operating officer, replacing incumbent Jacobo Singer, who has been promoted to president. Pandit brings nearly two decades of experience in investment banking, advising companies across verticals in fintech including payments, financial software, neo-banks, and insurtech.

“Sumita is a highly respected and accomplished fintech investment banker, and she's played a pivotal role advising some of the world's most successful fintech companies as they've scaled to become global leaders,” says dLocal CEO Sebastián Kanovich. “We are excited to welcome her as our new COO, where she'll help steer dLocal's next chapter of growth and strengthen our position as an essential service for global merchants that rely on us to access consumers in emerging markets."

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