Uruguay’s dLocal Sees Revenues Soar in Second Quarter

The fintech unicorn’s revenues increased by 72% against the same period of last year

Sebastián Kanovich, CEO of dLocal
August 23, 2022 | 03:19 PM

Read this story in


Montevideo — Uruguayan unicorn dLocal (DLO) saw its revenues increase to $101.2 million in second quarter, a 72% increase on the same period of last year.

The company, whose revenue stream is payment solutions in emerging markets, and which is the only Uruguayan company listed on the New York Stock Exchange, presented its quarterly results on Monday, with CEO Sebastián Kanovich calling the quarterly revenue haul a “milestone”.

Kanovich said the company enjoyed “strong growth” in both payments volume and revenues, “despite the high comparison base of last year”. In both cases, growth was 16% versus the previous quarter.

As for the company’s net income, dLocal reported $30.7 million for the period, 73.5% higher than during the second quarter of 2021.


The fintech, which has a market capitalization in excess of $8 billion, fsaid its total payments volume was $2.43 billion during the period, a 67% growth year-on-year and up from $2.10 billion in first quarter.

How Uruguay Became a Cluster of ‘High Quality’ Startups, Talent

More employees, more EBITDA

At a time of recession fears in the global market and as various startups and established companies resort to layoffs, dLocal reported that its total headcount increased by 48% year-on-year to 632 employees.

Adjusted EBITDA was up 47% year-on-year and 16% quarter-on-quarter to $38 million.


Kanovich also highlighted the “resilience” and “sustained growth” due to market diversification, and despite “an uncertain and challenging macroeconomic environment”.

Revenues increased in all regions during the quarter. Latin America grew 63% compared to the second quarter of 2021 and accounted for 87% of total revenues. In the first quarter, the region accounted for 89% of total revenue.

Uruguay’s DLocal Seeks Deals as Cash Pile Grows, Valuations Drop

Revenues from Asia and Africa had a year-over-year increase of 155% and accounted for 13% of total revenues. In the document released on Monday, the company also reaffirmed its focus on scaling in the markets of these two continents.

The company has a presence in 37 markets, 22 of them outside Latin America.


Second-quarter results

Revenue during second quarter totaled US$101.2 million, a year-over-year increase of 72% from $59 million in Q2 2021 and 16% from $87.5 million in the previous quarter.

Profit was $38.2 million, up 47% year-on-year from $25.9 million in the second quarter of 2021 and 16% from $32.9 million in the year-earlier quarter.

Is the Latin American Startup Bubble About to Burst?