Uruguay’s dLocal Taps Former MercadoLibre CFO Pedro Arnt, Shares Fly

The crossborder payments company, which is reportedly evaluating a sale, also posted its second-quarter earnings results

The crossborder payments company, which is reportedly evaluating a sale, announced Arnt as co-CEO
August 15, 2023 | 04:06 PM

Bloomberg Línea — Pedro Arnt, who stepped down from his position as the Chief Financial Officer at MercadoLibre (MELI) last week, has now taken on the role of co-CEO at the Uruguay-based fintech company dLocal (DLO). This move comes amidst reports that dLocal is considering the possibility of being acquired.

Dlocal’s shares were rising by more than 30% in after-hours trading.

Arnt, who joined MercadoLibre 24 years ago and steadily climbed the ranks, played a pivotal role in the financial management and strategic decision-making of the company founded by Marcos Galperin. Arnt was appointed CFO in 2011.

During the second quarter of 2023, dLocal reported a revenue of $161 million, with an adjusted EBITDA of US$52 million, up 36% year-over-year and 14% quarter-over-quarter.

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In an official statement, dLocal, founded in Montevideo by Andrés Bzurovski and Sergio Fogel, announced Arnt’s appointment as a member of the board of directors with immediate effect. He will be serving as co-Chief Executive Officer alongside Sebastián Kanovich.

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Kanovich expressed his confidence in the new leadership, stating, “I am confident that Pedro and I will guide dLocal’s next chapter as we continue to execute our plan of delivering long-term value for our merchants, consumers, and partners.”

The possibility of dLocal’s next chapter could extend beyond Nasdaq, as reported by Bloomberg News, suggesting that the company is exploring a potential sale. If it happens, it would be the second case in weeks of a Latin America-based company listed in the US that passes through a private equity takeover, followed by Brazilian’s Arco Educacao. General Atlantic and Dragoneer recently approved a price for the take private offering of the company.