TLDR:
- Uruguayan fintech dLocal’s fourth-quarter profits increased by 47%.
- Quarterly payments volumes grew by 55% to a record $5.11 billion.
Article Summary:
Uruguayan fintech company dLocal reported a 47% increase in net profit for the fourth quarter, reaching $28.5 million. The firm attributed the lower-than-expected profits to the devaluation of the local peso currency in Argentina. Despite this, revenues for the last three months of 2023 rose by 59% to $188 million, driven by the strong performance of its merchants in various markets. The company, which operates in Latin America, Africa, and Asia for clients like Netflix and Amazon, saw quarterly payments volumes grow by 55% year-on-year to a record $5.11 billion.
In September, dLocal had announced a pause in its rapid expansion plans to focus on strengthening its existing operations in over 40 countries. The company is now focusing on tightening its foundations for long-term growth through additional hires, upgraded operations, and licensing. This strategic shift indicates a new phase for the fast-growing fintech firm.
