The digital payments startup dLocal is the first company valued at over a billion dollars, making it the first “unicorn” in Uruguay.
“We’re excited to join the $ 1 billion world club. We’re the first unicorn in Uruguayan history.”dLocal is featured on its official Twitter account.
I am excited to join the $ 1 Billion Global Club:
WE ARE URUGUAY’S FIRST UNICORN IN HISTORY
Now worth $ 1.2 billion.
See the @WSJ Article for more information. Link in the comments. Https://t.co/teQfigIuID
– dLocal (@dLocalPayments) September 15, 2020
Fintech was able to raise around USD 200 million in a financing round led by General Atlantic. It will be the 23rd of its kind in South America and the first in Uruguay. thanks to its valuation of just over USD 1.2 billion.
The company currently operates in 20 markets and has technology giants like Netflix, Amazon, Uber and Visa among its customers.
The company was founded in 2016 and serves around 450 companies in 20 countries, making more than 300 alternative payment methods available.
According to local sources, the startup’s success lies in its expansion into such important emerging markets as Nigeria, India, South Africa and Morocco. The raised PP is expected to serve to broaden its horizons to more than 13 new countries in Central America, Africa and Southeast Asia.
In March, the company was named one of the most innovative companies in Latin America and the local payment processor in Chile for online retail giant Amazon.
In a note from the Subrayado del Uruguay newspaper, the CEO of the dLocal platform, Sebastián Kanovich said he was “expanding access and helping emerging markets connect with e-commerce to create reliable payment technologies that meet local needs adapted are specific “
With this achievement, dLocal joins a select club of Latin American unicorns, including Mercado Libre, OLX, Nubank, Despegar, B2W and the Colombian Rappi.
On the other hand, the platform’s Chief of Operations, Jacobo SInger, emphasized to the country that the “Unicorn” rating gives the startup a “seal of trust” for customers and investors.
“It’s a very important validation stamp for the years of work and dedication of the entire team,” he noted.
CEO Kanovich estimates the company is expected to generate revenue of $ 150 million this year, doubling its 2019 revenue of more than $ 60 million.
Some of the platform’s rationale for capturing the capital the rating allowed was its local experience in each of the markets it operates in, its technology and portfolio.
According to a report released by ECLAC, there are currently 63 fintech companies in Uruguay, with the segment of developing specific technological products for financial institutions being the predominant one.
It is expected that with this milestone achieved by dLocal, some of these fintech companies will be able to draw the necessary attention to catapult themselves as the next generation of unicorns in the region.
Facebook historically the best unicorn
The term unicorn, first coined in 2013 by Aileen Lee, founder of Cowboy Ventures, applies to technology companies whose market value exceeds $ 1 billion in raising capital.
At the time, the expert pointed to an exclusive club of 39 unicorns that Fortune would later expand the list to 80 companies, many of which are currently big technology giants like Twitter, Linkedin, Airbnb and Facebook.
To date, Facebook has been the “super unicorn” star valued at more than $ 100 billion.