dLocal: Strong Growth, Higher Costs, Familiar Take-Rate Debate

研报英文原文证据摘录

dLocal: Strong Growth, Higher Costs, Familiar Take-Rate Debate

UpdateMone-off free cash flow benefit.

Market Opportunity. Management reiterated that dLocal remains in the early stages of

its addressable opportunity across emerging markets. Merchant conversations have

shifted materially over the past few years: merchants are no longer approaching dLocal

only for specific market or payment-method problems, but are increasingly treating

emerging-market payments infrastructure as a core part of their global go-to-market

strategy. This is increasing dLocal’s strategic relevance with large merchants and creating

an opportunity to capture greater share of wallet across the Global South.

New Products. Management highlighted several product growth areas, including BNPL,

credit solutions, local wallets, real-time payment networks, local card schemes,

stablecoins, agentic commerce and card-present payments. BNPL has recently gone live in

Mexico and South Africa for one large e-commerce merchant, driving higher ticket sizes

and more than 50% net-new users. Management emphasized, however, that the biggest

near-term merchant priorities remain alternative payment methods, real-time networks,

digital wallets, local card schemes and local processing.

Card Present. Management said the card-present is being developed initially for a very

large global client. The client contract helps fund the buildout and should serve as the

maiden launch of dLocal’s card-present efforts. The initial rollout is expected in a few Latin

American countries in the second half of the year, with potential expansion if successful.

Management cautioned that card present is more complex than online payments because

it involves physical hardware and logistics, so the company is approaching the launch step