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DLocal Limited helps global merchants such as Shein, Uber and Spotify collect customer payments and pay recipients in emerging markets. Through One dLocal, merchants use one software connection and contract to access local payment methods across its markets. Local processors and banks collect customer funds, which dLocal settles with merchants, handling currency conversion and transfers abroad where needed. It also sends merchants’ payouts to recipients through local payment channels.
Merchants pay fees generally set as a percentage of each approved transaction or a fixed amount per transaction. Transaction fees supply most revenue, and cross-border payments are an important source of revenue and profit. Most revenue comes from transactions involving end users in Latin America. A small group of large merchants supplies most revenue; their contracts are non-exclusive, so they can move payment volume to other providers without ending the relationship.
The business depends on local processors forwarding collected funds and banks supporting settlement and currency conversion. dLocal pays these providers for their services. Its ability to process payments also depends on local licenses, exemptions or licensed partners, while foreign-exchange controls can restrict conversion and transfers abroad, delaying settlement with merchants.
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Watch payment growth at global merchants such as Shein, Temu and Uber: dLocal’s ten largest merchants account for 61% of revenue, though individual contributions are not disclosed.
Payoneer is a paying customer of dLocal, and both are exposed to growth in cross-border payments: Payoneer charges small and midsize businesses for multicurrency accounts, while dLocal charges merchants to process payments in emerging markets. Watch activity in Payoneer’s business accounts for a read on cross-border receipts and supplier payments.
Global Payments both competes with dLocal for merchants’ payment-processing fees and owns Worldpay, a named dLocal customer. Its merchant payment-processing business shows the competitive backdrop, while Worldpay also gives it a customer link to dLocal.
PayPal competes with dLocal to help merchants accept online payments and convert currencies across international markets, earning transaction and currency-conversion fees while dLocal focuses on emerging markets. PayPal’s payment activity and currency-conversion revenue are the relevant lines to watch, rather than its credit or other services.
MercadoLibre shares dLocal’s exposure to Latin American online spending and digital payments: it earns fees from marketplace sellers, while dLocal charges international merchants to process payments made by users in the region. Watch its marketplace sales and Mercado Pago activity as signals of that shared demand.
Fiserv competes with dLocal for merchants that need to accept payments, including in Latin America, through its merchant payment acceptance and international online-payment processing businesses.
Remitly and dLocal both benefit from growth in international money movement: Remitly charges consumers to send money across borders, including a currency-exchange spread, while dLocal charges remittance businesses to complete local-currency pay-outs. Watch Remitly’s completed send volume for a signal of demand in the remittance market that helped drive dLocal’s 2025 growth.
PayPal Holdings, Inc. earningsPYPL
PayPal’s report will show activity in international online payments and currency conversion, offering a read on demand and competition in the cross-border merchant business dLocal serves.
Read PayPal’s payment activity alongside its currency-conversion revenue. Strength in both would point to active international online transactions, while also showing PayPal competing for merchant payment and conversion fees; weakness in both would suggest a cooler transaction backdrop, not a matching change in dLocal by itself. The takeaway is the market’s direction, with the caveat that the companies serve different markets.
Global Payments, Inc. earningsGPN
Global Payments’ merchant-processing business competes with dLocal for processing fees, while its Worldpay business links its report to a dLocal customer.
Read Global Payments’ merchant-processing results, and separate Worldpay’s performance from the parent’s if it is reported. Resilient processing and Worldpay activity would suggest both the competitive backdrop and this customer’s payment activity are holding up; weaker Worldpay activity could signal pressure at that customer, but does not determine dLocal’s revenue. The conclusion must distinguish market competition from a signal about one customer.
Mercado Libre, Inc earningsMELI
MercadoLibre’s marketplace sales and Mercado Pago activity will show the pulse of Latin American online spending and digital payments, a demand signal for the user payments dLocal processes in the region.
Read MercadoLibre’s marketplace sales alongside Mercado Pago activity. Strength in both would support the view that Latin American online spending and digital-payment demand are holding up, which is a favorable backdrop for the user payments dLocal processes; weakness would point to softer shared demand, not a direct read-through to dLocal’s revenue. The takeaway is the direction of regional online activity, not that the two companies’ results are interchangeable.
Payoneer Global Inc. earningsPAYO
Payoneer is a paying customer of dLocal, and its business-account activity will show whether demand for cross-border receipts and payments is changing.
Look for whether Payoneer’s business-account activity strengthens, including cross-border receipts and supplier payments. Stronger activity would mean more movement in the business this dLocal customer serves and could support payment-processing demand; weaker activity could signal pressure, but does not establish how much volume dLocal actually handles for Payoneer. The takeaway is the temperature of this customer’s cross-border market, not a direct measure of dLocal revenue.
Remitly Global, Inc. earningsRELY
Remitly’s completed send volume will show whether cross-border remittance demand is changing, offering a read on the market for local-currency payouts dLocal completes for remittance businesses.
Watch Remitly’s completed send volume. Growth would indicate firm consumer demand for cross-border remittances and could mean more local-currency payouts for providers such as dLocal to process; a decline would point to less remittance activity to handle. The takeaway is the direction of remittance demand, not a count of dLocal’s own transactions.
DLocal Limited earningsThis company
dLocal earns transaction and currency-conversion fees by processing merchants’ payments, and this report will show whether payment-volume growth is turning into revenue and gross profit.
Read total payment volume (TPV, the value of payments processed), revenue and cost of services together. If volume and revenue grow faster than service costs, more transactions are producing more gross profit; if volume or revenue slows, or costs rise faster, growth is easing or leaving less profit from each dollar of business. The result will show whether dLocal can turn payment growth into more profitable revenue.
