Fintech dLocal’s fourth-quarter profits climb 47%

By Thomson Reuters Mar 18, 2024 | 3:30 PM

(Reuters) – Uruguayan fintech dLocal on Monday posted a 47% jump in its fourth-quarter net profit from the year-earlier period, landing at $28.5 million.

Profits would have reached $40.6 million if not for the firm’s Argentine operation, where the local peso currency was significantly devalued in December, dLocal said.

DLocal said revenues for the last three months of 2023 rose 59% to $188 million, citing “strong performance of (its) merchants across most of (its) markets.”

DLocal, which operates across most of Latin America as well as parts of Africa and Asia for clients such as Netflix and Amazon, said quarterly payments volumes grew 55% year-on-year to a record $5.11 billion.

The company had told Reuters in September it was set to “pause” its rapid expansion plans to focus on strengthening existing operations in over 40 countries, hinting at a new phase for the fast-growing firm.

On Monday, dLocal said it was focusing on “tightening the foundations for long-term growth” with additional hires, upgraded operations and licensing.

(Reporting by Kylie Madry; Editing by Valentine Hilaire and Sarah Morland)