Description

dLocal: A $41 Billion TPV Scale Faces Emerging Market Volatility

The latest financial results of dLocal Limited present a mixed but generally positive view of the company’s ongoing operations within emerging markets. In 2025, dLocal demonstrated robust growth with total payment volume (TPV) reaching $41 billion, a 60% year-over-year increase, and revenue surpassing $1 billion for the first time. The company’s TPV has grown at an 82% compound annual growth rate since 2020, with fourth-quarter TPV hitting $13 billion, a 70% year-over-year rise. These metrics underscore solid market demand and expanding merchant engagement, especially in key markets such as Brazil, Mexico, South Africa, and Colombia. dLocal’s customer retention metrics remain strong, with TPV retention at 158% and net revenue retention at 145%, reflecting merchant reliance on its payment infrastructure. The company’s gross profit advanced by 37% year-over-year, notwithstanding margin pressures linked to expansion into new markets and products.