Sep 17, 2020

dLocal becomes Latin America’s latest fintech unicorn

dLocal
Latin America
Fintech
General Atlantic
William Girling
2 min
Montevideo, Uruguay-based fintech dLocal has achieved a valuation of US$1.2bn, making it Latin America’s latest fintech unicorn
Montevideo, Uruguay-based fintech dLocal has achieved a valuation of US$1.2bn, making it Latin America’s latest fintech unicorn...

Montevideo, Uruguay-based fintech dLocal has achieved a valuation of US$1.2bn, making it Latin America’s latest fintech unicorn.

Not only is it one of the continent’s most highly valued fintechs it is also Uruguay’s first and (to date) only unicorn. 

The company reached the milestone following a $200m funding round led by previous investor General Atlantic, a New York equity growth firm.

dLocal specialises in cross-border payment solutions in the Latin America, Asia and Africa markets. Since its inception in 2016, the company has maintained consistent profitability and growth and now serves 450 merchants across 20 countries.

Helping emerging markets

dLocal counts Amazon, Nike, Uber and Spotify among its high-profile customers. In fact, at the beginning of September, the latter company announced that it would be using dLocal’s 360 payment platform to make its music streaming service available to customers is Argentina, Mexico, Chile and other locations in Latin America.

“We are expanding access and helping those in emerging markets connect to ecommerce, building reliable payment technology tailored to specific local needs, constantly improving our products and growing our global footprint,” said Sebastián Kanovich, CEO of dLocal.

“Adding new investors of Addition’s caliber is a testament to dLocal’s long-term potential,” he added. “We’re excited to welcome them to our team and look forward to their support as we drive new product development and market expansion.”

Latin America: is fintech on the rise?

Following the 200% growth in the 2019 Latin American sector (from $700m in 2018 to $2.1bn the next year), fintech appears to be accelerating rapidly. 

Its capacity for democratising finance and creating foundational infrastructure to boost community welfare has already been demonstrated in Africa, and there is no reason to think that a similar level of success will not be found in Latin American also.

São Paulo-based Nubank is one of the most successful and valuable companies in the digital banking sector and is proving, along with dLocal, that the continent is more than capable of equaling markets in the US, Europe and APAC in terms of innovation.

Martín Escobari, Co-President, Managing Director, and Head of Latin America at General Atlantic, stated that his company recognised the value inherent in dLocal’s business model and felt confident of its ability to effect significant change.

“From our previous work with leading global fintechs, we know the payment solutions sector well and can bring deep, hands-on experience as dLocal establishes itself as a partner of choice for global merchants seeking bespoke solutions tailored specifically to their needs in a range of unique geographies. 

“We believe strongly in dLocal’s potential as a transformative company in the emerging markets space.”

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Jun 24, 2021

NFT Marketplace Rarible Raises US$14.2m

Fintech
NFT
Rarible
funding
2 min
NFT marketplace Rarible has raised fresh capital to create user-friendly developments and launch an additional marketplace on the Flow blockchain

Non-fungible token (NFT) marketplace Rarible has announced that they’ve closed a US$14.2m Series A from Venrock Capital, CoinFund and 01 Advisors

Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network. 

To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.

“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said. 

According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales. 

“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”

User-friendly developments 

In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”

Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.

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