Uruguayan fintech company dLocal has obtained a payment
institution license in the UK This development adds to the company’s expanding
portfolio of regulatory authorizations, supporting its global growth strategy.
The company confirmed the acquisition of an authorized
payment institution license from the Financial Conduct Authority (FCA), the UK’s
financial services regulator. This license enables dLocal to onboard UK
merchants for the first time, as CNBC reported.
dLocal Targets Global Merchants in UK
dLocal will begin onboarding UK merchants through a local
entity, dlocal Opco Ltd UK, which was previously unable to do so due to
restrictions imposed by the FCA. The company stated that these restrictions
were a result of the UK’s exit from the EU.
Pedro Arnt, dLocal’s CEO, highlighted the firm’s focus on
emerging markets as a distinguishing feature. He emphasized that dLocal’s
service areas, including Latin America, Africa, and Asia, set it apart from
domestic competitors like Worldpay and Checkout.com. Arnt also noted plans to
attract global merchants with UK operations.
According to Arnt, the UK serves as a strategic hub for
companies expanding into emerging markets, particularly in Africa and Latin
America.
“The UK has become a hub for many global companies — even
the American companies, some Asian companies — for their emerging market
expansion, primarily in Africa, and in some cases LatAm,” Arnt commented.
dLocal, Latin America’s answer to Stripe, wins UK license in global expansion push https://t.co/miP40s6EWF
— CNBC (@CNBC) January 7, 2025
Expanding Operations in the UK
Founded in 2016, dLocal has established itself as a
significant player in Latin America’s payment sector. The company specializes
in cross-border transactions in markets such as Brazil, Mexico, Colombia, and
Uruguay.
With the new UK payment license, dLocal aims to expand
its operations in the region. Plans include increasing the local workforce and
enhancing business activities. Key executives, including Chief Operating
Officer Carlos Menendez and Chief Revenue Officer John O’Brien, are already
based in London.
Arnt highlighted that the UK license would enhance dLocal’s
credibility as a reliable partner for handling payments in complex regulatory
environments. The company now holds over 30 licenses and registrations
globally, reinforcing its position in the payment industry.
This article was written by Tareq Sikder at www.financemagnates.com.
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