Uruguayan Unicorn’s $10 Billion Nasdaq Float Shows Rising Power of Latin American Tech
South America is slowly emerging as a hotbed for fintech innovation. The world’s arguably biggest challenger bank NuBank hails from Brazil and is rumoured to be gearing up for a public listing in the US. However, dLocal, Uruguay’s first fintech unicorn, has already beaten it to the punch.
On Wednesday, the payments processing platform dLocal listed on the Nasdaq to the tune of $617.65m, giving it a $10.4bn market cap and cementing its decacorn bragging rights. That’s more than double the $5bn valuation it achieved in April after closing a $150m investment round.
The public debut was even celebrated by Uruguay’s president Luis Lacalle Pou, who tweeted: “Proud of the success of these Uruguayans! Succeeding in the big leagues!”
Prior to the initial public offering (IPO), dLocal had counted Mastercard, Atlantic, Alkeon Capital BOND, D1 Capital Partners and Tiger Global among its backers.
Photo courtesy of ITU Pictures.