DLocal Limited Class A Common Shares Goldman Sachs Communacopia + Technology Conference 2026

Third year at DLocal. This conference has been forever. It is always good to be here.

Yep. I think TPV growth kind of reflected most of the multiple growth vectors this company has in that it was broad-based. It was broad-based across different verticals. It was broad-based in terms of markets in general, with most markets performing quite well, save a few exceptions. And also with interesting ramp-ups from merchants that go to show that a lot of the investments we have been making over the last few years now place us within a position where these very large global enterprise merchants are willing to significantly increase the amount of business they do with us, where we are becoming one of their top three or four global PSPs. So from a volume perspective, share of wallet perspective, and ultimately market share perspective, I think nearly doubling TPV year-on-year off of what was already a strong base is phenomenal.

The other data point we gave, which substantiates how broad-based the growth is that even if you eliminate the largest grower, which we said that our largest merchant is also the one that is growing the most, you still get to TPV growth year-on-year, which is in the high 60s. So very, very strong. Yeah.

Yeah. So I think let's take a step back just to understand why it is that despite the size of the opportunity, the starting point is still so early stage, right? Your typical go-to-market strategy for emerging and frontier markets for a large global digital company is to start off by offering its service in that market, but to continue to use its existing developed world payment rails. So what typically is called international acquiring in credit cards.

Then as those local markets start becoming useful for them, large for them, and they begin to realize that to unlock further growth in those markets, they need to start localizing payments and offering the payment methods that consumers in those countries want to use is where DLocal comes onto their radar screen and they start thinking, okay, which payment methods do I start offering locally and gradually see the shift of volumes from international acquiring credit cards to other payment methods locally or local credit cards. We are still at a fairly early stage in that S-curve of adoption, and that is why our wallet share is still low, because there are many payment methods that merchants will be able to adopt through us that they do not yet adopt, and because so much of their volumes are still done through international acquiring.

When we look at merchants that are further down that path of localizing payments, I think it's realistic to think that you could have anywhere between 50%-80% of their payments in a specific market. Why not 100%? Because most of these merchants will at least have one redundancy pipe. So they'll typically split things 80/20, 50/50, or maybe 50, 30, 20. But even if you take the 50% objective, that's still significantly more than what we have today.

Yeah. So just to quantify what you just said, right? Of the top 10 merchants reported in the last quarter, if you were to go back two years, only half of them were in that top 10 list. So although the concentration in the top 10 and the top 20 has remained fairly unchanged, unfortunately, we'd like to see that diversify, it's not the same top 10 or top 20. Not because some merchants are churning, but because new merchants are coming in that very rapidly move into top 10 or top 20. So in that sense, when you look at a moving picture, the business is actually more diversified than the picture in one quarter would seem to indicate.

But I think more importantly, when I talk about an S-curve, I think the reality is that for the vast majority of digital businesses that still have global aspirations, they're very early on in their journey of actually worrying about localizing payments. They're much more focused on other elements of their go-to-market strategies, marketing, product development. I think that the secular tailwinds behind the concept of localizing payments are quite significant and still early stage. So this is a rapidly expanding TAM, and one that I trust will continue to expand for many years into the future as this notion of, "Hey, I need to localize payments," becomes more and more prevalent.

Not only because of merchant understanding and kind of figuring out this playbook, but also because if we look at global geopolitics and how things are playing out, this concept of payment sovereignty, I think, is something I hear from central bankers more and more. It is the idea that it is critical that countries have their own payment rails, their own payment champions, their own payment methods that power their economies and not necessarily depend on foreign credit card schemes or on international wire transfers for their economies to run fluidly. So that gives us confidence that Global South payment ecosystems will continue to be increasingly local and increasingly fragmented, which generates increasing value to what we offer our clients. Because at the end of the day, what we do is we simplify and abstract away that fragmentation, that complexity, and that localization for them.