dLocal Limited (NASDAQ: DLO) announced a partnership with National Exchange Company, an Italy‑based international money‑transfer operator that serves more than five million customers worldwide. The deal, announced on April 14, 2026, will allow National Exchange to use dLocal’s single‑API, single‑platform “One dLocal” infrastructure to settle remittance payouts in local currencies across 18 emerging‑market economies.
Under the agreement, National Exchange customers can send funds to recipients in Africa, APAC and Latin America through local bank accounts and e‑wallets. In Africa, recipients in Nigeria, Senegal, Ivory Coast and Egypt will receive transfers; in APAC, Philippine recipients can use GCash, Maya, GrabPay and other local wallets; and in Latin America, Brazilian recipients will receive instant PIX transfers while Chilean, Peruvian, Ecuadorian, Costa Rican, Guatemalan, Honduran and Paraguayan customers can receive bank‑transfer payouts.
The partnership comes on the heels of dLocal’s strong Q4 2025 earnings, in which the company reported total payment volume of $13.1 billion, up 70 % year‑over‑year, and revenue of $337.9 million, up 65 % year‑over‑year. Management guided for 2026 TPV growth of 50‑60 % and highlighted margin compression to a 34 % gross profit margin and 23 % adjusted EBITDA margin, citing pricing pressure and emerging‑market risks such as Brazil’s tax environment and Argentina’s foreign‑exchange volatility.
By extending its One dLocal platform to National Exchange’s customer base, dLocal is reinforcing its strategy to become the single‑integration solution for global merchants and money‑transfer operators. The deal expands dLocal’s remittance footprint into key growth markets and positions the company to capture higher conversion rates and faster delivery times, which are critical drivers of customer acquisition in emerging economies.
Management emphasized that the partnership will help sustain dLocal’s revenue momentum while addressing margin pressures through operational leverage and pricing power. The company also noted that the partnership aligns with its broader objective of diversifying service offerings and deepening penetration in high‑growth regions.
Investors reacted positively to dLocal’s Q4 2025 earnings, citing robust TPV and revenue growth, but also noted margin compression and emerging‑market headwinds. The new partnership is expected to support future growth and mitigate some of those risks by broadening payout options and improving delivery efficiency.
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