My $DLO Notebooklm is built: **dLocal Limited** is a technology-first company focused on redefining the online payments experience in emerging markets. Founded in 2016 and headquartered in Montevideo, Uruguay, the company acts as a key enabler for global enterprise merchants to seamlessly connect with billions of consumers in underserved regions. ### **Core Mission and Business Model** The company’s mission is to empower global merchants to get paid (**pay-in**) and make payments (**pay-out**) online in a safe and efficient manner. dLocal operates through its proprietary **"One dLocal" model**, which provides access to more than 40 countries through **one API, one technology platform, and one contract**. This model simplifies the fragmented legacy systems typically found in emerging markets, offering high acceptance rates, local card processing, and enhanced fraud prevention. ### **Market Presence and Client Base** As of December 31, 2025, dLocal serves **44 countries** across Latin America, Africa, and Asia, reaching nearly **2.8 billion potential internet users**. Its portfolio includes over **760 global merchants**, including market leaders such as: * **Technology & Social Media:** Google, Facebook, SpaceX. * **Commerce & Travel:** Shein, Temu, Uber, Rappi, Spotify, Didi. * **Financial Services:** Payoneer, Worldpay, Deel. The company is highly integrated with its clients; its top 50 merchants utilize the platform in an average of **12 countries** and 50 pay-in methods. ### **Financial Performance** dLocal has demonstrated significant growth and scale, recently crossing the US$1 billion revenue milestone. * **Total Payments Volume (TPV):** Increased from US$17.7 billion in 2023 to **US$40.8 billion in 2025**. * **Revenue:** Grew from US$650.4 million in 2023 to **US$1.09 billion in 2025**. * **Profitability:** Reported a **Net Income of US$197 million** in 2025 and an Adjusted EBITDA margin of **25.4%**. * **Retention:** Maintained a **Net Revenue Retention (NRR) rate of 145%** in 2025, reflecting deep loyalty within its existing merchant base. ### **Technological Innovation and AI** The platform is fully cloud-based and scalable, capable of processing over **1,000 software releases per month** to adapt to merchant needs. dLocal is heavily investing in **Artificial Intelligence (AI)** to drive: * **Efficiency:** Automating manual tasks in documentation and contract reconciliation. * **Platform Capabilities:** Using machine learning for real-time fraud detection, smart transaction routing, and improved conversion rates. * **Customer Support:** Leveraging Generative AI (GenAI) for tailored, proactive merchant assistance. ### **Leadership and Governance** Following a transition in late 2025, dLocal is governed by a **majority-independent Board of Directors**. * **Chairman:** Andres Bzurovski Bay. * **CEO:** Pedro Arnt (formerly CFO of Mercado Libre). * **CFO:** Guillermo López Pérez (joined in 2025, succeeding Mark Ortiz). ### **Strategic Outlook and Risks** The company focuses on organic growth through "Share of Wallet" gains with existing merchants, geographic expansion (particularly in Africa and Asia), and new product development, such as **stablecoin solutions** and **Buy Now Pay Later (BNPL)** integrations. **Key Risks** include: * **Emerging Market Volatility:** Exposure to fluctuating foreign exchange rates and political instability (e.g., Argentina, Brazil, and Mexico). * **Geopolitical Conflict:** Ongoing wars (e.g., Russia-Ukraine, Israel-Hamas) and regional interventions like the 2026 U.S. intervention in Venezuela. * **Regulatory/Legal:** Complex tax regimes and ongoing putative class action lawsuits. dLocal demonstrated **exceptional execution and scaling** during fiscal year 2025, transitioning from a high-growth fintech to a company with over **US$1 billion in annual revenue**. The comparison between the 2025 and 2026 Annual Reports reveals a picture of a business deepening its technological moats through AI, expanding its product suite into stablecoins and credit, and institutionalizing its governance. ### **Financial Scaling and Efficiency** The most striking evidence of progress is the company's financial performance, which exceeded the upper end of its own guidance in several categories: * **Revenue Milestone:** dLocal surpassed the **US$1 billion milestone**, growing 46.6% from US$746.0 million in 2024 to **US$1.09 billion in 2025**. * **TPV Growth:** Total Payment Volume (TPV) surged **60% year-over-year**, reaching **US$40.8 billion** in 2025, compared to US$25.6 billion in 2024. * **Profitability and Leverage:** Net Income grew by **63.4%** to reach **US$196.9 million**. The company maintained a healthy **Adjusted EBITDA margin of 25.4%**, showing disciplined expense management even during an investment cycle. * **The "Rule of 98%":** In 2025, dLocal achieved a "Rule of 98" score (the sum of Gross Profit growth and Operating Profit D&A / Gross Profit), which it identifies as a unique high-growth/high-cash-conversion metric. ### **Operational and Product Progress** dLocal expanded its "One dLocal" model by adding more markets and payment methods while innovating on the underlying technology: * **Global Reach:** The company expanded its footprint to **44 countries** (up from 40 in 2024) and now offers over **1,100 payment methods** (939 pay-out and 160 pay-in), reaching approximately **2.8 billion internet users**. * **Merchant Deepening:** The merchant base grew to over **760 global enterprises**. Net Revenue Retention (NRR) improved significantly from 113% in 2024 to **145% in 2025**, driven by existing merchants expanding into more countries and using more payment methods. * **AI Integration:** A major shift in 2025 was the creation of a dedicated **Artificial Intelligence R&D department**. Progress includes the development of **"dCoder,"** a multi-agent AI system for software engineering, and AI-driven productivity gains in merchant support that allowed for handling 54% more tickets with 25% fewer staff. * **New Product Rails:** The company successfully launched **SmartAPMs** (tokenized alternative payments), **BNPL integrations** live in six countries, and a full suite of **stablecoin solutions** for funding and settlements. ### **Governance and Leadership Evolution** In late 2025, dLocal completed a significant transition to a **majority-independent Board of Directors**, which now consists of nine members, five of whom are independent. * **New Leadership:** **Andres Bzurovski Bay** assumed the role of Chairman, and **Guillermo López Pérez** joined as CFO (succeeding Mark Ortiz), bringing experience from Visa and American Express. * **Shareholder Returns:** The company significantly increased its commitment to returning capital, distributing **US$150 million in dividends** in 2025 and authorizing a new share repurchase program of up to **US$300 million** for 2026. ### **Picture of Progress: 2024 vs. 2025 Key Metrics** | Metric | 2024 (Annual Report 2025) | 2025 (Annual Report 2026) | | :--- | :--- | :--- | | **Total Payment Volume (TPV)** | US$25.6 Billion | **US$40.8 Billion** | | **Total Revenue** | US$746.0 Million | **US$1.09 Billion** | | **Net Revenue Retention (NRR)** | 113% | **145%** | | **Net Income** | US$120.5 Million | **US$196.9 Million** | | **FTE Count (Employees/Contractors)** | 1,095 | **1,274** | | **Operating Profit** | US$140.5 Million | **US$219.9 Million** | **Conclusion:** dLocal enters 2026 with an "asset-light" financial model that generates material cash (US$191 million Adjusted Free Cash Flow in 2025). While emerging markets remain volatile—particularly regarding Argentine foreign exchange and shifting trade policies—the company's 2026 outlook projects continued growth of 50-60% in TPV as it leverages its richer data and Cost optimization strategies.

New promising project @DlicomApp . The team is building a SocialFi application, and the project is also opening recruitment for regional roles that could turn out to be very перспективными at TGE. From February 27 to March 18, there will be 3 stages to get a chance to obtain roles for each region: < Dliever 10 spots < Dcoder 5 spots < DCO 1 spot Most importantly, based on your active contribution during these days, the project is ready to grant Regional Leader and Helper roles. The project has already raised $4 million. I think this is a great time to become an early user and try to earn roles. There aren’t many new projects right now, so it’s worth giving it a shot.

Quelli col dcoder pezzottato? Procedessero

Just restored codes that I wrote in 2021 on Dcoder web compiler. 😁

Lo que te puedo decir es que el plan de hiring de mi empresa está a todo vapor, y ya usamos dCoder/Jira, y todos los devs usan IA en algún flavor

these dont seem to match any ciphers on the dcoder website... if anyone can find a match that'd be great #GravityFalls

Is Dcoder your real name 🤣🤣🤣

I used to do the same back when I was in my first year of college, I used Termux and Dcoder. I couldn't find Dcoder on the play store now but that was such a cool app.

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Excited to share Open-dCoder (0.5B) — the first fully open diffusion LLM for code! 🚀 The 0.5B diffusion coding model is surprisingly fun to play with! 🔥 Check out the blog for more detail👉 bit.ly/oDLLM-blog

Thrilled to finally share Open-dCoder, a project led by @pengzhangzhi1 & @ShuibaiZ69721. We saw a gap in diffusion LLMs for code, lots of closed APIs or partial releases. So we built the first truly open stack. Not just weights. We're releasing the entire pipeline.👇

10/ Diffusion reshaped images. Will it reshape code generation — and eventually language? With Open-dCoder, we can finally explore that question together, in the open. 🔗 Repo: github.com/pengzhangzhi/Open… 📖 Blog: bit.ly/oDLLM-blog #LLM #Diffusion #OpenSource #AI #Code

We’re releasing Open-dCoder — the first fully open diffusion large language model for code: 🏋️ Pretraining pipeline 📂 Training data 📊 Evaluation suite ⚡ Inference code 📦 Checkpoints 🔗 Repo: github.com/pengzhangzhi/Open… 📖 Blog: bit.ly/oDLLM-blog (1/n)

I coded on my phone before college using this dcoder app on android. Though never touched 1500 on cf 🤡

Totally get wanting something smoother for coding on a tablet—AIDE isn’t the only option out there! Acode and Quoda are both really solid code editors for Android, and work great on larger screens; Acode especially gets a lot of love for its clean interface and useful features like integrated terminals and project management. QuickEdit is another favorite—super fast, supports tons of languages, and feels nice on tablets too. If you need something closer to a full IDE (especially for C/C ), Dcoder and C4droid are worth a look—they’re not perfect but handy for lots of projects. You could also try running VS Code through apps like VNC or browser-based setups if you want a desktop-like editor, but that takes a bit more setup. Bottom line: Acode and Quoda are your best bets for a friendly code experience on a big Android tablet.

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Dcoder: App para programar en móvil 📱 ✅ 50 lenguajes ✅ Compila en la nube ✅ Ideal para devs y estudiantes #Dcoder #Programación #Tech

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