Uruguayan payments platform dLocal has secured $150 million from a recent funding round led by investment firm Alkeon Capital.
Joining Alkeon in the round were D1 Capital Partners, Tiger Global and BOND. This recent investment follows $200m funding from General Atlantic and Addition in 2020, a round which led to dLocal becoming Uruguay’s first FinTech unicorn with a $1.2bn valuation.
dLocal is a payment platform designed to handle mass online payments in growth markets across Latin America, Europe, Middle East and Africa and Asia Pacific and emerging markets. The company was founded in 2016 and currently serves around 450 merchants across 200 countries and supports over 300 alternative payment methods.
dLocal chief executive Sebastián Kanovich said, “I am thrilled about this next era of growth for dLocal, the addition of new world-class investors, and what it means for our customers.”
Commenting on the investment, Alkeon Capital general partner Deepak Ravichandran stated dLocal’s ‘unique’ platform empowers merchants with a single integrated payment solution to reach billions of customers, accept payments, send payouts and settle funds worldwide.
Montevideo-based dLocal has also appointed Sumita Pandit as its new COO. Before joining the firm, Pandit served as a managing director and global head of FinTech investment banking for J.P Morgan and has also previously worked as vice president of Goldman Sachs’ Financial Institutions Group. She holds nearly two decades of experience in investment banking and received her MBA from the University of Pennsylvania.
Pandit will take over from Jacobo Singer, who has been promoted to the role of president. Singer has been with dLocal for over five years and previously joined the company as CTO in 2016. He previously worked as a CTO for AstroPay, a leading payment solution provider in key emerging markets.
Mr Singer said, “I am delighted about this new step for the company and looking forward to welcoming Sumita to the executive team. In my new role as the president of the company, I will focus on continuous innovation on the technology front and the geographic expansion of our operations to ensure our customers’ success and enable global merchants to connect with billions of emerging market consumers through one seamless platform.”
Mr Kanovich added, “Sumita is a highly respected and accomplished fintech investment banker, and she’s played a pivotal role advising some of the world’s most successful fintech companies as they’ve scaled to become global leaders.
“We are excited to welcome her as our new COO, where she’ll help steer dLocal’s next chapter of growth and strengthen our position as an essential service for global merchants that rely on us to access consumers in emerging markets and accelerate their overall growth strategies.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-100x70.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
