DLocal, a Latin American payments firm specializing in emerging markets, has obtained a UK payment institution license, marking a significant step in its global expansion. This authorization enables the company to onboard UK merchants for the first time, targeting both domestic businesses and global companies operating in the UK.
DLocal, a Latin American payments firm focused on emerging markets, has acquired an authorized payment institution license from the Financial Conduct Authority. The license, which adds to dLocal's growing portfolio of authorizations globally, will allow the firm to start onboarding merchants in the U.K. for the first time. Pedro Arnt, dLocal's CEO, told CNBC it's targeting both domestic U.K. businesses as prospective clients, as well as global companies with a presence in the U.K.
LONDON — Uruguayan payments firm dLocal has secured a U.K. payment institution license, adding to the company's growing portfolio of regulatory authorizations as it furthers global expansion.The emerging markets-focused fintech told CNBC it had acquired an authorized payment institution license from the Financial Conduct Authority, which is Britain's financial services regulator. That would allow it to start onboarding U.K. merchants for the first time. DLocal will onboard U.K. merchants through a local entity, Larstal Limited. The subsidiary, which trades in the U.K. as AstroPay, was previously unable to onboard clients locally because of restrictions placed on it by the FCA. DLocal said the restrictions were the result of the U.K.'s exit from the EU.Pedro Arnt, dLocal's CEO, told CNBC he expects the business to stand out from domestic payment tech rivals, such as Worldpay and Checkout.com, given its focus on emerging markets in places like Latin America, Africa and Asia. 'The differentiating factor for us when we think of our U.K. base of merchants is that the geographies where we serve them, and those are the only geographies we work,' Arnt said in an interview. He added that dLocal is also targeting global merchants that have a U.K. presence. 'The U.K. has become a hub for many global companies — even the American companies, some Asian companies — for their emerging market expansion, primarily in Africa, and in some cases LatAm,' Arnt told CNB
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