Fintech dLocal raises growth forecasts for 2025

The payments provider now forecasts a TPV up 40%-50% compared with the $25.6 billion it recorded last year

Uruguayan fintech dLocal on Wednesday raised its growth forecasts for 2025, after its second-quarter earnings topped analyst forecasts, helped by more diversified operations and solid results in Brazil and Mexico.

The payments provider now forecasts a total payment volume (TPV) up 40%-50% compared with the $25.6 billion it recorded last year.

dLocal also raised its guidance for revenue and gross profit, and forecast that adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, would increase by 40%-50% from 2024, when it declined by 7% to $189 million.

The company had previously forecast an increase of 35%-45% for TPV and a rise in adjusted EBITDA of 20%-30%.

We are being somewhat cautious in our guidance, Chief Executive Pedro Arnt said in a call, saying that momentum had so far carried into the current quarter.

Arnt highlighted potential risks from higher tariffs – including Mexico’s e-commerce tariffs – shifting fiscal policies in Brazil and currency fluctuations in Argentina and Egypt.

But he said he remained confident on growth as the company predicts that the payments ecosystem in “emerging markets” is set to double to more than $4 trillion by 2030.

The shifting landscape geopolitically has shone a greater light and greater relevance on emerging markets, he added.

dLocal is developing offline offerings – like cash and card transactions in physical stores – and already has some contracts in the works, he further said.

The company said it is focusing on stablecoin payments and “buy now, pay later” products, and has seen significant interest from merchants for credit offerings, especially models under which they do not underwrite credit themselves.

Take rates – the portion of transactions dLocal earns as revenue – are expected to edge down as dLocal scales up, it added.

For the second quarter, dLocal posted adjusted EBITDA up 64% at $70.1 million on revenues that jumped 50% to $256.5 million.