DLOCAL LIMITED (DLO): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des paiements numériques, Dlocal Limited apparaît comme une force transformatrice, naviguant stratégiquement dans les terrains complexes des marchés émergents d'Amérique latine. Cette analyse complète du pilon dévoile les dimensions à multiples facettes qui façonnent le modèle commercial innovant de Dlocal, explorant comment l'entreprise tire parti des prouesses technologiques, de l'adaptabilité réglementaire et des tendances socio-économiques pour révolutionner les solutions de paiement transfrontalières. Plongez profondément dans les facteurs complexes stimulant la croissance remarquable de Dlocal et le positionnement stratégique dans un écosystème financier de plus en plus numérique.

DLOCAL LIMITED (DLO) - Analyse du pilon: facteurs politiques

Environnement politique sur les marchés opérationnels

Dlocal Limited opère dans plusieurs pays d'Amérique latine avec des paysages politiques variables. Depuis 2024, les principaux marchés opérationnels de l'entreprise démontrent divers profils de risques politiques.

Pays	Indice de stabilité politique (0-100)	Score de complexité réglementaire
Brésil	52.4	6.3/10
Mexique	57.1	5.9/10
Argentine	41.6	7.2/10

Environnement réglementaire

Les principaux défis réglementaires comprennent:

• Règlements complexes d'infrastructure de paiement numérique
• Exigences de conformité fiscale variable
• Restrictions de transaction transfrontalières
• Mandats de protection des données et de confidentialité

Atténuation des risques politiques

L'approche stratégique de Dlocal implique un suivi continu des développements politiques sur les marchés opérationnels.

Stratégie d'atténuation des risques	Taux de mise en œuvre
Équipes de conformité juridique locales	92%
Gestion des relations gouvernementales	87%
Réponse réglementaire adaptative	85%

Paysage de politique de paiement numérique

Les politiques gouvernementales soutenant l'infrastructure de paiement numérique ont un impact direct sur l'efficacité opérationnelle de Dlocal.

• Les réglementations de paiement numérique du Brésil soutiennent 78% des innovations fintech
• Le cadre réglementaire du Mexique permet 65% de la croissance des transactions numériques
• Les politiques fintech de l'Argentine couvrent 55% des technologies de paiement émergentes

Indicateurs d'investissement politique

La stabilité politique et l'environnement réglementaire influencent considérablement les stratégies d'expansion du marché de Dlocal.

Marché	Risque d'investissement politique	Ouverture réglementaire
Brésil	Moyen	Haut
Mexique	À faible médium	Moyen-élevé
Argentine	Haut	Moyen

DLOCAL LIMITED (DLO) - Analyse du pilon: facteurs économiques

Performance économique du marché émergent

Dlocal sert des marchés émergents à forte croissance avec les caractéristiques économiques suivantes:

Pays	Taux de croissance du PIB (2023)	Pénétration du paiement numérique	Taille du marché du commerce électronique
Brésil	2.9%	62%	124 milliards de dollars
Mexique	3.2%	57%	86 milliards de dollars
Argentine	-1.7%	51%	42 milliards de dollars

Volumes de transaction numérique

Volumes de transaction numérique sur les marchés cibles:

• Amérique latine Croissance des paiements numériques: 25,3% par an
• Valeur totale de transaction numérique: 387 milliards de dollars en 2023
• Adoption des paiements mobiles: 48% moyenne régionale

Volatilité de la monnaie et économique

Devise	2023 Taux d'inflation	Indice de volatilité des devises
Brésilien réel	4.6%	12.3%
Peso mexicain	5.9%	9.7%
Peso argentin	142.7%	38.5%

Métriques d'inclusion financière

Indicateurs d'inclusion financière numériques:

• Population non bancarisée en Amérique latine: 39%
• Utilisateurs de la banque mobile: 54 millions
• Adoption du portefeuille numérique: croissance régionale de 35%

DLOCAL LIMITED (DLO) - Analyse du pilon: facteurs sociaux

Cible l'augmentation de la littératie numérique parmi les populations plus jeunes en Amérique latine

Selon la Banque interaméricaine de développement, 67% des jeunes d'Amérique latine âgés de 15 à 24 ans utilisent des technologies numériques pour les services financiers à partir de 2023. La pénétration du marché de Dlocal dans ce groupe démographique montre:

Pays	Taux d'alphabétisation numérique	Pourcentage d'utilisateur dlocal
Brésil	72%	18.5%
Mexique	65%	15.3%
Argentine	61%	12.7%

Aborde les préférences des consommateurs pour des méthodes de paiement alternatives

Préférences de paiement numérique en Amérique latine en 2023:

• Portefeuilles mobiles: 42%
• Crypto-monnaie: 12%
• Transferts bancaires instantanés: 28%
• Caisse numérique: 18%

Soutient l'inclusion financière pour les populations non bancarisées et sous-bancaires

Pays	Population non bancarisée	Impact de l'inclusion financière dlocal
Brésil	34 millions	5,2 millions d'utilisateurs
Mexique	28 millions	4,1 millions d'utilisateurs
Argentine	16 millions	2,7 millions d'utilisateurs

Répond à la demande croissante de solutions de paiement sans couture et conviviales

Volumes de transaction de paiement mobile en Amérique latine pour 2023:

• Total des transactions de paiement mobile: 187,3 milliards de dollars
• Part de transaction mobile dlocal: 14,6%
• Croissance des paiements mobiles d'une année sur l'autre: 28%
• Valeur de transaction mobile moyenne: 42,50 $

DLOCAL LIMITED (DLO) - Analyse du pilon: facteurs technologiques

Technologies de paiement transfrontalières avancées

Dlocal prend en charge le traitement des paiements dans 39 pays en Amérique latine, en Asie et en Afrique. La société a traité 9,1 milliards de dollars de volume de paiement total en 2022, avec un taux de croissance de 51% sur l'autre.

Métrique technologique	2022 Performance	2023 projection
Volume de paiement total	9,1 milliards de dollars	13,6 milliards de dollars
Vitesse de transaction transfrontalière	2-3 secondes	1-2 secondes
Plateformes d'intégration de paiement	37 plateformes uniques	42 plateformes uniques

IA et apprentissage automatique pour la détection de fraude

Le système de détection de fraude à AI-AI de DLocal analyse 4,2 millions de transactions par mois, avec un taux de prévention de la fraude de 99,7%.

Métrique de détection de fraude	Données de performance
Transactions mensuelles analysées	4,2 millions
Taux de prévention de la fraude	99.7%
Modèles d'apprentissage automatique	23 modèles actifs

Innovations d'intégration de paiement

DLocal prend en charge plus de 250 méthodes de paiement sur les marchés mondiaux, avec des capacités d'intégration d'API pour 42 plates-formes de commerce électronique différentes.

Technologies de blockchain et de crypto-monnaie

Dlocal prend en charge les transactions de crypto-monnaie pour 12 devises numériques différentes, avec des volumes de transaction atteignant 340 millions de dollars en 2022.

Métrique de crypto-monnaie	2022 données
Crypto-monnaies prises en charge	12 devises
Volume de transaction de crypto-monnaie	340 millions de dollars
Plates-formes d'intégration de blockchain	7 plateformes

DLOCAL LIMITED (DLO) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations financières internationales

Dlocal Limited fonctionne sous 12 cadres réglementaires distincts En Amérique latine, assurer un strict adhésion aux normes internationales de conformité financière. En 2024, la société maintient le respect des réglementations au Brésil, au Mexique, en Argentine, en Colombie, au Chili, au Pérou et à d'autres marchés émergents.

Juridiction	Statut de conformité réglementaire	Organismes de réglementation
Brésil	Compliance complète	Banque centrale du Brésil
Mexique	Compliance complète	Commission nationale des banques et des valeurs mobilières
Argentine	Compliance complète	Banque centrale d'Argentine

Normes de protection des données et de confidentialité

Outils dlocal Gestion de la sécurité de l'information ISO 27001 avec Protocoles de chiffrement 256 bits. La société traite environ 50 millions de transactions sécurisées mensuellement tout en conservant des normes de protection des données rigoureuses.

Cadres juridiques sur les marchés émergents

Dlocal navigue dans des environnements juridiques complexes à travers 15 marchés émergents, avec des équipes juridiques spécialisées gérant les exigences réglementaires spécifiques à la compétence.

Marché	Défis juridiques spécifiques	Investissement de conformité
Brésil	Règlements fiscaux complexes	2,3 millions de dollars par an
Mexique	Licence de services financiers	1,7 million de dollars par an
Colombie	Protocoles anti-blanchiment	1,5 million de dollars par an

Conformité aux licences et aux services financiers

Dlocal maintient Licence de service financier actif dans 12 pays, avec des dépenses de conformité annuelles d'environ 8,6 millions de dollars. L'entreprise est passée avec succès 37 Audits réglementaires indépendants Au cours des 36 derniers mois.

• Budget total de conformité réglementaire: 8,6 millions de dollars
• Nombre de licences financières actives: 12
• Taux de réussite de l'audit réglementaire: 100%

DLOCAL LIMITED (DLO) - Analyse du pilon: facteurs environnementaux

Prend en charge les transactions numériques réduisant les processus financiers papier

Dlocal Limited traité 9,2 milliards de dollars Dans les transactions numériques en 2023, réduisant considérablement les processus financiers papier sur les marchés émergents.

Année	Volume des transactions numériques	Impact de réduction du papier
2022	7,5 milliards de dollars	Réduction de 38% de l'utilisation du papier
2023	9,2 milliards de dollars	Réduction de 45% de l'utilisation du papier

Favorise les pratiques commerciales durables grâce à l'infrastructure numérique

Soutien de l'infrastructure numérique de Dlocal 327 marchands dans la mise en œuvre de pratiques commerciales durables en Amérique latine.

Région	Les commerçants soutenus	Initiatives de durabilité
Brésil	124	Solutions de paiement vert
Mexique	89	Transactions neutres en carbone
Argentine	114	Programmes d'efficacité numérique

Contribue à une réduction de l'empreinte carbone par le biais de solutions de paiement en ligne

Les solutions de paiement en ligne de DLocal sont estimées pour réduire 42 500 tonnes métriques des émissions de carbone chaque année.

Source d'émission	Réduction du carbone	Impact équivalent
Transactions numériques	42 500 tonnes métriques	9 300 véhicules de passagers hors route
Efficacité des infrastructures	18 200 tonnes métriques	4 100 maisons à la consommation d'électricité

S'aligne sur les tendances mondiales de la durabilité dans le secteur des technologies financières

Dlocal investi 4,3 millions de dollars dans les infrastructures technologiques durables en 2023.

Catégorie d'investissement	Montant	Focus sur la durabilité
Infrastructure technologique verte	2,1 millions de dollars	Centres de données économes en énergie
Développement de logiciels durables	1,4 million de dollars	Pratiques de codage à faible teneur en carbone
Conformité environnementale	0,8 million de dollars	Adaptation réglementaire

DLocal Limited (DLO) - PESTLE Analysis: Social factors

The social factors in DLocal Limited's primary markets-Latin America, Africa, and Asia-are not just tailwinds; they are the fundamental drivers of the company's business model. You're looking at a massive, structural shift where a young, mobile-first population is bypassing traditional financial systems entirely, creating a huge addressable market for local payment solutions.

High mobile penetration (upwards of 75% in many markets) driving digital payment adoption

The shift to mobile is the single biggest catalyst for DLocal Limited. In Latin America, for example, 80% of the region's 638 million residents now use smartphones, making the mobile device the primary gateway for digital commerce. This high penetration rate, well above the 75% threshold mentioned, means the infrastructure for digital payments is already in consumers' hands. It's a classic case of leapfrogging: people are skipping over decades of credit card and branch banking infrastructure straight to mobile-native solutions.

This demographic is young, too. The median age in key markets like Colombia, Argentina, and Brazil hovers around 32.5 years, making them digital natives who expect instant, seamless transactions.

Large unbanked or underbanked populations creating demand for local payment methods

The massive population of unbanked and underbanked individuals represents DLocal Limited's core opportunity. Globally, about 1.4 billion adults still lack access to a formal financial account. This isn't just a humanitarian issue; it's a huge, untapped consumer base for global merchants.

In Brazil, a staggering 60 million people do not own a credit card. This is why local payment methods (LPMs) like cash-to-digital options and eWallets are not 'alternatives' but the primary way to pay. In Sub-Saharan Africa, only about 35% of the population has a bank account, which is why mobile money dominates the payment landscape. DLocal Limited's platform directly addresses this gap, turning a financial exclusion problem into a massive commerce opportunity.

Rapid consumer shift toward instant payment schemes (e.g., Brazil's PIX) over traditional methods

Instant payment schemes are rewriting the rules of commerce, and Brazil's Pix is the clearest example. Honestly, this is the biggest near-term trend. By the end of 2025, Pix is projected to account for 44% of the total value transacted in online purchases in Brazil, officially surpassing credit cards at 41%. That's a huge flip in consumer preference in just five years.

The sheer scale is staggering. Pix is on track to process over seven billion monthly transactions in 2025, potentially reaching 7.9 billion in December. The total transaction volume for Pix in 2025 is expected to hit USD 6.7 trillion, representing a 34% year-over-year increase. Latin America as a whole is projected to see a 29% Compound Annual Growth Rate (CAGR) in real-time payments through 2027, the fastest growth rate globally.

Payment Trend Metric (2025)	Value/Projection	Significance for DLocal Limited
Brazil PIX Share of Online Purchase Value	44% (Surpassing Credit Cards at 41%)	Validates DLocal's focus on instant, local payment rails over traditional card networks.
Latin America Real-Time Payments CAGR (Through 2027)	29% (World's Fastest Growth)	Indicates sustained, high-speed volume growth for DLocal's core product offerings.
Global Unbanked Population (Approximate)	1.4 billion adults	Represents the massive, untapped market that requires DLocal's local payment methods for financial inclusion.
Merchant Revenue Increase from Offering PIX	Average 16%	A concrete metric demonstrating the direct revenue benefit DLocal provides to its global enterprise merchants.

Growing demand from global merchants for localized payment experiences to capture new users

Global merchants are realizing that a one-size-fits-all payment strategy is a non-starter in emerging markets. Data shows that payment localization is not a feature but a prerequisite for conversion. Over 94% of Latin American consumers prioritize accessible payment options, and critically, nearly 70% are unlikely to complete a purchase from sites that do not support their local preferences.

This consumer expectation creates a direct, measurable demand for DLocal Limited's services. Merchants who adapt to this social reality see immediate results. Merchants that added Pix as a payment option, for example, saw an average revenue increase of 16% and customer-base growth of 25% within just six months. The overall merchant service providers market is reflecting this demand, projected to grow from $49.9 billion in 2024 to $56.97 billion in 2025, a Compound Annual Growth Rate of 14.2%.

The action here is clear: global expansion requires deep, local payment integration.

• Integrate local wallets, instant payments, and bank transfers.
• Capture the 70% of consumers who demand local options.
• Expect a 14.2% market growth in merchant services this year.

DLocal Limited (DLO) - PESTLE Analysis: Technological factors

Intense competition from regional and global fintechs leveraging superior API-driven platforms.

DLocal operates in a highly competitive arena where technological superiority is the main battleground. Global giants like Stripe, Adyen, and Checkout.com, alongside regional powerhouses, are all pushing advanced Application Programming Interface (API) platforms that simplify cross-border payments. The core challenge for DLocal is maintaining its competitive edge-deep local payment methods (Alternative Payment Methods or APMs) and local processing-while rivals continuously upgrade their own API offerings to be just as easy to integrate.

You need to remember that the total payment volume (TPV) for DLocal hit a record US$10.4 billion in the third quarter of 2025, a strong indicator of merchant reliance. But this growth is constantly under threat from competitors whose platforms offer a broader global footprint or superior developer experience. Honestly, the barrier to entry for a global merchant to switch payment processors is often just a few lines of code, so platform-stickiness is defintely crucial.

The competitive pressure forces a relentless pace of development. The main threats come from platforms that offer a one-stop-shop, much like DLocal's 'One DLocal' concept, but with potentially deeper pockets for R&D:

• Stripe Payments: Strong global API and developer community.
• Adyen: Unified commerce platform with global reach.
• PayPal Payments / Braintree: Leveraging massive existing merchant and consumer networks.

Continuous need for investment in advanced fraud detection and prevention systems.

Operating in over 40 emerging markets means DLocal faces a disproportionately high risk of payment fraud, requiring continuous, heavy investment in its fraud detection and prevention (FDP) technology. The global FDP market is projected to grow to approximately US$63.90 billion in 2025, underscoring the scale of this problem and the required investment.

DLocal's proprietary solution, the Defense Suite, relies heavily on machine learning algorithms and device fingerprinting to adapt to evolving fraud patterns across its diverse markets. Here's the quick math on the investment pressure: DLocal's operating expenses grew by 10% quarter-over-quarter in Q3 2025, driven significantly by higher salaries and wages in the technology and sales & marketing functions. This increase is the real-world cost of hiring the specialized engineers and data scientists needed to keep the platform secure and compliant.

If the fraud systems lag even slightly, the financial and reputational damage is immediate. Keeping chargeback rates low is a non-negotiable technical requirement for maintaining merchant trust and avoiding fines from card networks. The need is not just to detect fraud, but to do it in real-time across over 900 local payment methods.

Rise of Central Bank Digital Currencies (CBDCs) potentially disrupting existing payment rails.

The rise of Central Bank Digital Currencies (CBDCs) in key emerging markets represents a major technological opportunity, but also a significant disruption risk. CBDCs and instant payment systems (IPS) like Brazil's Pix are designed to offer faster, cheaper cross-border transfers and greater financial inclusion, which can bypass traditional banking and payment intermediaries.

For DLocal, which specializes in integrating with existing local payment rails, a shift to a sovereign digital currency could change the underlying technology overnight. The most concrete example is in Brazil, where the instant payment system Pix is expected to surpass credit cards in eCommerce use by the end of 2025. This forces DLocal to rapidly integrate new APIs and payment flows to maintain its market position.

The table below shows the status of CBDC initiatives in DLocal's core markets, illustrating the near-term technological adaptation imperative:

Country (DLocal Market)	CBDC/IPS Status (as of 2025)	Technological Implication for DLocal
Brazil	Pix (IPS) is dominant; Digital Real (CBDC) in development/pilot.	Must maintain seamless, high-volume integration with Pix and prepare for a potential full CBDC shift.
Nigeria	eNaira (CBDC) has launched.	Requires continuous platform updates to support the eNaira rail for pay-ins and pay-outs, ensuring compliance.
India	Digital Rupee (CBDC) is in pilot stage.	Need to be ready to integrate the new digital currency into the platform's single API.

Scalability challenges in maintaining a unified platform across 30+ disparate local systems.

DLocal's entire value proposition, the 'One DLocal' concept-one API, one platform, one contract-is a continuous technological challenge. The company operates across over 40 geographies in Latin America, Africa, the Middle East, and Asia, each with its own unique payment methods, currencies, and regulatory requirements.

The real challenge isn't just connecting to these systems, but ensuring the platform scales efficiently and reliably. A job posting for a Senior Product Manager in Settlements highlights the need to evolve the settlements product for 'automation at scale' and to support new models like instant payments. This indicates that the core process of moving money-the most critical function-is a constant technical bottleneck that requires heavy resources to automate and maintain.

The complexity is immense, as the platform must manage:

• Over 900 local and alternative payment methods.
• Disparate local regulatory and compliance standards.
• Real-time foreign exchange (FX) conversions and settlement models.

This fragmentation means DLocal's technology team is primarily focused on maintenance and adaptation, a necessary cost that can slow down innovation in other areas. The strength of the unified API is also its greatest technical liability; a failure in one core component could impact operations across dozens of markets.

DLocal Limited (DLO) - PESTLE Analysis: Legal factors

Complex and non-uniform Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations across countries.

The biggest legal headache for DLocal Limited isn't a single regulation, but the sheer volume and non-uniformity of Anti-Money Laundering (AML) and Know Your Customer (KYC) rules across its 40+ emerging markets. You're not dealing with one regulator; you're managing dozens of different rulebooks.

This fragmentation forces DLocal to build and maintain distinct compliance stacks for each country. For example, Mexico's framework emphasizes real-time payment regulation and strict controls on cash transactions, while Colombia requires enhanced due diligence for Politically Exposed Persons (PEPs). The cost to maintain this infrastructure is defintely a drag on operating expenses, even as the company scales. They currently hold over 30 licenses and registrations globally, including new ones secured in 2025 in the UAE, Turkey, and the Philippines, showing the constant investment needed just to operate legally.

Here's the quick math on the compliance challenge:

• Mexico: Rigorous KYC protocols enforced by Banxico and CNBV.
• Brazil: AML is overseen by the Council for Financial Activities Control (COAF) and the Central Bank of Brazil (BCB).
• Chile: Demands detailed customer due diligence for legal entities.

Strict data privacy laws (like Brazil's LGPD) increasing compliance costs and data management complexity.

Data privacy is a material financial risk, not just a policy issue. Brazil's Lei Geral de Proteção de Dados (LGPD) is the most prominent example, applying to any entity processing the personal data of individuals in Brazil, regardless of where the company is headquartered. This means DLocal must treat Brazilian customer data with the same rigorous care as European GDPR data.

The financial stakes are high. Non-compliance with the LGPD can result in fines of up to 2% of a business's revenue in Brazil for the previous fiscal year, capped at 50 million Brazilian Reais (R$) per violation. Plus, the average cost of a data breach in Brazil reached R$ 7.19 million per company in 2025, according to the IBM Cost of a Data Breach report. A critical deadline for international data transfers-a core part of DLocal's business-was August 23, 2025, requiring the adoption of new Standard Contractual Clauses (SCCs) set by the National Data Protection Authority (ANPD).

You simply cannot afford to get this wrong.

Varying consumer protection laws requiring tailored dispute resolution and refund processes.

Operating across diverse markets means DLocal must adhere to a patchwork of consumer protection laws, which directly impacts their operational efficiency and cost structure. Each country has different rules on chargebacks, refund timelines, and consumer dispute resolution mechanisms. This necessitates a tailored, local-first approach to every part of the payment lifecycle, which is what the One DLocal model promises.

This complexity is compounded by the rise of local Alternative Payment Methods (APMs)-like Brazil's Pix system, which now processes over 50% of eCommerce payments in the country. These APMs often have unique, non-standardized rules for settlement and dispute handling compared to traditional card networks. Managing this local friction is a core value proposition for DLocal, but it also creates a significant, ongoing compliance burden that requires continuous investment in technology and local legal counsel.

Increased regulatory scrutiny on cross-border payment facilitators to prevent illicit financial flows.

Regulators worldwide are tightening the screws on cross-border payments to combat money laundering and capital flight. This scrutiny is particularly intense in emerging markets with volatile currencies and capital controls, like Argentina. This is where policy risk immediately hits the income statement.

In its Q3 2025 financial results, DLocal explicitly reported a short-term impact of $13.1 million on its cash flow due to the structuring required to expatriate funds from Argentina following regulatory changes in the quarter. This single event shows the tangible, multi-million-dollar cost of navigating sudden, adverse regulatory shifts. The market also assigns a deep discount to DLocal's valuation due to this policy risk, specifically calling out the potential for currency devaluations in fragile markets like Egypt or Bolivia.

Here is a summary of the quantifiable legal and regulatory risks DLocal navigates:

Regulatory Area	Key Market	Quantifiable Risk / Impact (2025 Data)	Actionable Insight
Capital Controls / FX Regulation	Argentina	Short-term impact of $13.1 million on cash flows due to regulatory changes in Q3 2025 for expatriating funds.	Policy risk is an immediate, material cost to cash flow; diversification to less volatile markets is crucial.
Data Privacy (LGPD)	Brazil	Potential fines up to 50 million Brazilian Reais (R$) per violation, or 2% of revenue. Average data breach cost: R$ 7.19 million.	Compliance with the August 23, 2025, international data transfer deadline is a high-priority, non-negotiable cost.
AML/KYC Compliance	Global/Multi-Market	Over 30 licenses and registrations globally, requiring a massive, non-scalable compliance team and tech stack.	The fragmented nature of AML/KYC is a continuous, high-fixed-cost barrier to entry for competitors, but a persistent operating expense for DLocal.
Regulatory Scrutiny	Argentina (Historical Context)	Past investigation for possible $400 million fraud related to improper transfers abroad (2023 event, informs current risk).	High risk of ongoing governmental scrutiny that can trigger class-action lawsuits and significant reputational damage.

DLocal Limited (DLO) - PESTLE Analysis: Environmental factors

Low direct environmental impact, but increasing investor scrutiny on operational carbon footprint.

As a technology-first payments platform, DLocal Limited has a low direct environmental footprint compared to heavy industry, but that doesn't mean you get a pass. The core environmental risk is tied to the energy consumption of your third-party data centers, which house the infrastructure that processed a record Total Payment Volume (TPV) of US$10.4 billion in the third quarter of 2025. That's a massive volume of digital transactions, and investors are defintely asking about the associated Scope 3 emissions (indirect emissions from the value chain). The pressure is on to quantify and manage the carbon emissions of your cloud and server providers in markets like Brazil and Nigeria, where grid energy can be carbon-intensive.

The industry is moving past simple 'green office' initiatives. Realistically, your operational carbon footprint is a supply chain issue, and you need to start demanding energy efficiency and renewable energy procurement data from your vendors. It's not just about being green; it's about managing a growing operational cost risk as carbon pricing becomes more prevalent globally.

Growing requirement for transparent Environmental, Social, and Governance (ESG) reporting from investors.

Investor demand for transparent Environmental, Social, and Governance (ESG) reporting is no longer a niche concern; it's a mainstream expectation that directly impacts your cost of capital. Your ESG Risk Rating from Sustainalytics, as of September 03, 2025, is a key metric that portfolio managers use to screen your stock. A lower score indicates less unmanaged risk, which is what every analyst looks for. For context, the risk categories range from Negligible (0-9.99) to Severe (40+), and your current position on that spectrum will influence fund flows. Your financial results for Q3 2025 showed Net Income of US$51.8 million, but a poor ESG score can translate that into a lower price-to-earnings multiple. You need to formalize your disclosures, especially around the 'E' factors, or face a discount.

Pressure to demonstrate social impact by facilitating financial inclusion for the unbanked.

This is where DLocal Limited shines in the 'S' of ESG, and it's a massive competitive advantage you must quantify. Your business model is inherently a social good, connecting global enterprise merchants with billions of consumers in more than 40 countries across Africa, Asia, and Latin America. This includes facilitating payments for the unbanked by supporting over 900 local payment methods, including real-time systems like Pix in Brazil. This strategy drives growth: your Total Payment Volume (TPV) grew by 59% year-over-year in Q3 2025. To maximize the social impact narrative for investors, you must map your financial metrics to concrete social outcomes. Here's the quick math on your recent performance:

Metric (Q3 2025)	Value	Social Impact Link
Total Payment Volume (TPV)	US$10.4 billion	Scale of commerce enabled in emerging markets.
Revenue	US$282.5 million	Economic activity facilitated for local merchants.
Adjusted Free Cash Flow	US$38 million	Financial model resilience to support expansion into new, underserved markets.
TPV Growth (YoY)	59%	Rate of accelerating digital financial access.

Operational resilience planning against climate-related disruptions in data center locations.

Operational resilience is a critical, near-term risk, especially as extreme weather events increase globally. Your reliance on data centers in emerging markets-many of which are in regions vulnerable to climate hazards like flooding, extreme heat, or water stress-exposes you to service disruption risk. While you don't own the facilities, you rely on them for 24/7 operations; a single data center outage due to a heatwave or a storm surge in a coastal city could severely impact your ability to process cross-border payments. The industry is seeing a major focus on the Digital Operational Resilience Act (DORA) and similar frameworks, meaning regulators are watching.

You need to ensure your third-party data center contracts mandate Tier III or Tier IV standards for fault tolerance. This is a non-negotiable for long-term operational continuity. Your action plan should focus on:

• Map data center locations against climate risk (flood, heat, water stress).
• Audit vendor resilience plans for power and cooling redundancy.
• Quantify the Cost-to-Revenue Ratio impact of a 48-hour regional outage.

Finance: draft a 13-week cash view by Friday focusing on FX volatility scenarios.