A fintech entity based in Uruguay has successfully acquired a payment institution license in the UK, a significant milestone in its strategy for global expansion. This license was granted by the Financial Conduct Authority (FCA), the primary regulatory authority overseeing financial markets in the UK, enabling the entity to onboard merchants in the UK for the first time.
The entity plans to initiate the onboarding process for UK merchants through a local branch named dlocal Opco Ltd UK. Previously, this was not feasible due to regulatory constraints from the FCA, which arose following the UK’s departure from the European Union.
Highlighting the focus on emerging markets, the company distinguishes itself from local competitors by targeting service regions that include Latin America, Africa, and Asia. This approach aims to attract international merchants with interests in the UK. The UK is seen as a strategic point for companies looking to venture into emerging markets, particularly in Africa and Latin America. The entity’s leadership recognizes the UK as an increasingly important hub for numerous global corporations seeking to facilitate their expansion into these regions.
Founded in 2016, the company has rapidly solidified its presence in the Latin American payments landscape, excelling in cross-border transactions across key markets such as Brazil, Mexico, Colombia, and Uruguay. With the new license in hand, expansion in the UK is set to include an increase in local workforce and an enhancement of business operations. Important executives are already stationed in London to support this growth.
The leadership views the acquisition of the UK license as a means to bolster the company’s credibility as a trustworthy partner in a challenging regulatory environment. With this new authorization, the entity now holds more than 30 licenses and registrations worldwide, further solidifying its footprint in the payments industry and enhancing its capabilities to navigate complex regulatory frameworks effectively.