dLocal appoints Will Pruett as independent board member

MONTEVIDEO - Payment platform provider dLocal Limited (NASDAQ:DLO), a $2.9 billion market cap company with robust revenue growth of ~12% and healthy gross margins of ~41%, announced Monday the appointment of Will Pruett as an independent board member and audit committee member, effective July 1, 2025.

Pruett, who currently serves as an independent board member at Brazilian digital bank PicPay, previously spent 16 years at Fidelity Investments as a portfolio manager for several emerging markets funds. Before Fidelity, he worked at HSBC in retail credit and e-commerce roles across multiple regions.

The new appointee holds an MBA from Harvard Business School and an Economics degree from the University of Chicago.

"His deep knowledge of capital market dynamics and investment strategies, combined with his extensive experience across Latin America, Asia, and Africa, will be invaluable as we continue to expand our business," said Eduardo Azar, Chairman of dLocal, in a press release statement.

The company also announced that Mariam Toulan’s term as independent director will conclude on June 30, 2025.

dLocal, which trades on the Nasdaq, describes itself as a technology-first payments platform connecting global merchants with consumers in emerging markets across Africa, Asia, and Latin America.

In other recent news, DLocal Limited reported first-quarter earnings that exceeded analyst expectations, with adjusted earnings per share of $0.15 compared to the consensus estimate of $0.12. The company’s revenue rose 18% year-over-year to $216.8 million, surpassing projections of $205.92 million. Total Payment Volume (TPV) reached a record $8.1 billion, marking a 53% year-over-year increase. Gross profit increased 35% to $84.9 million, while adjusted EBITDA rose 57% to $57.9 million, with the margin expanding to 27% from 20% in the previous year.

Citi analysts initiated coverage of DLocal with a Buy rating and set a price target of $14.60, citing the company’s rapid expansion in emerging markets as a key differentiator. The analysts highlighted DLocal’s strategic focus on emerging markets and announced a new dividend policy starting in 2026, where 30% of free cash flow will be distributed annually as dividends. This move is seen as a commitment to delivering value to shareholders. DLocal’s ongoing growth in Total Payment Volume and strategic execution in Latin American markets further reinforce investor confidence in its financial prospects.

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