Cross-border payment platform, dLocal, has agreed a strategic partnership with payroll and payments platform Papaya Global. The collaboration sees the two platforms combine to enable companies to easily handle workforce payments globally, including across emerging markets.
The companies say that the partnership represents a powerful fusion of capabilities. Specifically, they aim to enable global organisations to pay employees anywhere, on time, and in local currencies. So, mutual clients of dLocal and Papaya can pay their employees, partners, freelancers, and suppliers and simplify the checkout process.
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The partnership is live in Latin America, including Chile, Colombia, and Mexico. In Asia, it is live in Indonesia and Vietnam, as well as Africa with plans to expand to additional territories.
Benefits include increased payment volume, speedier delivery and improved customer service
Together, dLocal and Papaya provide a holistic solution in which payroll and payments processes are fully streamlined. This approach enables fast and accurate payments that are fully compliant with ever-changing local regulations and rely on a fully secured cross-border money transfer infrastructure.
In current markets where customers are utilising the solution, significant increases in payment volume, delivery rate improvements, and a reduction of customer service issues have been observed.
“In today’s payment landscape, you simply cannot go global without thinking local,” said dLocal Head of EMEA, Agustin Botta.
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By GlobalData“Leveraging dLocal’s solution tailored to specific emerging markets, mutual customers can easily execute payments with full compliance, irrespective of the varied payment ecosystems. Together, we are ensuring our offerings are the highest possible quality for customers to enable them to pay anyone, anywhere.”
Ori Shilo, VP Business Development and Partnerships at Papaya Global, added: “The partnership with dLocal is exciting, because it speaks to the core of our mission at Papaya. Together, we are reshaping the global payments landscape, ensuring a premium payment experience without borders or compromises, and providing our customers with a strong base for scale and growth.”
dLocal 2023 highlights
For fiscal 2023, dLocal reported total payment volume of $17.7bn, ahead by 67% year-over-year. Revenue increased by 55% y-o-y to $650m. Meantime, gross profit increased by 37% to $277m. dLocal now serves five of the six largest tech companies in the world as measured by market cap.
From a geographic standpoint, it posted strong performances in its key markets, Brazil and Mexico, with revenues increasing 89% and 72% y-o-y respectively. Africa and Asia delivered an 114% y-o-y increase in revenue. The firm continues to grow its licence portfolio, with 10 incremental registries and licences granted in 2023. In addition, dLocal aims to deepen its relationships with global banking partners, adding more Global Systemically Important Banks, continental and nationally market leading banks for its processing, FX and hedging activities.
