DLocal, a payments startup, has confidentially filed for a U.S. initial public offering, according to people with knowledge of the matter.
The Montevideo, Uruguay-based company is working with banks including JPMorgan Chase & Co. on a listing that could occur as soon as this year, one of the people said. Timing hasn’t been finalized and could still change. DLocal is set to be valued at more than $5 billion in any listing, the people said.
A DLocal spokesman declined to comment. A JPMorgan representative didn’t immediately respond to a request for comment.
Founded in 2016, DLocal counts General Atlantic, Tiger Global, D1 Capital Partners, Bond and Alkeon Capital among its investors. Led by Chief Executive Officer Sebastián Kanovich, it processes cross-border payments for global operators such as Amazon, Spotify, GoDaddy and Uber.
Last week, DLocal said it started offering payment services in Malaysia, the Philippines and Vietnam. It has operations in 29 countries across Asia Pacific, Latin America, the Middle East and Africa, its website shows.
DLocal joins a flurry of payments companies that are set to go public. Paymentus and Flywire have each filed paperwork with the Securities and Exchange Commission ahead of their own IPOs. Marqeta is also planning an IPO as soon as this year, Bloomberg News has reported.
Paysafe went public through a merger with a special purpose acquisition company this year and Payoneer agreed to go public via a SPAC, as both firms spurned traditional IPOs.
