Comparison · Updated September 25, 2026
dLocal vs EBANX for emerging-market payments
dLocal
B-
dLocal is an emerging-markets payment platform founded in 2016 in Montevideo, Uruguay by Sergio Fogel and Andres Bzurovski, and listed on Nasdaq since June 2021 as DLO. It exists to solve one problem: a global business that wants to sell in Brazil, India, Nigeria or Indonesia has to accept Pix, boleto, GCash, M-Pesa, UPI and local cards, and settle in currencies with capital controls. dLocal covers 60+ countries and more than 1,000 payment methods through a single integration, and counts Amazon, Shopify, Dropbox, Mailchimp, Shein and Tripadvisor among its merchants. In 2025 it processed $41 billion of total payment volume, up 60%, on revenue of $1.09 billion and gross profit of $403 million. It is also the most legally scrutinised company in this category: two Muddy Waters short reports in late 2022, a reported Argentine government investigation in 2023, a New York IPO-disclosure class action that was dismissed and whose dismissal was upheld on appeal in April 2026, and a separate federal securities case in the Eastern District of New York that is still live.
EBANX
B-
EBANX is a cross-border payments company founded in Curitiba, Brazil in 2012 by Alphonse Voigt, Wagner Ruiz and João Del Valle, built to let companies outside Latin America sell to Brazilian shoppers in reais through local methods such as boleto and, later, Pix. It now says it covers more than 20 emerging markets across Latin America, Africa and Asia with more than 200 payment methods, serves more than 500 merchants — Spotify, Uber, AliExpress, Microsoft and Booking.com among the names on its site — and grew total payment volume 48% in 2025, with 65% of gross profit earned outside Brazil. It became a unicorn after a 2019 round from FTV Capital and Endeavor Catalyst, took a $400 million investment from Advent International in June 2021, plus a $30 million commitment to a planned US listing, and postponed that IPO in February 2022; it remains private. The model is an aggregator's: a foreign merchant signs a single agreement with EBANX's Singapore entity, EBANX group companies collect from shoppers locally, handle the currency exchange and taxes such as Brazil's IOF, and wire the net proceeds abroad in US dollars or euros — no local entity needed. Pricing is negotiated and unpublished. The published standard terms are merchant-unfriendly by default: a three-year term, an 80% exclusivity commitment, a fixed 4% reserve on every settlement for the first 180 days, funds available seven days after payment, and a $15 chargeback fee. On the shopper side, EBANX's Reclame Aqui page is rated 'Not recommended', with 2,683 complaints between March and August 2026 and none answered there. In 2020 it settled a Brazilian central bank case over a discontinued consumer foreign-currency account by paying R$880,000 under a commitment term.
VS
Overview
dLocal and EBANX are the two specialists global merchants usually shortlist to take local payments in Latin America, and both now sell into Africa and Asia too. Both are graded B- on Payment Review. dLocal, founded in Montevideo in 2016 and listed on Nasdaq as DLO since June 2021, says it covers more than 60 countries and over 1,000 payment methods, and processed US$40.8 billion in 2025. EBANX, a Curitiba-based company founded in 2012 and still private, covers more than 20 countries and over 200 payment methods and does not publish its volume, though it says volume grew 48% in 2025. Neither publishes enterprise rates: both quote each merchant. EBANX publishes standard merchant terms (effective March 2021) with a US$15 chargeback fee that may apply, a US$50 fee on extra settlements and a 4% reserve it may hold for the first 180 days; dLocal publishes no enterprise terms, only a price list and terms for dLocal Go, its self-serve tier. Both have poor Trustpilot scores, and dLocal is still defending a US federal securities class action filed in 2023.
Key Takeaways
- ✓dLocal wins on reach: more than 60 countries and 1,000+ payment methods against EBANX's 20+ countries and 200+ methods. dLocal lists Gulf markets such as Saudi Arabia and the UAE, and African markets such as Ghana and Tanzania, that EBANX's documentation does not cover.
- ✓dLocal wins on transparency: it is a public company that reports volume every quarter, and its self-serve dLocal Go tier publishes a per-country price list (dated April 2023, still linked from dLocal Go's live terms), with rates such as 2.99% on Brazilian cards and 0.99% on Pix. EBANX publishes no processing rates for any tier.
- ✓Enterprise pricing is a tie by default: both negotiate rates per merchant, so the only way to compare them for a large programme is to get quotes from both.
- ✓Only EBANX publishes the contract an enterprise merchant starts from: its standard terms run three years, ask for 80% of your volume in its markets and let it hold a 4% reserve for 180 days, all unless the addendum says otherwise. dLocal's enterprise contract terms are not published, so compare the two contracts you are actually offered.
- ✓Both carry baggage: dLocal faces a pending US federal securities class action over a 2023 report of an Argentine probe, and EBANX paid R$880,000 under a 2020 commitment term with Brazil's central bank over a discontinued consumer product.
dLocal
dLocal is the stronger fit for a merchant that needs one provider across Latin America, Africa, the Middle East and Asia, or a smaller business that wants to see published self-serve pricing through dLocal Go before signing up.
EBANX
EBANX is a credible alternative for an enterprise merchant focused on Brazil and Spanish-speaking Latin America that wants a second quote; its standard terms settle in US dollars or euros to a bank account outside its markets.
The Verdict
It Depends on Your Needs
Why?
dLocal wins the rows that can be checked like for like: it claims roughly three times as many countries and five times as many payment methods, reports its volume every quarter as a public company, and publishes a price list for its self-serve tier where EBANX publishes none. But the numbers that decide most enterprise deals, the processing rate and the contract, are negotiated at both, and only EBANX publishes the standard terms it starts from, so the two cannot be ranked on price or terms from public information. Both are graded B- on Payment Review. For a merchant that needs Africa, the Middle East or a long tail of Asian markets, dLocal is the clear pick. For a merchant focused on Brazil and Spanish-speaking Latin America, both are credible, and the right answer comes from putting the two quotes and contracts side by side.
Feature by feature
Detailed Comparison
Filter Options
Coverage
| Feature | dLocal | EBANX |
|---|---|---|
| Countries covered | 60+ Winner | 20+ |
| Both figures are the companies' own, from their websites as of September 2026. dLocal's coverage list spans Africa and the Middle East (including Saudi Arabia, the UAE, Ghana and Tanzania), Asia and Latin America. EBANX's developer docs cover 23 countries: 14 in Latin America and the Caribbean plus Egypt, India, Indonesia, Kenya, Nigeria, the Philippines, South Africa, Thailand and Turkey. | ||
| Payment methods | 1,000+ Winner | 200+ |
| Self-reported counts. Both support the major Latin American rails, including Pix and Boleto in Brazil, OXXO and SPEI in Mexico, PSE and Nequi in Colombia, UPI in India and M-Pesa in Kenya. | ||
| Card installments | Yes | Yes |
| dLocal's documentation covers installment plans on card payments, with the merchant receiving the full amount at settlement. EBANX's developer docs cover credit-card installments with EBANX-managed interest in Brazil and Mexico and issuer-managed installments in Colombia, Chile, Peru, Argentina, Uruguay and other markets; its 2021 standard terms still say installments are only available in Argentina, Brazil and Mexico. | ||
| Payouts | Yes, funded in USD, EUR or stablecoin | Yes, local currency via domestic rails |
| Both sell payouts to sellers, drivers, creators and other payees in emerging markets alongside collections. dLocal pays out in local currency from a balance funded in USD, EUR or stablecoin; EBANX Payout, launched in September 2025, pays out in local currency over rails such as Pix and Nequi. | ||
Countries covered
dLocal
60+
Winner
EBANX
20+
Both figures are the companies' own, from their websites as of September 2026. dLocal's coverage list spans Africa and the Middle East (including Saudi Arabia, the UAE, Ghana and Tanzania), Asia and Latin America. EBANX's developer docs cover 23 countries: 14 in Latin America and the Caribbean plus Egypt, India, Indonesia, Kenya, Nigeria, the Philippines, South Africa, Thailand and Turkey.
Payment methods
dLocal
1,000+
Winner
EBANX
200+
Self-reported counts. Both support the major Latin American rails, including Pix and Boleto in Brazil, OXXO and SPEI in Mexico, PSE and Nequi in Colombia, UPI in India and M-Pesa in Kenya.
Card installments
dLocal
Yes
EBANX
Yes
dLocal's documentation covers installment plans on card payments, with the merchant receiving the full amount at settlement. EBANX's developer docs cover credit-card installments with EBANX-managed interest in Brazil and Mexico and issuer-managed installments in Colombia, Chile, Peru, Argentina, Uruguay and other markets; its 2021 standard terms still say installments are only available in Argentina, Brazil and Mexico.
Payouts
dLocal
Yes, funded in USD, EUR or stablecoin
EBANX
Yes, local currency via domestic rails
Both sell payouts to sellers, drivers, creators and other payees in emerging markets alongside collections. dLocal pays out in local currency from a balance funded in USD, EUR or stablecoin; EBANX Payout, launched in September 2025, pays out in local currency over rails such as Pix and Nequi.
Best For Your Business
Recommendations based on your business type
Global platform expanding across Africa, the Middle East and Asia as well as Latin America
Recommended
dLocal
dLocal covers more than 60 countries through one integration, including Gulf markets such as Saudi Arabia and the UAE and African markets such as Ghana and Tanzania that EBANX's documentation does not cover.
Smaller online business that wants to start selling into Latin America without negotiating
Recommended
dLocal
dLocal Go publishes per-country rates (price list dated April 2023), charges no setup or monthly fee and needs no sales call; check its 24-month auto-renewing term and 5% deposit before signing. EBANX publishes no processing rates.
Enterprise merchant focused on Brazil, Mexico and Colombia
Both support Pix, Boleto, OXXO, SPEI and PSE, both hold Brazilian central bank licences, and both quote enterprise rates individually. Get both quotes and compare the contracts; EBANX's standard terms start from 80% exclusivity, a three-year term and a possible 4% reserve, and dLocal's enterprise terms are not published.
Marketplace or gig platform paying out to sellers or drivers
Both sell local-currency payouts in emerging markets alongside collections; dLocal also lets you fund payouts in stablecoins.
dLocal: Best for 2 use cases
EBANX: Best for 0 use cases
Frequently Asked Questions
Common questions about this comparison
Both help global merchants accept local payment methods in emerging markets. dLocal is a Uruguayan company listed on Nasdaq that covers more than 60 countries and over 1,000 payment methods. EBANX is a private Brazilian company that covers more than 20 countries and over 200 payment methods, with its strongest base in Latin America.
Not for enterprise merchants: both quote rates individually. dLocal publishes a price list for dLocal Go, its self-serve tier (dated April 2023), with rates such as 2.99% on Brazilian cards and 0.99% on Pix. EBANX publishes no processing rates; its standard terms list ancillary fees that may apply, such as US$15 per chargeback and US$1 per refund. Rates quoted for either provider on third-party comparison sites are not confirmed by the companies.
dLocal, as far as the public figures show. It processed US$40.8 billion in 2025 and US$17.7 billion in the second quarter of 2026 alone. EBANX does not publish its volume; it says volume grew 48% in 2025.
No. EBANX took a US$400 million investment from Advent International in June 2021, plus a US$30 million commitment to a planned US listing, but it has not gone public. dLocal has traded on Nasdaq under DLO since June 2021.
EBANX's standard terms make funds available seven days after payment and wire a settlement within seven days of the request, in US dollars or euros. dLocal Go makes card funds available after seven days and bank transfer, Pix and cash funds after three. Enterprise dLocal settlement timing is agreed at onboarding.
Short seller Muddy Waters published reports on dLocal in November and December 2022, and dLocal rejected them. Separately, a May 2023 Argentine press report of a government probe led to a US federal securities class action filed in October 2023, which was still pending in August 2026. A New York state class action over dLocal's IPO disclosures was dismissed, and that dismissal was upheld on appeal in April 2026.