Comparison · Updated October 25, 2026
dLocal vs Rapyd (Emerging Markets)
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.
Rapyd
B-
A London-headquartered, Israeli-founded fintech-as-a-service platform that sells collection, payouts and multi-currency accounts through one API. Its 2025 purchase of PayU's Latin America and Africa business for $610 million gave it direct local acquiring in six Latin American countries plus Nigeria and South Africa — genuinely hard-to-reach markets. It is built for platforms and marketplaces rather than small merchants, publishes almost no acquiring pricing, and its public merchant reviews are poor.
VS
Overview
We compare the two for a business based outside the region that sells online into Mexico, Brazil, Argentina, Chile, Colombia, Peru, Nigeria and South Africa: the markets Rapyd named when it completed its purchase of PayU's Latin America and Africa business in March 2025. dLocal lists all eight as covered. We used each company's own pages, terms and filings as of 25 October 2026. Both sell to large merchants on negotiated prices, so this is mostly a comparison of how they are built. dLocal covers only emerging markets: 64 countries across Latin America, Africa and the Middle East, and Asia. It is listed on Nasdaq and processed $17.7 billion in the second quarter of 2026. Rapyd is a private, global platform. Through the former PayU companies it offers card acquiring in six Latin American countries, and it also offers acquiring in the UK and Europe, multi-currency accounts and payouts. Rapyd publishes more of its terms, including how long Latin American transfers take and what they cost. dLocal publishes almost no enterprise terms.
Key Takeaways
- ✓It depends on where you sell. dLocal is built around emerging markets and lists local methods well beyond our eight: for example, UPI and NetBanking in India, where Rapyd's network page shows only cards and stablecoins. Rapyd fits a business that also wants UK and European acquiring and multi-currency accounts on the same platform. dLocal says it does not cover North America or most of Western Europe.
- ✓In the six Latin American markets, Rapyd offers card acquiring through the former PayU companies; its site says merchants without a local entity reach it through its Merchant of Record service. dLocal says it routes each payment through a network of local acquirers. For Nigeria and South Africa, Rapyd's own March 2025 release claims only market access, not acquiring.
- ✓Neither company publishes its enterprise processing rate. dLocal prices each market and payment method by quote. Rapyd sells cards on Interchange++ and quotes its own acquirer fee. Rapyd's published Latin American rates (Chile 3.49%, Colombia 3.29% + COP 300, Peru 3.40% + PEN 0.69) apply only to merchants with a local legal entity, so they do not cover selling into the region from abroad.
- ✓Rapyd publishes its Latin American merchant terms (the former PayU terms). The agreement has no end date and either side can end it on 30 days' notice. Rapyd aims to move balances to a local bank within 3 business days of a request, or abroad within 7 (22 from Argentina, up to 15 from Brazil), with a 3% commission on international transfers. After the agreement ends it can hold funds for up to 180 days from your last transaction. dLocal sets settlement currency and timing during onboarding and publishes no contract terms.
- ✓Ownership: dLocal is Nasdaq-listed (DLO) and reports quarterly. A federal securities class action against it is still pending in New York. Rapyd is privately held and publishes no payment volume. Both carry the same B- grade on this site.
dLocal
Choose dLocal if emerging markets are the whole job: selling into many countries across Latin America, Africa, the Middle East and Asia, using local methods such as Pix, UPI, Capitec Pay and mobile money, with payouts on the same contract. Expect a sales-led process aimed at merchants that already have large volumes, and pricing, settlement terms and exit terms that only appear in your contract. Get the settlement currency and timing for each market, and the treatment of held funds, in writing.
Rapyd
Choose Rapyd if your Latin American volume is concentrated in Mexico, Brazil, Argentina, Chile, Colombia and Peru, where it offers its own acquiring through the former PayU companies, or if you also want UK and European acquiring and multi-currency accounts on the same platform. Its card pricing is Interchange++, so ask for the acquirer fee in writing. Read the published Latin American terms first: international balance transfers carry a 3% commission and take up to 22 business days from Argentina.
The Verdict
It Depends on Your Needs
Why?
Neither one is better for every emerging-market plan, and the site gives both the same grade. dLocal is the specialist: it covers 64 emerging markets, lists local methods in markets such as India and Egypt where Rapyd's network page shows only cards and stablecoins, and reports its results quarterly to the SEC. Its catches are that pricing, settlement and exit terms are all private, and that it is built for merchants that already have large volumes. Rapyd is the broader platform. It offers card acquiring in six Latin American markets through the former PayU companies, adds UK and European acquiring and multi-currency accounts, and publishes Latin American terms you can read before you sign. Those terms also show the costs: a 3% commission on international transfers, a 22-business-day target to move money out of Argentina, and up to 180 days of held funds after the agreement ends. Its public reviews centre on payout problems. Choose by where your volume is, and get each provider's settlement and exit terms for each market in writing.
Feature by feature
Detailed Comparison
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Coverage (October 2026)
| Feature | dLocal | Rapyd |
|---|---|---|
| Countries covered | 64 emerging markets | 182 markets worldwide |
| These numbers count different things, so there is no winner. dLocal's FAQ lists 64 emerging markets: 17 in Latin America, 36 in Africa and the Middle East and 11 in Asia. It says dLocal does not cover North America or most of Western Europe. Rapyd's network page says one integration covers 182 markets worldwide, including Europe and the US, and its country list has 183 entries. For 114 of those entries, the list shows only cards and stablecoins for collecting payments. Rapyd's own pages also disagree on the total: its payments page says 190+ markets, and its June 2026 FXC release says over 100 countries. All eight markets in our basis appear on both companies' lists. | ||
| Local card acquiring (the eight markets) | Via local acquirer network | Own, in 6 LatAm markets |
| No winner: both process locally, but in different ways. dLocal's Payins page says it connects directly to local acquirers and issuers, and that Smart Routing sends each payment to the acquirer most likely to approve it. Rapyd's March 2025 completion release says the PayU purchase lets it offer card acquiring in Mexico, Brazil, Argentina, Chile, Colombia and Peru, and expands its 'market access' in Nigeria and South Africa. Its card-acquiring page lists local acquiring in the UK, Europe, Latin America, Hong Kong, Israel and Singapore, names no African market, and says international merchants without a local entity access Latin American card acquiring through Rapyd's Merchant of Record service. Neither company says which markets run on its own licences and which on partners'. | ||
| Payment methods (company's own count) | 1,000+ | Hundreds |
| These are the companies' own counts, and each counts methods its own way, so there is no winner. dLocal's homepage and Payins page say 1,000+ payment methods. Its 2Q26 earnings release counts 217 alternative payment methods across 39 markets. Rapyd's payments and about pages now say 'hundreds'. Its August 2023 announcement of the PayU deal claimed 1,200, but current pages do not repeat that figure. | ||
| India pay-ins (outside the eight-market basis) | Cards, UPI, NetBanking | Cards, stablecoins |
| Outside our basis, so there is no winner. We include it because India is the largest emerging market where the two companies' current pages differ. dLocal's India developer page lists cards, UPI (including recurring UPI) and NetBanking. Rapyd's network page lists only cards and stablecoins as payment methods in India, though Rapyd's July 2020 India launch release said it would offer UPI, wallets and cash. Rapyd's network page is similarly thin in Egypt, where it shows only cards and stablecoins. | ||
Countries covered
dLocal
64 emerging markets
Rapyd
182 markets worldwide
These numbers count different things, so there is no winner. dLocal's FAQ lists 64 emerging markets: 17 in Latin America, 36 in Africa and the Middle East and 11 in Asia. It says dLocal does not cover North America or most of Western Europe. Rapyd's network page says one integration covers 182 markets worldwide, including Europe and the US, and its country list has 183 entries. For 114 of those entries, the list shows only cards and stablecoins for collecting payments. Rapyd's own pages also disagree on the total: its payments page says 190+ markets, and its June 2026 FXC release says over 100 countries. All eight markets in our basis appear on both companies' lists.
Local card acquiring (the eight markets)
dLocal
Via local acquirer network
Rapyd
Own, in 6 LatAm markets
No winner: both process locally, but in different ways. dLocal's Payins page says it connects directly to local acquirers and issuers, and that Smart Routing sends each payment to the acquirer most likely to approve it. Rapyd's March 2025 completion release says the PayU purchase lets it offer card acquiring in Mexico, Brazil, Argentina, Chile, Colombia and Peru, and expands its 'market access' in Nigeria and South Africa. Its card-acquiring page lists local acquiring in the UK, Europe, Latin America, Hong Kong, Israel and Singapore, names no African market, and says international merchants without a local entity access Latin American card acquiring through Rapyd's Merchant of Record service. Neither company says which markets run on its own licences and which on partners'.
Payment methods (company's own count)
dLocal
1,000+
Rapyd
Hundreds
These are the companies' own counts, and each counts methods its own way, so there is no winner. dLocal's homepage and Payins page say 1,000+ payment methods. Its 2Q26 earnings release counts 217 alternative payment methods across 39 markets. Rapyd's payments and about pages now say 'hundreds'. Its August 2023 announcement of the PayU deal claimed 1,200, but current pages do not repeat that figure.
India pay-ins (outside the eight-market basis)
dLocal
Cards, UPI, NetBanking
Rapyd
Cards, stablecoins
Outside our basis, so there is no winner. We include it because India is the largest emerging market where the two companies' current pages differ. dLocal's India developer page lists cards, UPI (including recurring UPI) and NetBanking. Rapyd's network page lists only cards and stablecoins as payment methods in India, though Rapyd's July 2020 India launch release said it would offer UPI, wallets and cash. Rapyd's network page is similarly thin in Egypt, where it shows only cards and stablecoins.
Best For Your Business
Recommendations based on your business type
Global digital business (streaming, SaaS, gaming, ride-hailing) selling into many emerging markets across Latin America, Africa, the Middle East and Asia
Recommended
dLocal
dLocal covers 64 emerging markets through one contract, including local methods such as UPI and NetBanking in India, Capitec Pay in South Africa and Pix in Brazil. Rapyd's network lists only cards and stablecoins in India and Egypt. Expect a sales-led onboarding, and agree the settlement currency and timing for each market.
Merchant whose emerging-market volume is concentrated in Mexico, Brazil, Argentina, Chile, Colombia and Peru
Both process locally in these six markets: Rapyd with card acquiring through the former PayU companies (through its Merchant of Record service if you have no local entity), and dLocal through a network of local acquirers. Neither publishes enterprise rates. Get quotes from both, comparing Rapyd's Interchange++ acquirer fee with dLocal's per-method rates. Also compare the cost and time of moving money out, where Rapyd's published terms set a 3% commission on international transfers.
Business that also needs card acquiring in the UK and Europe and multi-currency accounts on the same platform
Recommended
Rapyd
Rapyd lists licensed acquiring in the UK, Europe, Hong Kong, Israel and Singapore as well as Latin America, and offers multi-currency business accounts. dLocal says it does not cover North America or most of Western Europe.
Mid-sized merchant that wants to start without a long sales process
Recommended
Rapyd
Rapyd has an online sign-up followed by a KYC review. dLocal says its enterprise service is typically for merchants that already have large volumes. Check that a self-serve Rapyd account covers the markets you need, since Rapyd routes merchants without a local entity to Latin American acquiring through its Merchant of Record service. dLocal does run a separate self-serve product, dLocal Go, which this comparison does not cover.
dLocal: Best for 1 use case
Rapyd: Best for 2 use cases
Frequently Asked Questions
Common questions about this comparison
We cannot say, because neither publishes its enterprise processing price. dLocal quotes per market and per payment method. Rapyd sells cards on Interchange++: it passes on interchange and scheme fees without a markup, and quotes its own acquirer fee. Rapyd's published Latin American rates (Chile 3.49%, Colombia 3.29% + COP 300, Peru 3.40% + PEN 0.69) only apply to merchants with a local legal entity, so they do not price selling into the region from abroad. Compare written quotes, and include the cost of moving money out: Rapyd's published Latin American terms charge 3% on international transfers.
Only part of it. On 14 March 2025, Rapyd completed its purchase of PayU's Global Payment Organisation in Latin America and Africa, about $610 million according to the August 2023 announcement. The deal gave it card acquiring in Mexico, Brazil, Argentina, Chile, Colombia and Peru, and access to markets such as Nigeria and South Africa. Merchants in Latin America sign with the local PayU company in each country, under terms now published on rapyd.net. PayU's India, Turkey and Southeast Asia businesses were not part of the deal.
Rapyd publishes this in its Latin American terms. After you request a transfer, it aims to pay your balance to a local bank account within 3 business days. International transfers target 7 business days, or 22 from Argentina and up to 15 from Brazil, and carry a 3% commission plus the spot exchange rate. Rapyd says these times are not guaranteed. dLocal does not publish enterprise settlement times. Currency and frequency are set when you sign up, so ask for them in writing for each market.
It depends what you count. dLocal is built around emerging markets: 64 countries across Latin America, Africa and the Middle East, and Asia. In India it lists UPI and NetBanking, while Rapyd's network page shows only cards and stablecoins there. Rapyd counts more countries in total, 182 on its network page, but that includes developed markets, and 114 of the 183 countries on the page show only cards and stablecoins for collecting payments. In the eight markets we compared (Mexico, Brazil, Argentina, Chile, Colombia, Peru, Nigeria and South Africa), both list local payment methods.
Partly. A consolidated New York state class action over its 2021 IPO was dismissed, and the dismissal was upheld on appeal in April 2026. A federal securities class action in the Eastern District of New York, Laurenzi v. dLocal Ltd., was still pending at 30 June 2026, with dLocal's motion to dismiss not yet decided, and the court docket showed no ruling as of a joint status report filed on 28 August 2026. Neither case has resulted in any finding against dLocal.
Rapyd's published Latin American terms have no end date, and either side can end them on 30 days' written notice. After the agreement ends, Rapyd can keep balances for up to 180 days from your last transaction, or longer while a payer's claim is open. Its EU and UK terms leave your notice period to your signed agreement. dLocal does not publish merchant terms, so check the term, notice period and treatment of held funds in each market in your contract.
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