the uruguayan unicorn dLocal insisted that he was not notified of any “open cause” by the justice of Argentina after information published on Friday that the Customs of that country began an investigation for alleged irregularities.
“We have not received any complaint. Our lawyers have not. Nothing has been received from outside, nothing out of the ordinary,” a source from the fintech which is responsible for processing cross-border payments.
In dLocal “there are continuous points of investigation” and that in the event that the Argentine Justice requires information about its operations from the company they are “totally open to collaborate,” said the source that was not identified by the Spanish agency. “For now the company continues to operate regularly and with total normality, following all the operations”, he pointed out.
Last Friday dLocal, which operates in 29 countries in Latin America, Pacific Asia, Middle East and north of Africa and has more than 300 employees, published a statement denying a publication in an Argentine media that they described as “misleading.”
dLocal’s response to the alleged accusations in Argentina
According to this journalistic version, the Uruguayan company had been singled out by the Argentine government for allegedly overbilling of digital services for at least 400 million dollars with the purpose of evading foreign currency abroad.
“We are a listed company, everyone has the right to investigate it if they want. But also because we are audited, we have all the information, let’s say publicly accessible and in which there is this information requirement,” they pointed out from the fintech led by James Singer (president) and Sebastian Kanovich (CEO) and created by Sergio Fogel.
DLocal became the first “unicorn” in Uruguay in September 2020 after reaching a valuation of more than 1,000 million dollars and becoming listed on the NYSE.
In this way, it became the first company to jump onto the stock market (in this case, listing on the technology index nasdaq) in this century and did so through a public offering for the sale of shares (OPV), whose high demand in the previous day raised the placement price from the 16-18 dollars initially forecast to 21 dollars.
After trading last Friday, dLocal’s shares fell more than 17% and closed at a price of $11.41.
dLocal enables more than 400 multinationals and global merchants to process more than 600 payment methods in 40 emerging countries. He has clients like Amazon, zara, uber, Nike, Google, Microsoft and rappiamong others.
Source: Ambito
