The first Uruguayan unicorn tries to give guarantees to the Argentine government about its operations in the country.
The first unicorn Uruguay, dLocal, will invest 100 million dollars in Argentina, with the aim of showing his “economic substance” after the accusation of fraud he received from the government of the neighboring country.
The Uruguayan payment platform continues to work to recover its good name amid new investigations into your financeson this occasion promoted by the Argentine government, which accuses her of currency flight and asset laundering for an amount of around 400 million dollars.
In this sense, the company announced through a statement that it held “constructive meetings with representatives of the Argentine federal government to explain the way” in which the company operates in that country, “including the company’s compliance with market regulations exchange”.
The meetings took place after dLocal confirmed that it would collaborate with the investigation and the requests for information made by the Argentine Justice —which, as anticipated, will send all the data to the Securities and Exchange Commission (SEC)the regulator Wall Street—; and after the announcement that Sergio Fogel, one of the founders of the fintech, he assumed the role of co-chairman to regain the confidence of investors.
What was discussed during the meetings?
As reported by dLocal, the company took special care to explain its operations in the country. “Government representatives understood the importance of the services that dLocal provides in Argentina,” the statement explained, especially emphasizing the way it promotes the financial inclusion locally and “appreciated the proactive commitment and willingness to cooperate with the corresponding administrative and judicial authorities” in the territory.
Likewise, the Uruguayan unicorn declared that, given the magnitude of the business in Argentina, it intends to show even more its economic substance with its plan to hire approximately 100 employees in the next year and 300 employees in the medium term in the country”. On this would be added, in addition, a investment of up to 100 million dollars which would be carried out gradually and through Argentine federal government bonds dollar linked issued locally that can be used for operating expenses and domestic investments.
With these measures, dLocal is convinced that it provides “evidence that the company will be in the country in the long term”, and seeks to bring some security to the Argentine government.
Source: Ambito
