He dLocal Uruguayan unicorn closed a positive 2023 in which the value of its shares increased, despite having added a judicial scandal with the government of Argentina, headed at that time by the president Alberto Fernandez, which included lawsuits in the Justice of USA.
In a year in which its structure also changed, with the arrival as co-CEO of Pedro Arnt, former financial director of Free market and the announcement of the departure of its CFO, Diego Cabrera Canay, The fintech managed to get its shares listed this Friday, December 29, at $17.69.
That figure represents an increase of 13.62% compared to the $15.57 it was worth on December 30, 2022. In any case, it was a year of great fluctuations for dLocal, which went through moments with unexpected values, whose lowest point was on June 5, with a price of 9.82 dollars.
On the other hand, the peak of its performance was on August 30, less than three months later, when it reached its record 2023, with a price of $22 per share in the Nasdaq of the NYSE.
Accusations from Argentina and the United States
After a sharp drop in stocks at the end of 2022 following a harsh report from the hedge fund Muddy Waters CapitaldLocal had its first setback in March of this year, with a class action lawsuit in the United States.
The claim was made by the law firm Bragar, Eagel and Squire PC, from where they warned that the firm incorporated “false statements of material facts” and omitted many others.
Between the end of May and the beginning of June, the Uruguayan unicorn was charged in Argentina for money laundering under the accusation of “fraud” or “scam”, accusing the company of leaking foreign currency for up to 400 million dollars, a lawsuit that was confirmed by the then Minister of Economy, Sergio Massa.
In September, the investigation of the Uruguayan unicorn for money laundering led to the discovery in Argentina of a false educational institution that transferred 395 million pesos to USA through fintech and finally, in October, the New York law firm, Pomerantz, initiated a class action lawsuit by shareholders against the Uruguayan unicorn.
Announcements, name changes and milestones
However, the year of dLocal went beyond these litigations, since in 2023 it managed to chain several positive quarterly balances and it was also the year in which it was authorized to begin operating in Brazil as a payment entity, both as an issuer of electronic money and as an initiator of payment transactions.
As for names, the fintech announced one of its founders in June, Sergio Fogel, as co-president. Then, in August, she added Pedro Arnt, former financial director of Mercado Libre, as co-CEO.
Finally, a little over a month ago, dLocal announced the departure of its CFO, Diego Cabrera Canay, which will materialize in the first quarter of next year to give rise to a smooth transition.
Source: Ambito
