dLocal vs EBANX: which fits a cross-border payment company?
dLocal and EBANX both let global companies collect local payments and send payouts in emerging markets through one integration, but dLocal reports a wider footprint (44 countries at 31 December 2025) while EBANX documents pay-ins in 23 countries and payouts in six Latin American markets. dLocal funds payouts from a USD balance read through GET /payouts/v3/balance, while EBANX funds payouts in USD for cross-border flows or in local currency through a local entity, read through /ws/payout/balance.
Side by side
| dLocal | EBANX | |
|---|---|---|
| What it does | Payments platform that lets global merchants collect from and pay out to people and businesses in emerging markets, for both cross-border and local-to-local transactions. dLocal began operations in 2016, launched its payout product the same year and served more than 760 global merchants at 31 December 2025. source | Payments platform for global brands selling into emerging markets, with pay-in and payout on the same platform. Merchants choose international, domestic or hybrid settlement, send single or mass payouts locally and internationally, and can process B2B invoices of USD 10,000 to USD 100,000 without SWIFT. EBANX states it serves more than 500 global merchants (October 2026). source |
| Markets covered | 44 countries at 31 December 2025, including Brazil, Mexico, Argentina, Colombia and Chile in Latin America, Nigeria, South Africa and Morocco in Africa, and India, the Philippines and Indonesia in Asia. dLocal reports more than 160 local pay-in methods and 939 local payout methods. source | Pay-ins in 23 countries, including Brazil, Mexico, Colombia, Chile, Peru, Argentina, Nigeria, Kenya, South Africa, Egypt, Turkey, India, Indonesia, Thailand and the Philippines. Payouts in six: Argentina, Brazil, Chile, Colombia, Mexico and Peru. A local model for companies with an in-country entity is offered for pay-ins in Brazil, Chile, Colombia and Mexico, and for payouts in Brazil, Chile and Mexico. source |
| Payout and collection methods | Pay-ins through international and local cards, online bank transfers, direct debit, cash and hundreds of alternative payment methods. Payouts cover cross-border and local-to-local flows; dLocal's 2025 annual report counts 939 local payout methods, including financial institutions. source | Pay-ins through cards, vouchers, bank transfers and wallets, for example Pix and Boleto in Brazil, OXXO Pay and SPEI in Mexico, UPI in India and M-PESA in Kenya, plus USDC and USDT stablecoin pay-ins in Argentina, Brazil, Chile, Costa Rica, Guatemala, Mexico, Paraguay, Peru and Uruguay. Payouts go by bank transfer in Argentina, Brazil, Chile, Colombia and Peru and by SPEI in Mexico, plus Pix (Brazil), DEBIN (Argentina), Bre-B and Nequi (Colombia) and Mercado Pago Wallet (Argentina, Brazil, Mexico). source |
| Licences and regulation | Licensed by the Malta Financial Services Authority as an Electronic Money Institution and Financial Institution under PSD2 for the EEA. dLocal Corp LLP is registered with FinCEN as a Money Services Business. dLocal OpCo UK Limited is an FCA-authorised Payment Institution (approved 17 December 2024). Local registrations include sub-acquirer in Brazil, aggregator in Mexico, payment system operator in the Philippines and third-party payments provider in South Africa. source | EBANX Pte. Ltd. is listed by the Monetary Authority of Singapore as a Major Payment Institution, licensed for cross-border money transfer and merchant acquisition services. source |
| Company (founded, HQ, listed or funding) | DLocal Limited, incorporated in the Cayman Islands with operational headquarters in Montevideo, Uruguay. Class A shares trade on the Nasdaq Global Select Market as DLO after an IPO on 3 June 2021. Total payment volume was USD 40.8 billion in 2025, up 59.6% on 2024. source | Founded in 2012 by Alphonse Voigt, Wagner Ruiz and João Del Valle. Headquarters in Curitiba, Brazil, with an APAC headquarters in Singapore and offices in São Paulo, Mexico City, Montevideo, Johannesburg, Cairo and Shanghai. EBANX states it has more than 700 staff and that investment from FTV Capital helped it become one of the first unicorns in Brazil. source |
| How you hold and fund balances | Payouts draw on a payout balance held in USD, the only accepted source currency for payout quotes. A quote locks the FX rate (including dLocal's markup) for an agreed period and, when an amount is given, returns the fees, taxes and total amount to be debited from the balance. Quotes cover USD to local currency in all dLocal operating countries except Argentina. source | Merchants add funds to their EBANX merchant account, which takes about two business days. Cross-border payouts are funded in USD and EBANX converts to the payee's local currency, with no local entity needed. Local payouts need local currency funding and a local entity. EBANX states SLAs of two business days for bank transfers and as little as two minutes for e-wallets. source |
| Balance and reporting APIs | GET /payouts/v3/balance returns the balance currency and available_balance (the balance available for payouts). In sandbox the endpoint always returns 1000.00. source | POST /ws/payout/balance with the integration key returns available payout funds (USD by default). Adding currency_code returns funds in another currency, and adding a date returns the consolidated balance for a previous day (cross-border environment). Available funds are also shown in the Dashboard, under the Overview section of the Payout tab. source |
| Public pricing | Not published as a rate card. dLocal charges a negotiated fee per approved transaction, either fixed or a percentage, which varies by solution, market, volume and functionality such as FX for expatriation or repatriation. Other fees include instalment, chargeback, refund, set-up, minimum monthly, maintenance and small transfer fees. source | Not published. Applicable fees are charged when the merchant requests a settlement of processed funds to its bank account; settlements can be requested manually or set to daily, weekly, monthly or per-amount schedules. source |
Which to shortlist
- dLocal: Choose dLocal if you need one provider across a wider spread of emerging markets in Latin America, Africa and Asia and want every payout to draw on a single USD balance.
- EBANX: Choose EBANX if your payouts centre on Argentina, Brazil, Chile, Colombia, Mexico and Peru, you want the option of a local-entity model in Brazil, Chile or Mexico, or you want stablecoin pay-ins in Latin American markets.
Running both
Many payment companies use more than one provider per market. Polynopsis reads every partner, bank and wallet into one live position, so each balance, prefund and transfer in flight sits in one place whichever providers you choose.
Frequently asked questions
Which covers more countries, dLocal or EBANX?
dLocal reports operating in 44 countries at 31 December 2025. EBANX documents pay-ins in 23 countries and payouts in six: Argentina, Brazil, Chile, Colombia, Mexico and Peru.
What currency do I fund payouts in?
With dLocal, the payout balance is held in USD, the only accepted source currency for payout quotes. With EBANX, cross-border payouts are funded in USD and converted by EBANX, while local payouts need local currency and a local entity.
How do I check my payout balance by API?
dLocal: GET /payouts/v3/balance returns currency and available_balance. EBANX: POST /ws/payout/balance with your integration key, optionally with a currency_code or a date for a previous day's consolidated balance.
Do dLocal or EBANX publish their prices?
Neither publishes a rate card. dLocal negotiates a fixed or percentage fee per approved transaction, and EBANX charges its fees when you request a settlement.
Which licences do they hold?
dLocal holds an MFSA e-money licence for the EEA, an FCA payment institution authorisation in the UK and a FinCEN MSB registration, plus local registrations such as sub-acquirer in Brazil. EBANX's Singapore entity, EBANX Pte. Ltd., is a MAS Major Payment Institution for cross-border money transfer and merchant acquisition.
Other comparisons
Sources
- www.sec.gov/Archives/edgar/data/1846832/000207097926000113/dlo-20251231.htm
- www.ebanx.com/en
- docs.ebanx.com/docs/get-started/api-operability
- eservices.mas.gov.sg/fid/institution/detail/432756-EBANX-PTE-LTD
- www.ebanx.com/en/about-us
- docs.dlocal.com/docs/quotes-configuration-payouts-v3
- docs.ebanx.com/docs/payout/payouts-overview
- docs.dlocal.com/reference/get-balance-payouts-v3
- docs.ebanx.com/docs/payout/balance/consult-balance
Know where all your money is.
Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.