dLocal and Grey form cross-border payment partnership

This collaboration will enable Grey to extend its services into new markets, including Brazil, Indonesia, Mexico, the Philippines, and South Africa. The Global Findex database indicates that approximately 1.7 billion adults worldwide are unbanked, particularly in developing countries. High costs and delays in cross-border payments can exacerbate financial exclusion by limiting access to formal financial services.

Through this partnership, Grey will use dLocal's infrastructure to provide cross-border payouts to wallets and bank accounts. The aim is to offer instant, low-cost transfers and comprehensive payment solutions, which are expected to enhance economic growth and improve access to financial services.

dLocal specializes in facilitating local payments in high-growth markets by connecting global merchants with consumers in Africa, Asia, and Latin America. The company's platform enables global companies to accept payments, send payouts, and settle funds using a single API and contract, eliminating the need to manage multiple local entities or payment methods.

Grey, which holds Money Service Business licenses from FINTRAC in Canada and FinCEN in the USA, offers global banking solutions with a focus on emerging markets. Its services include currency exchange, virtual cards, and invoicing, aiming to simplify the management of foreign bank accounts for both individuals and businesses. Grey Inc. is incorporated in Delaware, USA.

Partnering Uphold

Recently, dLocal also entered into a strategic partnership with Uphold. This collaboration aims to integrate dLocal’s payment processing capabilities with Uphold’s financial services to enhance access to financial solutions in emerging markets.

The World Bank's Global Findex Database 2021 reveals that only 28% of the population in Latin America has a credit card. The majority of adults in the region, between 60% and 89%, use alternative payment methods that are more suited to local preferences.