Uruguayan FinTech dLocal has been licensed as a payment institution in the UK by the Financial Conduct Authority (FCA).

The payment platform said that the move sees the business continues to strengthen its commitment to global compliance and expand its product offering for UK-based merchants.

The licence enables dLocal to offer a suite of regulated payment solutions to UK-based merchants, including pay-in and pay-out, cross-border transactions and advanced fraud controls.

Merchants can now use the service to expand their payment solutions by integrating dLocal's alternative payment methods (APMs) in emerging markets. According to data provided by dLocal, international cards currently account for only 20 per cent of transactions in emerging markets.

John O'Brien, chief revenue officer and UK managing director of dLocal, said that the licence gives UK merchants access to a range of opportunities in Africa, Asia and Latin America.

“With this licence, we are well positioned to continue our strong relationships with existing customers and welcome new customers seeking payment and exit solutions in more than 40 markets served by dLocal,” he added.

DLocal was also recently selected by the UK's International Chamber of Commerce (ICC) as a partner in its flagship Trade for Prosperity programme, which supports the expansion of UK companies into new markets.

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