Sergio Fogel takes over as co-chairman of dLocal

The Uruguayan unicorn dLocal announced this Wednesday that one of its founders, Sergio Fogelwill assume as co-president and director of Strategy of the Uruguayan unicorn. “I am delighted to assume this executive role to continue supporting a dynamic and growth-focused leadership team as we guide the dLocal business through the next phase of growth,” the businessman said in the statement.

“The development of dLocal since its founding shows the dedication and exceptional efforts of all our teams. I am confident that the future is bright with us leading it,” added Fogel.

Fogel will lead the company together with Sebastián Kanovich, current CEO, and Jacobo Singer, also co-chairman and COO.

In the statement The completion of the purchase of shares by key shareholders of the company for a value of around US$ 160 million was also announced.

The Class A common shares were acquired by open market transactions by the US equity financing firm General Atlantic (US$100 million) and Sergio Fogel, Andrés Bzurovski and Eduardo Azar (approximate amount of US$60 million).

“Our opportunity to connect global merchants with users in emerging markets is significant. I am excited to work even more closely with Sergio, making this role official as we work together to grow the dLocal business,” Kanovich said in the statement.

“I am deeply grateful for the extraordinary show of support from our founding shareholders and from General Atlantic; their financial commitment and continued dedication to our company demonstrate their confidence in our long-term future,” added the executive.

The incorporation of the businessman to dLocal and the purchase of shares occurs after the technology company was charged by the Argentine government for possible money laundering maneuvers and its shares suffered a sharp drop.

The company that provides cross-border payments that connect large technology companies with emerging markets has been investigated for carrying out possible overbilling operations for digital services and currency smuggling for at least US$ 400 million.

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