[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  S.V. Leeuwen [@SV_Leeuwen](/creator/twitter/SV_Leeuwen) on x XX followers Created: 2025-07-17 14:06:27 UTC Final Thoughts & Implications: In conclusion, reading $DLO ’s handbook felt like getting a sneak peek into the future of payments – not just in emerging markets, but globally. What’s happening in São Paulo, Nairobi, and Jakarta is setting the pace for everyone else. As an investor, I’m thinking in first principles: does a company enable payments that are faster, more local, and more convenient than the old alternatives? If yes, they’re probably on the right side of the growth curve. Concretely, I’m bullish on those that aggregate or participate in these local networks: $DLO (aggregator), $ADYEN (aggregator + direct acquiring), $MELI (own local ecosystem). I’m cautiously optimistic on $STNE and $PAGS as turnaround plays – they have millions of customers and brand trust, which is valuable if they can reinvent their offerings for a Pix-dominated world. I also wouldn’t ignore Nubank ( $NU), Latin America’s largest digital bank, not mentioned in the handbook but implicitly part of the trend of FinTechs (Nubank offers Pix, credit cards, crypto, etc. super app style). Nubank’s rise (100M customers in LATAM) exemplifies how a mobile-first approach can beat legacy banks, aligning with the handbook’s theme that “those who localize now will lead later”. In a world moving away from one-size-fits-all payment rails, local knowledge is the edge. As $DLO ’s CEO put it, success takes “deep local context, specific knowledge of each market’s unique payment behaviours, and the agility to adapt”. That sounds about right. My take-away for investing: bet on companies that have that deep local insight or are providing the picks-and-shovels to those who do. The next decade in fintech will belong to those who marry global scale with local savvy – and emerging markets are where this future is being written first. Implications for other companies: $V and $MA: The handbook highlights a clear shift away from traditional card networks toward mobile wallets and real-time payment systems (e.g., Pix, UPI, M-Pesa). This trend could negatively impact $V and $MA in emerging markets as their traditional card rails become less dominant. The rise of local payment schemes (RuPay in India, Verve in Nigeria, Meeza in Egypt) further pressures their market share. PayPay ( $PYPL): PayPal faces similar pressures, as the growth of hyper-local digital wallets and instant bank transfers reduces reliance on its global digital wallet infrastructure in emerging markets. However, PayPal’s cross-border transaction capabilities and recent integration of local rails in certain markets (Pix, UPI) provide partial insulation and an opportunity for expansion if executed aggressively. Sea Limited ( $SE): $SE’s ShopeePay and SeaMoney are deeply integrated eWallet and BNPL offerings dominant in Southeast Asia, aligning perfectly with the handbook’s insights into regional adoption of Superapps and mobile wallets. This positions Sea Limited favourably in Indonesia, Vietnam, Thailand, and the Philippines. Grab Holdings ( $GRAB) and GoTo Group ( $GOTO.idx) (Indonesia): Both GrabPay and GoPay (from GoTo’s Gojek) are Superapps explicitly highlighted by the report. The significant adoption of digital wallets and QR payments in Southeast Asia is bullish for these players. Local Payment Processors and Competitors: Ebanx (Private): dLocal’s most direct competitor in Latin America, extensively mentioned as a Pix integrator and local payment aggregator. As Pix and similar local rails expand, Ebanx’s market grows alongside dLocal’s. This could create pricing competition and customer acquisition pressure for $DLO, particularly in Brazil and Mexico. Stripe (Private): Stripe increasingly competes with $ADYEN and $DLO in emerging markets by adding local methods (UPI, Pix integrations). Stripe's significant scale and aggressive global expansion mean the handbook’s trends could incentivize Stripe to accelerate integration of local payment methods, intensifying competitive pressures in key markets. Flutterwave (Private) and Interswitch (Private) (Africa): The rapid growth of mobile money and real-time bank transfers across Africa described in the handbook directly benefits Flutterwave and Interswitch, two key fintech unicorns enabling local payment acceptance. They gain an advantage if Visa/Mastercard rails lose ground, creating a tougher competitive landscape for global players entering Africa. Buy Now Pay Later Providers: Affirm ($AFRM), Block Afterpay ($XYZ), Klarna (Private): While traditionally strong in mature markets, global BNPL providers face competition from emerging market BNPL services integrated directly into local wallets or eCommerce platforms (e.g., $MELI ’s Mercado Pago's BNPL features, Pix Parcelado in Brazil, local BNPL services embedded in Superapps like $GRAB, GoPay and $SE ’s ShopeePay). As the handbook details, homegrown BNPL options in LATAM and SEA may limit expansion opportunities for global BNPL leaders unless they significantly localize offerings. Telecom Companies and Mobile Operators: Safaricom ( $SCOM.nase), MTN Group ( $MTN.jse), Airtel Africa ( $AAF.lon): These telecom giants control Africa’s mobile money rails (M-Pesa, MTN Money, Airtel Money), with extensive coverage in the handbook emphasizing their dominant role. They directly benefit from digital wallet expansion, potentially becoming critical fintech infrastructure providers and major competitors or partners for fintech entrants like $DLO, $ADYEN, or Stripe in Africa. Traditional Banks in Emerging Markets: Itau Unibanco ( $ITUB), Banco Bradesco ( $BBD), Banco Santander Brasil ( $BSBR): Brazil’s banks face pressure from Pix, as the handbook underscores rapid consumer migration to instant payment rails. However, these banks actively participate in Pix and are adapting by embedding Pix into their services. The report’s insights suggest an imperative for these banks to shift towards digital-first products to protect market share. HDFC Bank ( $HDB), ICICI Bank ( $IBN), State Bank of India ( $SBIN): India's UPI explosion, as highlighted by the handbook, is double-edged for traditional banks. They risk commoditization if they don't leverage UPI to cross-sell credit, insurance, and other financial services. Thus, the handbook reinforces the urgency for Indian banks to adapt rapidly to digital-first banking behaviours. Cryptocurrency and Stablecoin Platforms: Coinbase ( $COIN), Binance (Private): The handbook emphasizes stablecoins as a significant emerging-market trend, especially in Africa, where stablecoins account for over XX% of crypto transactions. This trend supports growth narratives for Coinbase and Binance, potentially driving increased transaction volumes from regions experiencing high currency volatility. Big Tech: Alphabet ( $GOOG) (Google Pay), Apple ( $AAPL) (Apple Pay): While strong in developed markets, both face intense local wallet competition across emerging markets (UPI apps, GCash, Mercado Pago). They have invested in UPI integrations and regional wallet partnerships, but the handbook suggests continued localization efforts are necessary for meaningful market penetration in Asia and LATAM. XX engagements  **Related Topics** [investment](/topic/investment) [nairobi](/topic/nairobi) [peek](/topic/peek) [sneak peek](/topic/sneak-peek) [$dlo](/topic/$dlo) [Post Link](https://x.com/SV_Leeuwen/status/1945847571580064008)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
S.V. Leeuwen @SV_Leeuwen on x XX followers
Created: 2025-07-17 14:06:27 UTC
Final Thoughts & Implications:
In conclusion, reading $DLO ’s handbook felt like getting a sneak peek into the future of payments – not just in emerging markets, but globally. What’s happening in São Paulo, Nairobi, and Jakarta is setting the pace for everyone else. As an investor, I’m thinking in first principles: does a company enable payments that are faster, more local, and more convenient than the old alternatives? If yes, they’re probably on the right side of the growth curve.
Concretely, I’m bullish on those that aggregate or participate in these local networks: $DLO (aggregator), $ADYEN (aggregator + direct acquiring), $MELI (own local ecosystem). I’m cautiously optimistic on $STNE and $PAGS as turnaround plays – they have millions of customers and brand trust, which is valuable if they can reinvent their offerings for a Pix-dominated world. I also wouldn’t ignore Nubank ( $NU), Latin America’s largest digital bank, not mentioned in the handbook but implicitly part of the trend of FinTechs (Nubank offers Pix, credit cards, crypto, etc. super app style). Nubank’s rise (100M customers in LATAM) exemplifies how a mobile-first approach can beat legacy banks, aligning with the handbook’s theme that “those who localize now will lead later”.
In a world moving away from one-size-fits-all payment rails, local knowledge is the edge. As $DLO ’s CEO put it, success takes “deep local context, specific knowledge of each market’s unique payment behaviours, and the agility to adapt”. That sounds about right. My take-away for investing: bet on companies that have that deep local insight or are providing the picks-and-shovels to those who do. The next decade in fintech will belong to those who marry global scale with local savvy – and emerging markets are where this future is being written first.
Implications for other companies:
$V and $MA: The handbook highlights a clear shift away from traditional card networks toward mobile wallets and real-time payment systems (e.g., Pix, UPI, M-Pesa). This trend could negatively impact $V and $MA in emerging markets as their traditional card rails become less dominant. The rise of local payment schemes (RuPay in India, Verve in Nigeria, Meeza in Egypt) further pressures their market share.
PayPay ( $PYPL): PayPal faces similar pressures, as the growth of hyper-local digital wallets and instant bank transfers reduces reliance on its global digital wallet infrastructure in emerging markets. However, PayPal’s cross-border transaction capabilities and recent integration of local rails in certain markets (Pix, UPI) provide partial insulation and an opportunity for expansion if executed aggressively.
Sea Limited ( $SE): $SE’s ShopeePay and SeaMoney are deeply integrated eWallet and BNPL offerings dominant in Southeast Asia, aligning perfectly with the handbook’s insights into regional adoption of Superapps and mobile wallets. This positions Sea Limited favourably in Indonesia, Vietnam, Thailand, and the Philippines.
Grab Holdings ( $GRAB) and GoTo Group ( $GOTO.idx) (Indonesia): Both GrabPay and GoPay (from GoTo’s Gojek) are Superapps explicitly highlighted by the report. The significant adoption of digital wallets and QR payments in Southeast Asia is bullish for these players.
Local Payment Processors and Competitors:
Ebanx (Private): dLocal’s most direct competitor in Latin America, extensively mentioned as a Pix integrator and local payment aggregator. As Pix and similar local rails expand, Ebanx’s market grows alongside dLocal’s. This could create pricing competition and customer acquisition pressure for $DLO, particularly in Brazil and Mexico.
Stripe (Private): Stripe increasingly competes with $ADYEN and $DLO in emerging markets by adding local methods (UPI, Pix integrations). Stripe's significant scale and aggressive global expansion mean the handbook’s trends could incentivize Stripe to accelerate integration of local payment methods, intensifying competitive pressures in key markets.
Flutterwave (Private) and Interswitch (Private) (Africa): The rapid growth of mobile money and real-time bank transfers across Africa described in the handbook directly benefits Flutterwave and Interswitch, two key fintech unicorns enabling local payment acceptance. They gain an advantage if Visa/Mastercard rails lose ground, creating a tougher competitive landscape for global players entering Africa.
Buy Now Pay Later Providers:
Affirm ($AFRM), Block Afterpay ($XYZ), Klarna (Private):
While traditionally strong in mature markets, global BNPL providers face competition from emerging market BNPL services integrated directly into local wallets or eCommerce platforms (e.g., $MELI ’s Mercado Pago's BNPL features, Pix Parcelado in Brazil, local BNPL services embedded in Superapps like $GRAB, GoPay and $SE ’s ShopeePay). As the handbook details, homegrown BNPL options in LATAM and SEA may limit expansion opportunities for global BNPL leaders unless they significantly localize offerings.
Telecom Companies and Mobile Operators:
Safaricom ( $SCOM.nase), MTN Group ( $MTN.jse), Airtel Africa ( $AAF.lon): These telecom giants control Africa’s mobile money rails (M-Pesa, MTN Money, Airtel Money), with extensive coverage in the handbook emphasizing their dominant role. They directly benefit from digital wallet expansion, potentially becoming critical fintech infrastructure providers and major competitors or partners for fintech entrants like $DLO, $ADYEN, or Stripe in Africa.
Traditional Banks in Emerging Markets:
Itau Unibanco ( $ITUB), Banco Bradesco ( $BBD), Banco Santander Brasil ( $BSBR): Brazil’s banks face pressure from Pix, as the handbook underscores rapid consumer migration to instant payment rails. However, these banks actively participate in Pix and are adapting by embedding Pix into their services. The report’s insights suggest an imperative for these banks to shift towards digital-first products to protect market share.
HDFC Bank ( $HDB), ICICI Bank ( $IBN), State Bank of India ( $SBIN): India's UPI explosion, as highlighted by the handbook, is double-edged for traditional banks. They risk commoditization if they don't leverage UPI to cross-sell credit, insurance, and other financial services. Thus, the handbook reinforces the urgency for Indian banks to adapt rapidly to digital-first banking behaviours.
Cryptocurrency and Stablecoin Platforms:
Coinbase ( $COIN), Binance (Private): The handbook emphasizes stablecoins as a significant emerging-market trend, especially in Africa, where stablecoins account for over XX% of crypto transactions. This trend supports growth narratives for Coinbase and Binance, potentially driving increased transaction volumes from regions experiencing high currency volatility.
Big Tech:
Alphabet ( $GOOG) (Google Pay), Apple ( $AAPL) (Apple Pay):
While strong in developed markets, both face intense local wallet competition across emerging markets (UPI apps, GCash, Mercado Pago). They have invested in UPI integrations and regional wallet partnerships, but the handbook suggests continued localization efforts are necessary for meaningful market penetration in Asia and LATAM.
XX engagements
Related Topics investment nairobi peek sneak peek $dlo