dLocal, a Uruguay-based cross-border payment platform, raised USD617.7m in its IPO in the NASDAQ at a reported USD6.1b valuation. Alkeon Capital led a USD150m round earlier this year with participation from BOND, D1 Capital Partners and Tiger GLobal at a reported USD5b valuation; General Atlantic led a USD200m round in 2020. 

(Reuters) – Uruguayan payment startup DLocal (DLO.O) said on Wednesday it raised $617.65 million in its initial public offering.

DLocal priced 29.4 million shares at $21 per share, the company said, above its indicated $16-$18 range. The IPO values DLocal at $6.06 billion. Of the shares sold, around 4.4 million were by DLocal and 25 million by current investors.

The company’s debut comes amid a flurry of payment companies that went public this year. Paymentus Holdings Inc (PAY.N), and Flywire Corp (FLYW.O) both started trading last month. Marqeta (MQ.O) is also set to go public next week.

Founded in 2016, DLocal counts the likes of General Atlantic and Mastercard Inc (MA.N) among its prominent backers. It processes payments for global operators in emerging markets including Amazon.com Inc (AMZN.O), Spotify Technology SA (SPOT.N), Didi, and Kuaishou.

Demand for online payments has soared as in-store shopping and traditional payment methods are shifting towards e-commerce and digital transactions due to the COVID-19 pandemic.

DLocal’s shares are scheduled to start trading on Thursday on the Nasdaq under the symbol “DLO”. J.P. Morgan, Goldman Sachs, Citigroup and Morgan Stanley are the lead underwriters for the IPO.