UPDATE 2-Uruguay's dLocal remains "extremely bullish" on new client opportunities-COO

·1 min read

(Updates with share price, analyst comment)

May 18 (Reuters) - Uruguayan payments firm dLocal remains "extremely bullish" on new client opportunities as the company continues to expand into emerging markets, a company executive said in a call with analysts Wednesday.

The company, which expanded into Rwanda and the Ivory Coast in the first quarter, continues to see opportunities for growth following strong numbers posted Tuesday, Chief Operating Officer Sumita Pandit said.

Shares in dLocal, which trades on the U.S.-based Nasdaq Stock Market, were up 31% by mid-morning.

Due to a balanced portfolio, dLocal does not expect to see major hits due to geopolitical tensions, rising inflation or higher interest rates in some markets, Chief Executive Sebastian Kanovich said.

The overall porfolio growth "shows how much more dependent customers are becoming on the company to resolve their global payment needs," said analysts at Brazil's BTG Pactual in a note Tuesday.

"Our business has shown resilience and continues to benefit from the diversity of our merchants across industry verticals, geographies, products, and consumer behavior patterns," said Kanovich in a statement accompanying the results.

The company is heavily investing in recruiting, executives said, reporting a 54% increase in employees in the first quarter from the same period the year before.

"We're not shying away from tech," said Chief Financial Officer Diego Cabrera Canay, emphasizing the need for employees in the company's technology sector to support its payments infrastructure. (Reporting by Kylie Madry; Editing by Christian Plumb and Chizu Nomiyama)

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