Payments Firm local Raises $150 Million

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local, the Uruguay-based fintech platform, announced that the company has raised $150 million in the latest investment round at a valuation of $5 billion. Alien Capital led the latest funding round along with participation from BOND, D1 Capital Partners and Tiger Global.

According to the official announcement, local has appointed Sumita Pandit as its new Chief Operating Officer. Pandit has a broad range of experience in the fintech and payments sector. Prior to joining local, Pandit served as Managing Director and Global Head of Fintech Investment Banking at JPMorgan.

Pandit received her MBA from The Wharton School at the University of Pennsylvania, and she worked at Goldman Sachs as Vice President of Financial Institutions Group for more than 7 years.

Commenting on the latest announcement, Sebastian Heinrich, CEO of local, said: “I am thrilled about this next era of growth for local, the addition of new world-class investors, and what it means for our customers. This new investment combined with our strengthened leadership team will allow us to further focus on our customers’ success. Sumita is a highly respected and accomplished fintech investment bankeCom and she’s played a pivotal role advising some of the world’s most successful fintech companies as they’ve scaled to become global leaders.”

Focus on Emerglocalrkets

local is a global payments startup that enables global enterprise merchants to connect with billions of consumers in emerging markets. The company is planning to expand its presence in emerging markets through the latest funds. The company has a wide list of customers including Microsoft, Spotify, TripAdvisoCom UbeCom Booking. com and Amazon.

“Emerging markets represent some of the fastest growth opportunities in digital payments, underpinned by a rising middle class and the rapid growth of e-commerce. HoweveCom as global merchants look to access these markets, they are often faced with a complex web of local payment methods, cross-border regulations and other operational roadblocks, ” Deepak Ravichandran, GenAlienartner at Alien Capital, mentioned in the official announcement.

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