General Atlantic Group Files Schedule 13D/A Reporting 28.3% of DLO; Margin Loan Repaid

Rhea-AI Filing Summary

Amendment No. 2 to Schedule 13D reports that a General Atlantic group of affiliated funds and entities collectively holds 46,656,695 Class A common shares of dLocal Ltd, representing 28.3% of the Class A shares outstanding based on 164,649,324 shares reported by the company as of June 30, 2025. The filing updates prior Schedule 13D/A disclosures and states that GA DO sold 17,250,000 Class A shares in a September 2025 underwritten offering at $12.3675 per share that closed on September 5, 2025. On September 9, 2025 the remaining balance under a Margin Loan Agreement was fully repaid and 30,000,000 pledged shares were released and will be transferred to GA DO. The Reporting Persons executed a Joint Filing Agreement to file this Statement jointly.

Positive

• Clear disclosure of aggregate beneficial ownership: 46,656,695 Class A shares representing 28.3% of the class
• Completed underwritten secondary sale of 17,250,000 shares at $12.3675 per share (closed September 5, 2025)
• Margin loan fully repaid and 30,000,000 pledged shares released (to be transferred to GA DO), indicating de-leveraging

Negative

• None.

Insights

Financial Analyst

TL;DR: General Atlantic controls a large, disclosed ~28.3% stake and completed a significant secondary sale and de-leveraging.

The Schedule 13D/A documents that the General Atlantic reporting group beneficially owns 46,656,695 Class A shares (28.3%). The filing confirms a 17.25M-share underwritten sale at $12.3675 that closed on September 5, 2025 and the full repayment of a margin loan on September 9, 2025 that resulted in the release of 30.0M pledged shares to be transferred to GA DO. These are material capital structure and ownership events that affect public float and voting composition. The details provided are specific and verifiable within the filing.

Corporate Governance Expert

TL;DR: The filing documents a coordinated group with shared voting and disposition power and formalizes joint reporting.

The Statement identifies twenty-one affiliated reporting persons forming a group under Rule 13d-5 and explains their governance and organizational relationships, including GP/LP structures and delegated managers. The filing also attaches a Joint Filing Agreement. These disclosures clarify which entities share voting and dispositive power over the disclosed shares and provide transparency about control relationships within the General Atlantic group.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

dLocal Ltd

(Name of Issuer)

Class A common shares, nominal value $0.002 per share

(Title of Class of Securities)

G29018101

(CUSIP Number)

Michael Gosk
c/o General Atlantic Service Company, LP, 55 East 52nd Street, 33rd Floor
New York, NY, 10055
212-715-4000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/05/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

GENERAL ATLANTIC, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic DO B.V.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NETHERLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,060,939.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,060,939.00

11

Aggregate amount beneficially owned by each reporting person

10,060,939.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic (DO) SPV GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 30,000,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 30,000,000.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic (DO) SPV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 30,000,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 30,000,000.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

18.2 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic Cooperatief U.A.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

NETHERLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,060,939.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,060,939.00

11

Aggregate amount beneficially owned by each reporting person

10,060,939.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic Partners (Bermuda) IV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,060,939.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,060,939.00

11

Aggregate amount beneficially owned by each reporting person

10,060,939.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic Partners (Bermuda) EU, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic Partners (Lux) SCSp

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic Cooperatief, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 10,060,939.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 10,060,939.00

11

Aggregate amount beneficially owned by each reporting person

10,060,939.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.1 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

GAP (Bermuda) L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

GAP Coinvestments III, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

GAP Coinvestments IV, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

GAP Coinvestments V, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

GAP Coinvestments CDA, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic GenPar (Lux) SCSp

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic (Lux) S.a r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic GenPar (Bermuda), L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 46,656,695.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 46,656,695.00

11

Aggregate amount beneficially owned by each reporting person

46,656,695.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28.3 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic Partners 100, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,595,756.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,595,756.00

11

Aggregate amount beneficially owned by each reporting person

6,595,756.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic (SPV) GP, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,595,756.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,595,756.00

11

Aggregate amount beneficially owned by each reporting person

6,595,756.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic GenPar, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,595,756.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,595,756.00

11

Aggregate amount beneficially owned by each reporting person

6,595,756.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. G29018101

1

Name of reporting person

General Atlantic (DLO), L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,595,756.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,595,756.00

11

Aggregate amount beneficially owned by each reporting person

6,595,756.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A common shares, nominal value $0.002 per share
(b)	Name of Issuer: dLocal Ltd
(c)	Address of Issuer's Principal Executive Offices: DR. LUIS BONAVITA, 1294, MONTEVIDEO, URUGUAY , 11300.
Item 1 Comment: This Amendment No. 2 to Schedule 13D (the "Statement") is being filed to amend the Statement as originally filed with the Securities and Exchange Commission on March 23, 2023, as amended by Amendment No. 1 dated April 25, 2023, with respect to the Class A common shares, nominal value $0.002 (the "Class A common shares") of DLocal Limited, a company incorporated in the Cayman Islands (the "Company"), whose principal executive offices are located at Dr. Luis Bonavita, 1294, 11300, Montevideo, Uruguay. Except as otherwise provided herein, each Item of the Statement remains unchanged.
Item 2.	Identity and Background
(a)	This Statement is being filed by a "group," as defined in Rule 13d-5 of the General Rules and Regulations promulgated under the Exchange Act. The members of the group are: (i) General Atlantic, L.P., a Delaware limited partnership ("GA LP"); (ii) General Atlantic DO B.V., a Netherlands private limited company ("GA DO"); (iii) General Atlantic (DO) SPV GP, LLC, a Cayman Islands limited liability company ("GA DO SPV GP"); (iv) General Atlantic (DO) SPV, L.P., a Cayman Islands exempted limited partnership ("GA DO SPV"); (v) General Atlantic Cooperatief U.A., a Netherlands cooperative ("GA Coop UA"); (vi) General Atlantic Partners (Bermuda) IV, L.P., a Bermuda exempted limited partnership ("GAP Bermuda IV"); (vii) General Atlantic Partners (Bermuda) EU, L.P., a Bermuda exempted limited partnership ("GAP Bermuda EU"); (viii) General Atlantic Partners (Lux) SCSp, a Luxembourg special limited partnership ("GAP Lux"); (ix) General Atlantic Cooperatief, L.P., a Bermuda exempted limited partnership ("GA Coop LP"); (x) GAP (Bermuda) L.P., a Bermuda exempted limited partnership ("GAP (Bermuda) LP"); (xi) GAP Coinvestments III, LLC, a Delaware limited liability corporation ("GAPCO III"); (xii) GAP Coinvestments IV, LLC, a Delaware limited liability corporation ("GAPCO IV"); (xiii) GAP Coinvestments V, LLC, a Delaware limited liability corporation ("GAPCO V"); (xiv) GAP Coinvestments CDA, L.P., a Delaware limited partnership ("GAPCO CDA"); (xv) General Atlantic GenPar (Lux) SCSp, a Luxembourg special limited partnership ("GA GenPar Lux"); (xvi) General Atlantic (Lux) S.a r.l., a Luxembourg private limited liability company ("GA Lux"); (xvii) General Atlantic GenPar (Bermuda), L.P., a Bermuda exempted limited partnership ("GenPar Bermuda"); (xviii) General Atlantic Partners 100, L.P., a Delaware limited partnership ("GAP 100"); (xix) General Atlantic (SPV) GP, LLC, a Delaware limited partnership ("GA SPV"); (xx) General Atlantic GenPar, L.P., a Delaware limited partnership ("GA GenPar"); (xxi) General Atlantic (DLO), L.P., a Delaware limited partnership ("GA DLO") Each of the foregoing is referred to as a Reporting Person and collectively as the "Reporting Persons." GAP Bermuda IV, GAP Bermuda EU, GAP Lux, GA Coop LP and GAP 100 are collectively referred to as the "GA Funds." GAPCO III, GAPCO IV, GAPCO V and GAPCO CDA are collectively referred to as the "Sponsor Coinvestment Funds." The address of GAP (Bermuda) LP, GenPar Bermuda, GAP Bermuda IV, GA Coop LP and GAP Bermuda EU is c/o Conyers Client Services (Bermuda) Limited, Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The address of GA DO and GA Coop UA is Prinsengracht 769 A, 1017 JZ, Amsterdam, The Netherlands. The address of GA DO SPV GP and GA DO SPV is c/o Conyers Trust Company (Cayman) Limited, SIX, 2nd Floor, Cricket Square, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands. The address of GA Lux, GA GenPar Lux, and GAP Lux is Luxembourg is 412F, Route d'Esch, L-1471 Luxembourg. The address of each of the Sponsor Coinvestment Funds, GA DLO, GAP 100, GAP SPV, GA GenPar and GA LP is c/o General Atlantic Service Company, L.P., 55 East 52nd Street, 33rd Floor, New York, NY 10055. Each of the Reporting Persons is engaged in acquiring, holding and disposing of interests in various companies for investment purposes. GA DO is a wholly owned subsidiary of GA Coop UA. GA DO is the sole member of GA DO SPV GP. GA DO SPV GP is the general partner of GA DO SPV. The GA Funds, other than GAP 100, and the Sponsor Coinvestment Funds share beneficial ownership of the shares of Class A common shares held of record by GA DO. The GA Funds, other than GAP Bermuda IV and GA Coop LP, and the Sponsor Coinvestment Funds share beneficial ownership of the shares of Class A common shares held of record by GA DLO. GA SPV is the general partner of GA DLO. General Atlantic GenPar is the general partner of GAP 100. GA LP, which is controlled by the Partnership Committee of GASC MGP LLC, LLC (the "GA Partnership Committee"), is the sole member of GA SPV, the managing member of GAPCO III, GAPCO IV and GAPCO V and the general partner of GAPCO CDA and GA GenPar. The general partner of GAP Lux is GA GenPar Lux and the general partner of GA GenPar Lux is GA Lux. The general partner of GAP Bermuda IV and GAP Bermuda EU and the sole shareholder of GA Lux is GenPar Bermuda. GAP (Bermuda) LP, which is also controlled by the GA Partnership Committee, is the general partner of GenPar Bermuda and GA Coop LP. As of the date hereof, there are six members of the GA Partnership Committee. By virtue of the foregoing, the Reporting Persons may be deemed to share voting power and the power to direct the disposition of the shares that each owns of record. Each of the members of the GA Partnership Committee disclaims ownership of the Class A common shares reported herein except to the extent that he has a pecuniary interest therein. The information required by General Instruction C to Schedule 13D is attached hereto as Schedule A and is hereby incorporated by reference. The present principal occupation or employment of each of the members of the GA Partnership Committee is as a managing director of GA LP.
(b)	See Item 2(a).
(c)	See Item 2(a).
(d)	None of the Reporting Persons and none of the individuals listed on Schedule A have, during the last five years, been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(e)	See Item 2(d).
(f)	See Item 2(a).
Item 3.	Source and Amount of Funds or Other Consideration
	No material change.
Item 4.	Purpose of Transaction
	No material change.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and supplemented as follows: The percentages used herein are calculated based upon on an aggregate of 164,649,324 Class A common shares reported by the Company to be outstanding as of June 30, 2025 as reflected in the prospectus supplement dated September 3, 2025 filed by the Company with the U.S. Securities and Exchange Commission on September 4, 2025. By virtue of the fact that (i) the GA Funds and the Sponsor Coinvestment Funds contributed the capital to fund the purchases, and share beneficial ownership, of the Class A common shares reported herein, (ii) GAP Bermuda LP is the general partner of GA GenPar Bermuda, and GenPar Bermuda is the general partner of GAP Bermuda EU and GAP Bermuda IV, and is the sole shareholder of GA Lux, (iii) GA Lux is the general partner of GA GenPar Lux and GA GenPar Lux is the general partner of GAP Lux, (iv) GAP Lux has appointed Carne Global Fund Management (Luxembourg) S.A. (the "AIFM") as the alternative investment fund manager of GAP Lux pursuant to an alternative investment fund management agreement to undertake all functions required of an external alternative investment fund manager under the Luxembourg law of 12 July 2013 on alternative investment fund managers, as amended from time to time and GAP Lux has also entered into a delegated portfolio management and distribution agreement with the AIFM and General Atlantic Service Company, L.P. ("GASC") in order to appoint GASC to act as the portfolio manager of GAP Lux, (v) GA LP is the sole member of GA SPV, the managing member of GAPCO III, GAPCO IV and GAPCO V, the general partner of GAPCO CDA and GA GenPar, and (vi) the members of the Partnership Committee control the investment decisions of GA LP, GAP Bermuda LP and, with respect to GAP Lux, GASC, the Reporting Persons may be deemed to have the power to vote and direct the disposition of the Class A common shares owned of record by GA DO and GA DLO. As a result, as of the date hereof, each of the Reporting Persons may be deemed to beneficially own the Class A common shares indicated on row (11) on such Reporting Person's cover page included herein, or the approximate percentage of the aggregate amount of Class A common shares indicated on row (13) on such Reporting Person's cover page included herein.
(b)	Each of the Reporting Persons has the shared power to vote or direct the vote and the shared power to dispose or to direct the disposition of the Class A common shares indicated on such Reporting Person's cover page included herein.
(c)	Item 5(c) of the Statement is hereby amended and supplemented as follows: On September 3, 2025, GA DO, as selling shareholder, and the Company entered into an underwriting agreement (the "Underwriting Agreement") with J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC as representatives of the underwriters (the "Underwriters"), providing for the offer and sale by GA DO, of 17,250,000 (including 2,250,000 Class A common shares pursuant to the full exercise of the Underwriters' option) Class A common shares (the "September 2025 Offering") at a price of $12.3675 per Class A common share. The September 2025 Offering closed on September 5, 2025.
(d)	No person other than the persons listed is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any securities owned by any member of the group.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Statement is hereby amended and supplemented as follows: On September 9, 2025, the remaining balance under the Margin Loan Agreement was fully repaid and the 30,000,000 Class A common shares pledged by GA DO SPV pursuant to the Pledge Agreements were released from the pledge. Shortly after the filing of this Statement, such 30,000,000 Class A common shares will be transferred to GA DO. The Reporting Persons entered into a Joint Filing Agreement on September 9, 2025 (the "Joint Filing Agreement"), pursuant to which they have agreed to file this Statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Exchange Act. A copy of the Joint Filing Agreement is attached hereto as Exhibit 1.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 1: Agreement relating to the filing of the joint acquisition statements as required by Rule 13d-1(k)(1) under the Exchange Act.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

GENERAL ATLANTIC, L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director
Date:	09/09/2025

General Atlantic DO B.V.

Signature:	/s/ I.M. van der Hoorn
Name/Title:	I.M. van der Hoorn, Director A
Date:	09/09/2025

Signature:	/s/ J.V. Lepeltak
Name/Title:	J.V. Lepeltak, Director B
Date:	09/09/2025

General Atlantic (DO) SPV GP, LLC

Signature:	/s/ I.M. van der Hoorn
Name/Title:	I.M. van der Hoorn, Director A of General Atlantic DO B.V., its sole member
Date:	09/09/2025

Signature:	/s/ J.V. Lepeltak
Name/Title:	J.V. Lepeltak, Director B of General Atlantic DO B.V., its sole member
Date:	09/09/2025

General Atlantic (DO) SPV, L.P.

Signature:	/s/ I.M. van der Hoorn
Name/Title:	I.M. van der Hoorn, Director A of General Atlantic DO B.V., the sole member of General Atlantic (DO) SPV GP, LLC, its general partner
Date:	09/09/2025

Signature:	/s/ J.V. Lepeltak
Name/Title:	J.V. Lepeltak, Director B of General Atlantic DO B.V., the sole member of General Atlantic (DO) SPV GP, LLC, its general partner
Date:	09/09/2025

General Atlantic Cooperatief U.A.

Signature:	/s/ I.M. van der Hoorn
Name/Title:	I.M. van der Hoorn, Director A
Date:	09/09/2025

Signature:	/s/ J.V. Lepeltak
Name/Title:	J.V. Lepeltak, Director B
Date:	09/09/2025

General Atlantic Partners (Bermuda) IV, L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of GAP (Bermuda) GP LIMITED, the GP of GAP (Bermuda) L.P., the GP of General Atlantic GenPar (Bermuda), L.P., its GP
Date:	09/09/2025

General Atlantic Partners (Bermuda) EU, L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of GAP (Bermuda) GP Limited, the GP of GAP (Bermuda) L.P., the GP of General Atlantic GenPar (Bermuda), L.P, its GP
Date:	09/09/2025

General Atlantic Partners (Lux) SCSp

Signature:	/s/ Ingrid van der Hoorn
Name/Title:	Ingrid van der Hoorn, Manager A of General Atlantic (Lux) S.a r.l., the general partner of General Atlantic GenPar (Lux) SCSp, its general partner
Date:	09/09/2025

Signature:	/s/ William Blackwell
Name/Title:	William Blackwell, Manager B of General Atlantic (Lux) S.a r.l., the general partner of General Atlantic GenPar (Lux) SCSp, its general partner
Date:	09/09/2025

General Atlantic Cooperatief, L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of GAP (Bermuda) GP Limited, the general partner of GAP (Bermuda) L.P., its general partner
Date:	09/09/2025

GAP (Bermuda) L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of GAP (Bermuda) GP Limited, its general partner
Date:	09/09/2025

GAP Coinvestments III, LLC

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:	09/09/2025

GAP Coinvestments IV, LLC

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:	09/09/2025

GAP Coinvestments V, LLC

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:	09/09/2025

GAP Coinvestments CDA, L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of General Atlantic, L.P., its general partner
Date:	09/09/2025

General Atlantic GenPar (Lux) SCSp

Signature:	/s/ Ingrid van der Hoorn
Name/Title:	Ingrid van der Hoorn, Manager A of General Atlantic (Lux) S.a r.l., its general partner
Date:	09/09/2025

Signature:	/s/ William Blackwell
Name/Title:	William Blackwell, Manager B of General Atlantic (Lux) S.a r.l., its general partner
Date:	09/09/2025

General Atlantic (Lux) S.a r.l.

Signature:	/s/ Ingrid van der Hoorn
Name/Title:	Ingrid van der Hoorn, Manager A
Date:	09/09/2025

Signature:	/s/ William Blackwell
Name/Title:	William Blackwell, Manager B
Date:	09/09/2025

General Atlantic GenPar (Bermuda), L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of GAP (Bermuda) GP Limited, the general partner of GAP (Bermuda) L.P., its general partner
Date:	09/09/2025

General Atlantic Partners 100, L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of General Atlantic, L.P., the general partner of General Atlantic GenPar, L.P., its general partner
Date:	09/09/2025

General Atlantic (SPV) GP, LLC

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of General Atlantic, L.P., its sole member
Date:	09/09/2025

General Atlantic GenPar, L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of General Atlantic, L.P., its general partner
Date:	09/09/2025

General Atlantic (DLO), L.P.

Signature:	/s/ Michael Gosk
Name/Title:	Michael Gosk, Managing Director of General Atlantic (SPV) GP, LLC, its general partner
Date:	09/09/2025

FAQ

How many DLO Class A shares does General Atlantic report owning?

The Reporting Persons collectively beneficially own 46,656,695 Class A shares, representing 28.3% of the Class A shares outstanding.

Did General Atlantic sell any DLocal (DLO) shares in September 2025?

Yes. GA DO sold 17,250,000 Class A shares in an underwritten offering at $12.3675 per share that closed on September 5, 2025.

What happened to shares that were pledged under the Margin Loan Agreement?

On September 9, 2025 the remaining balance under the Margin Loan Agreement was fully repaid and the 30,000,000 pledged Class A shares were released and will be transferred to GA DO.

Does General Atlantic file this Schedule 13D/A jointly?

Yes. The Reporting Persons entered into a Joint Filing Agreement and are filing this Statement jointly under Rule 13d-1(k)(1).

What basis is used to calculate the ownership percentage?

Percentages are calculated using 164,649,324 Class A common shares outstanding as reported by the company as of June 30, 2025.