ore known for farming than fintech, the beef-exporting country nicknamed the “Switzerland of South America” is now one of the smallest nations in the world—with a population of just 3.5 million—to have minted more than one billionaire. Sergio Fogel, 58, and Andrés Bzurovski, 44, who cofounded dLocal, each own an 18% stake worth about $3.7 billion apiece.
A 20 minute drive from dLocal’s office in the country’s third-tallest building in the capital city of Montevideo, the halls of Universidad ORT are a far cry from the rarefied world of such tech giants. Uruguay’s largest private university was founded in 1942 by the Organization for Research and Training, a Jewish educational foundation established in St. Petersburg in 1880 to empower Russia's Jewish population with trade and professional skills.
"dLocal has been profitable from its first year. Money wasn't a driver for any of the funding rounds we did before we became public,” says Kanovich. “At some point we realized that we wanted to get to the next level, and we were looking for a partner that would help us scale and think internationally."
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