Grey–dLocal Partnership Fuels Explosive 80% Quarterly Growth in Emerging Markets
A year into their collaboration, Grey and dLocal are reporting rapid expansion, with payout volumes in new markets climbing at an average of 80% quarter-on-quarter.
Grey’s Global Ambition Meets dLocal’s Infrastructure
Grey, a five-year-old fintech founded by two Nigerians and headquartered in the US, has quietly built a strong reputation among more than one million customers who rely on its multi-currency accounts and international payments services.
Its ability to reach new markets accelerated in mid-2024 when the company struck a partnership with Uruguay-based dLocal (NASDAQ: DLO), a cross-border payments provider known for its deep infrastructure in emerging economies.
That infrastructure is proving critical: by August 2024, Grey users in Brazil, Mexico, Indonesia, South Africa, and the Philippines could instantly send and receive payments through local bank accounts and wallets at low cost. Within a year, Grey’s payout volumes in these markets were growing at a staggering 80% every quarter.
Expansion Into Africa, Asia, and Beyond
Grey’s collaboration with dLocal didn’t stop at its initial five-country rollout. The service has since extended into North Africa — Morocco, Egypt, and Algeria — expanding the reach of its foreign account offerings (USD, GBP, EUR) and making it easier for freelancers, remote workers, and businesses to transact globally while settling locally.
“This partnership has been a catalyst,” said Femi Aghedo, Grey’s co-founder and COO. “We’ve rapidly scaled into new key markets, integrated seamlessly with payments infrastructure, and delivered faster onboarding and instant payouts. The adoption we’re seeing underscores how important this is for global users and businesses alike.”
dLocal’s Broader Strategy
For dLocal, the Grey story arrives at a sensitive but strategic time. The fintech giant has been navigating macroeconomic pressures that rattled its stock price, alongside speculation of a potential sale in 2024, discussions CEO Pedro Arnt later described as “conversations that rarely lead anywhere.”
In June 2025, the company announced plans to acquire AZA Finance, marking its first move outside Latin America and a signal of its intent to deepen operations in Africa and Asia. Pushing successful case studies like Grey, says dLocal, is part of rebuilding investor confidence.
“This collaboration illustrates how cross-border infrastructure enables scalable growth in emerging markets,” said Agustin Botta, dLocal’s EMEA Head. “We’re helping businesses expand globally while adapting to local realities. The traction with Grey highlights the opportunities that can be unlocked.”
A Quiet Performer in Fintech
Unlike many of its peers, Grey has kept a relatively low profile despite steady progress. Since its founding, it has raised just $2.5 million — last closing a seed round in 2022. Even so, the company has executed multiple partnerships, including with Clear Junction in Europe and Cellulant in East Africa, while expanding into high-potential regions.
Whether Grey is profitable or how much of its one million-plus user base is active remains unclear. But in a sector often defined by noise and hype, Grey’s results-driven growth story, capped by an 80% quarterly surge in payouts — suggests the fintech is building momentum where it matters most.
