DLO
DLocal Limited Class A Common Shares
stock NASDAQ

Been holding DLO since mid-2024. So long-term-ish.
I honestly think the moat is pretty narrow for DLO, but I accepted that as a fact due to the attractive valuation (it is what it is - you can't get it all).
I'm somehow less worried about merchant in-sourcing. Merchants that are actually big, are also likely to be global, and diversified across many regions. And global merchants operating in many different countries don't really want to deal with this. The most risky scenario is a merchant that became big in a certain market, but is also quite concentrated in that particular market, so figuring out the payment infrastructure and navigating through regulations may start to make sense. But I'd bet that's not a very common case/situation (I haven't done a detailed DD there, it's just a hunch knowing how big multinationals operate). And by the time the market is developed/profitable enough that e.g. Uber starts thinking about doing it themselves, they will not need DLO anyhow - they'll use Stripe, Adyen or even PayPal prior. And even then, Uber still uses Adyen in the background for many large European markets for example, even though those markets are quite profitable/developed.
So I'm actually more worried about Stripe, Adyen or even PayPal eating more and more of their lunch (but I do hold Adyen stock as well - so I don't really worry about Adyen), because that's what happens earlier in this chain. Stripe in particular is a real threat, and it's really just a question of margins as you pointed out. Once the margin in a certain market becomes attractive enough for Stripe to make a move, they will, and DLO can't really defend themselves against that. They can just hope to pivot to other markets with even lower margins OR try to improve their own damn products so that eating their lunch isn't so easy.

Been holding DLO since mid-2024. So long-term-ish.
I honestly think the moat is pretty narrow for DLO, but I accepted that as a fact due to the attractive valuation (it is what it is - you can't get it all).
I'm somehow less worried about merchant in-sourcing. Merchants that are actually big, are also likely to be global, and diversified across many regions. And global merchants operating in many different countries don't really want to deal with this. The most risky scenario is a merchant that became big in a certain market, but is also quite concentrated in that particular market, so figuring out the payment infrastructure and navigating through regulations may start to make sense. But I'd bet that's not a very common case/situation (I haven't done a detailed DD there, it's just a hunch knowing how big multinationals operate). And by the time the market is developed/profitable enough that e.g. Uber starts thinking about doing it themselves, they will not need DLO anyhow - they'll use Stripe, Adyen or even PayPal prior. And even then, Uber still uses Adyen in the background for many large European markets for example, even though those markets are quite profitable/developed.
So I'm actually more worried about Stripe, Adyen or even PayPal eating more and more of their lunch (but I do hold Adyen stock as well - so I don't really worry about Adyen), because that's what happens earlier in this chain. Stripe in particular is a real threat, and it's really just a question of margins as you pointed out. Once the margin in a certain market becomes attractive enough for Stripe to make a move, they will, and DLO can't really defend themselves against that. They can just hope to pivot to other markets with even lower margins OR try to improve their own damn products so that eating their lunch isn't so easy.