Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 47

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 47
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Service, or the IRS, will agree with our conclusion. In addition, whether we will be a PFIC in 2025 or any future year is uncertain because,
among other things, (1) we hold and expect to continue to hold a substantial amount of cash, which is generally categorized as a passive
asset; and (2) our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets
from time to time (which may be determined, in part, by reference to the market price of our Class A common shares, which could be volatile).
Accordingly, there can be no assurance that we will not be a PFIC for any taxable year.

<div align='center'>S-27</div>

If we are a PFIC for any taxable year during which
a U.S. investor holds Class A common shares, we generally would continue to be treated as a PFIC with respect to that U.S. investor for
all succeeding years during which the U.S. investor holds Class A common shares, even if we ceased to meet the threshold requirements
for PFIC status. Such a U.S. investor may be subject to adverse U.S. federal income tax consequences, including (1) the treatment of any
gain on disposition of the Class A common shares as ordinary income; (2) the application of a deferred interest charge on any such gain
and the receipt of certain dividends; and (3) compliance with certain reporting requirements. A “mark-to-market” election
may be available that will alter the consequences of PFIC status if our Class A common shares are regularly traded on a qualified exchange.
For further discussion, see “Taxation—U.S. Federal Income Tax Considerations.”

<div align='center'>S-28

Cautionary Statement
Regarding Forward-Looking Statements</div>

This prospectus supplement, the accompanying prospectus
and the documents incorporated by reference herein and therein contain estimates and forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. In addition, from time to time we or our representatives have made or may make forward-looking
statements orally or in writing. Furthermore, such forward-looking statements may be included in various filings that we make with the
SEC or press releases or oral statements made by or with the approval of one of our authorized executive officers. These forward-looking
statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual