Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 52

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 52
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     |                     |       - |
| Total equity          |     |                     | 448,180 |
| Total capitalization  |     |                     | 508,884 |

There have been no material changes to our capitalization
since June 30, 2025.

<div align='center'>S-32

Description of
Class A Common Shares</div>

For a description of our Class A common shares,
see “Description of Share Capital” in the accompanying prospectus to which this prospectus supplement relates.

<div align='center'>S-33

Principal Shareholders
and Selling Shareholder</div>

The following table and accompanying footnotes
present information relating to the beneficial ownership of our Class A common shares and Class B common shares: (1)
as of June 30, 2025; (2) following the sale of Class A common shares in this offering, assuming no exercise of the underwriters’
option to purchase additional common shares; and (3) following the sale of Class A common shares in this offering, assuming the underwriters’
option to purchase additional common shares is exercised in full, by:

| · | each person, or group of affiliated persons, known by us to own beneficially 5% or more of our issued and outstanding shares; |

| · | each of our executive officers and directors individually; |

| · | all executive officers and directors as a group; and |

| · | the selling shareholder. |

The number of common shares beneficially owned
by each entity, person, executive officer or director is determined in accordance with the rules of the SEC, and the information is not
necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over
which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire
within 60 days through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable
community property laws, the persons named in the table have sole voting and investment power with respect to all common shares held by
that person.

The percentages of beneficial ownership in the
table below are calculated on the basis of the following numbers of shares outstanding as of June 30, 2025: 312,458,403 common shares,
comprising 164,649,324 Class A common shares, 18,754,887 Class A common treasury shares held by us and 129,054,192 Class