Uruguay Gets Its First Billionaires With U.S. Fintech IPO
- Payments firm DLocal valued at $9.5 billion after NYC debut
- Founders Bzurovski and Fogel are now worth almost $3.7 billion
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Wealth in Uruguay has historically been tied to agriculture and meatpacking, but it took a fintech startup to create the country’s first billionaires.
Andres Bzurovski, 43, and Sergio Fogel, 57, joined the ranks of the world’s richest following DLocal Ltd.’s initial public offering in New York. Shares of the payments firm they founded climbed to $32.39 Thursday in the first day of trading -- a 54% increase over the IPO price -- collectively valuing the pair at about $3.69 billion, according to the Bloomberg Billionaires Index.