Deel intentionally expanded globally from year one, viewing it as a core strategy. This resulted in 50% of revenue coming from non-US companies. CEO Alex Bouaziz believes this is a massive differentiator for any company that has found product-market fit.

While international markets have more volatility and lower trust, their biggest advantage is inefficiency. Many basic services are underdeveloped, creating enormous 'low-hanging fruit' opportunities. Providing a great, reliable service in a market where few things work well can create immense and durable value.

DLocal identified a niche where global companies like Amazon and Netflix struggled to accept payments in emerging markets because local payment methods, unlike Visa or Mastercard, were not universally accepted online. This B2B focus on solving complex, fragmented payment infrastructure became their core business.

The traditional model of sequential, country-by-country expansion used by Coca-Cola and even early Google has been replaced. Today’s AI-native companies launch globally from day one, treating the entire internet as their domestic market, enabled by modern financial infrastructure.

A powerful EM strategy involves identifying businesses with proven, powerful models from developed markets, like American Tower. Local EM investor bases may not be familiar with the model's potential, creating an opportunity to buy these companies at a displaced valuation before their predictable results drive multiple expansion.

No other publicly traded company has matched MercadoLibre's record of 27 consecutive quarters with over 30% top-line growth. This unparalleled consistency, driven by deep market dominance and secular tailwinds in Latin America, signals a unique investment opportunity.

Unlike European or Asian peers, Latin American fintech companies can leverage natural consumer overlaps to expand directly into the lucrative U.S. market. This "funnel up" strategy, driven by shared demographics across borders, presents a distinct growth advantage not available to firms from other regions.

DLocal's predecessor, AstroPay, was a consumer-facing business. The founders pivoted to a B2B model, realizing that acquiring a few dozen large enterprise merchants was far more efficient and lucrative than marketing to millions of individual consumers with a niche use case.

Unlike global giants like Amazon or Shopee which might de-prioritize Latin America during global recessions, MercadoLibre is fully committed to the region. This "no alternative" focus ensures it will invest through downturns, solidifying its market leadership against fair-weather competitors.