Sergio Fogel MBA’94J: A Journey of Entrepreneurship, Bridging Emerging Markets, and Fostering Growth and Education

Sergio Fogel MBA’94J, co-founder and Co-President of dLocal, has significantly shaped the global financial technology landscape since launching Uruguay's first unicorn in 2016. 

dLocal has revolutionised how international transactions are conducted, enabling giants like Amazon and Spotify to seamlessly connect with billions of consumers in emerging markets. Through its unique "One dLocal" system, which combines a singular API, one platform, and one contract, the company streamlines cross-border payment processes. This innovation has eliminated the need for multiple local entities and complex payment integrations, gaining significant recognition during its NASDAQ listing in June 2021—a landmark moment that underscored Uruguay's economic growth and the strategic importance of emerging markets. 

Beyond his business achievements, Sergio is deeply invested in fostering entrepreneurial talent as the Vice-President of Endeavor Uruguay. This organization is dedicated to supporting "High-Impact Entrepreneurs" to drive economic inclusion and growth globally. Sergio’s international perspective, honed at INSEAD, has been crucial in dLocal’s expansion efforts across Africa, Asia, and Latin America. His ability to integrate diverse people and ideas, a core aspect of the INSEAD mission, is vividly reflected in his leadership and strategic decisions.

 "Bringing people together across different cultures and backgrounds reflects the essence of what we learned at INSEAD and is central to everything we do at dLocal," Sergio comments. 

Sergio’s robust network, cultivated during his time at INSEAD and through his involvement with Endeavor, has been instrumental in navigating new markets.   

His philanthropic efforts also include two additional organizations -REDALCO and Impulso. These organizations aim to mitigate food insecurity and enhance educational opportunities for underprivileged children in Montevideo, reflecting his belief that paying it forward is essential. 

"The essence of life is not giving back, but paying it forward, especially in ways that empower the next generation to build a better future," says Sergio. 

Passionate about reducing educational disparities, Sergio champions enhanced technological education to boost social mobility in Uruguay. He focuses on empowering the youth, particularly those aged 15 to 18, enabling them to achieve growth through technology.  

As the world shifts towards more interconnected economic systems, Sergio Fogel's career stands as a prime example of visionary leadership and strategic innovation. His efforts not only bridge developed and emerging markets but also embody INSEAD's mission to transform business and society by merging diverse cultures and ideas under responsible leadership.  

In December 2023, Sergio’s dedication to this mission earned him the prestigious Linda Award from Endeavor. This accolade, awarded to entrepreneurs who exemplify integrity, trust, high ambition, and a commitment to paying it forward, recognises his role in mentoring and investing in the next generation. Through his actions, Sergio creates a multiplier effect, significantly extending the reach and impact of his influence. This award is a testament to his enduring commitment to transforming business and society on a global scale.