Doubling investment in Mexico, Market Focus on Credit Offers.

Mercado Libre doubles down on investment in Mexico with a focus on credit offerings

Mercado Libre has announced a significant increase in investment for its e-commerce and logistics business in Mexico, as well as for strengthening its fintech arm, Mercado Pago, particularly in the credit vertical.

David Geisen, General Manager of Mercado Libre for Mexico, revealed the company’s intention to expand its credit offerings. With a current portfolio of 3.8 billion dollars, MeLi aims to further grow this portfolio throughout the year. The focus will be on providing direct loans to app users, merchants within the MeLi ecosystem, and the credit card they launched last year.

In 2023, the company invested 1.65 billion dollars in Mexico, achieving record revenues driven by the increased number of wallet users, growth in processed transactions, and loans granted. Geisen highlighted a 30% growth in the credit portfolio in 2023, with the credit card being the fastest-growing product, showcasing the synergy between the commerce and fintech sectors within the company’s ecosystem.

While plans to expand the Mercado Pago app were mentioned by Geisen, specific details regarding the products and services to be added were not disclosed.

The substantial investment and focus on credit offerings demonstrate Mercado Libre’s commitment to driving growth and innovation in the Mexican market.