Mercado Libre Doubles Investment In Mexico Focusing On Credit Offerings
The funds will be allocated to improving their e-commerce and logistics business, as well as strengthening the performance of their fintech arm, Mercado Pago, particularly in the credit vertical.
David Geisen, General Manager of Mercado Libre for Mexico, announced the company’s intention to expand its credit offerings. With a current portfolio of $3.8 billion, MeLi aims to continue growing this portfolio throughout the year. The focus will be on 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 in Mexico, reporting record revenues driven by an increased number of wallet users, growth in processed transactions, and loans granted. Geisen added that the credit portfolio had grown by 30% in 2023, with the credit card being the fastest-growing product, highlighting the synergy between the commerce and fintech sectors within the company’s ecosystem.
While Geisen mentioned plans to expand the Mercado Pago app, he did not provide details on the specific products and services they intend to add.
The substantial investment and focus on credit offerings demonstrate Mercado Libre’s commitment to driving growth and innovation in the Mexican market.
