MercadoLibre hosts the largest ecommerce and payments ecosystem in Latin America.
Ecommerce penetration in Latin America has lagged behind other regions due to poor product ranges, long delivery times and high costs. MercadoLibre is solving these problems by providing users with a reliable digital commerce platform, improved logistics and affordable finance.
In most Latin American countries, you will find an oligopoly where three or four banks control 80 per cent of the market catering only for the wealthy and charging some of the highest fees in the world. MercadoLibre – which translates as ‘free market’ – has delivered reliable, low-cost financial services to all including the previously unbanked. In doing so it has allowed millions more across the region to pay and be paid, to borrow, lend and invest.
While the roots of the business lie in ‘Marketplace’ – the online ecommerce platform – MercadoLibre’s operations spread throughout the region’s nations and business sectors to make it one of the most valuable companies in Latin America. From Pago, the fintech platform, to Envios, the logistics service, this is a company at the forefront of the secular shift to the online world.
MercadoLibre is founder-run with chief executive Marcos Galperin still at the helm, supported by long-standing executives such as CFO Pedro Arnt. Its culture is rooted in a willingness to delay profitability and invest in building up its platform given its time horizon is the next 15 years, not just the next three or four. They want to build a legacy.
in February 2020.
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