June 21, 2023 6:55 AM EDTrgentine e-commerce giant Mercado Libre is giving Amazon a run for its money in Latin America. It had a record-breaking 2022, making more than $10 billion in revenue and $1 billion in operating profit, a 134% increase from the year prior.
Its fintech offerings are its fastest-growing segment, letting users send payments, apply for loans, withdraw cash, and more; for 40% of merchants who receive loans, Mercado Libre says it is the first institution to“Latin America has huge gaps with other regions, particularly around financial inclusion,” Marcos Galperin, co-founder and CEO, told TIME in an email.
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