Employees work at headquarters MercadoLibre in Sao Paulo, Brazil, July 10, 2017. REUTERS/Nacho Doce/File Photohas reached five million clients in its insurance business, according to a senior executive, marking another step forward in its bid to become the largest financial and e-commerce ecosystem in the region.
"Our main clients are low, mid-low income people, because there is where we found the most insurance needs," Cernadas said, adding that offering insurance via the company's marketplace and Mercado Pago has enabled improved access. The Argentine-based company, which operates in 18 countries, has not disclosed how much it invested in the insurance business this year, but said it planned to invest 19 billion reais in logistics, technology and fintech in Brazil and $1.6 billion in Mexico.