What happened: The fintech unit of Latin American e-commerce giant Mercado Libre, Mercado Pago, is applying for a bank licence in Argentina (Mercado Libre). The company already holds such a licence in Brazil and has applied for one in Mexico.
My comment: According to Mercado Libre’s press release, the company will be able to offer more investment tools and lending products with the new license. The overall goal is no less than “building the largest digital bank in Latin America” (Juan Martín de la Serna, President of Mercado Libre Argentina). I covered Mercado Libre already in May 2023 (is it already more than two years since I started this newsletter?), and back then, fintech products generated 44% of the company’s total revenue, with a growth rate of 94% compared to 20% for their core product (Mercado Libre's Fintech game) . Will this rise continue with the additional new licences and regulatory scrutiny?
My question: Do you know somebody with extensive knowledge about Mercado Pago? I would love to cover their story in a podcast episode. This can be a current employee or a local industry expert with unique insights. Thank you!
