Argentine 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 offer them credit. “Latin America has huge gaps with other regions, particularly around financial inclusion,” Marcos Galperin, co-founder and CEO, told TIME in an email. “We address those gaps not just by offering good products and services, but by making it easy for consumers to use our technology.”
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