Mercado Libre booked $262 million in profits, up 113% year over year amid strong e-commerce tailwinds and a growing fintech business.
Mercado Libre booked $359 million in profits from $129 million a year ago, driven by strong e-commerce in Mexico and growing fintech products.
The western world is becoming cashless, but this carries a billion pound cost for merchants. Could open banking be the answer?
The cost of living crisis has been tough for merchants, but other factors are affecting their ability to future-proof.
The payment operation, which has been awaiting regulatory approval for three years, will first focus on small merchants and will be implemented gradually in the South American country.
For Aviva, this round stands out as one of the largest for this investment stage in LatAm after the difficulties of the second half of 2022.
Mexican fintech Clara relocated its headquarters to Brazil in an effort to claim a share of its massive digital payments market.
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Mexican fintechs Klar and Konfio tap $100 million credit lines from U.S. firms to boost lending in the country.
Several of the largest fintechs in Mexico have plans to step up loans to small and medium-sized businesses in the country.
The resources from the new investment, according to the fintech's CEO, will be used to reinforce the team of engineers and invest in the development of new products.