Argentine banks sued Mercado Libre for alleged dominant position in the market, while the fintech responded by dennouncing "cartelization".
Mercado Pago, the fintech arm of Latin America e-commerce giant Mercado Libre, reported a significant milestone in its fintech business.
Latin America's neobanks showed growing profits and robust customer acquisition in the quarter, a sign of resilience amid economic troubles.
Latin American fintech neobank Nubank and Mercado Libre post strong Q2 profits, defying industry challenges and showing resilience.
Driven by fintech revenue, Mercado Libre booked $201 million in net income in the period, up from $65 million in the year-ago quarter.
Latin America's leading e-commerce Mercado Libre reported 49 million fintech customers in the quarter, up 40% year over year.
Latam fintechs expected to grow into lending in 2024, as a more benign economic environment favors greater risk-taking.
Mercado Libre booked $359 million in profits from $129 million a year ago, driven by strong e-commerce in Mexico and growing fintech products.
Mercado Libre booked $262 million in profits, up 113% year over year amid strong e-commerce tailwinds and a growing fintech business.
Mercado Libre will hire 13,000 new jobs this year, bucking a lay-offs trend. Most of the new employees will be based in Mexico and Brazil.