Shares of the e-commerce giant jumped 8% on Nov. 4 following the release of third-quarter results on the back of a strong performance of its financial technology division, Mercado Pago.
According to Ripio executives, this partnership will allow users of both fintechs to buy and sell cryptocurrencies directly in their respective apps.
As the crypto wave continues to sweep Latin America, both banks and fintechs are crafting an expanding crypto offering in Brazil.
Mercado Pago, the fintech arm of Latin America e-commerce giant Mercado Libre, reported a significant milestone in its fintech business.
Mercado Libre reported strong Q4 2022 results with their fintech division, Mercado Page, leading the way
Fintechs in Latin America market high-yield saving accounts to win customers off from traditional financial institutions.
As fintechs gained traction in Argentina, financial access to accounts has become nearly universal, according to a central bank report.
Argentine banks sued Mercado Libre for alleged dominant position in the market, while the fintech responded by dennouncing "cartelization".