MercadoLibre, the LATAM corporate giant that operates online marketplaces dedicated to e-commerce and online auctions, has secured a $250 million financing deal with JPMorgan to expand its fintech arm, Mercado Pago, in Mexico, focusing on supporting small and medium-sized businesses. The funding will help Mercado Pago increase its loan offerings and continue its rapid growth in a market where cash is still prevalent, with the adoption of its mobile credit card readers more than doubling in the past year. Additionally, Mercado Pago is pursuing a banking license in Mexico, which would allow it to offer more comprehensive financial services such as savings accounts, loans, and mortgages.
MercadoLibre Secures $250 Million Financing from JPMorgan to Expand Fintech’s Credit Profile in Mexico
