The US-based global financial company has extended a line of credit to Mercado Pago to boost its financing business in Mexico, where it has already pre-approved and granted loans to both SMEs and consumers.
“The loan portfolio in the country reached 1.5 billion dollars at the end of the second quarter of 2024,” the firm said in a statement.
The funding announcement comes as the platform announced its intentions to seek a banking license.
“This alliance not only confirms the trust of one of the world’s largest financial companies in what we do within Mercado Libre for the Latin American economy, but also allows us to reaffirm our commitment to the millions of people in Mexico who are looking for a boost to improve their financial lives,” said Facundo Cuppi, director of strategy and operations for Mercado Pago in the region.
