Mercado Libre Sells Record 20 Million Products in August as Argentina Recovers

Core Insights - Mercado Libre is experiencing a consumption recovery in Argentina, highlighted by a record sale of 20 million products in August [1] - The company reported significant growth in nonessential product categories starting from May, with technology products like notebooks, tablets, and televisions showing increases of 173%, 91%, and 59% respectively [1] - Mercado Libre is expanding its lending services, with a 69% year-over-year increase in lending to consumers, merchants, and SMEs reported in September [1] Group 1 - The adoption of credits for merchandise purchases and investments is rising, with a 62% year-on-year increase in credits granted to SMEs and retail businesses, reaching over 125,000 SME users [2] - Interest-free installment financing and promotions positively impacted physical stores, leading to a 68% increase in QR code transactions year over year in September [2] - Latin America is becoming a crucial target for FinTechs, with Mercado Pago applying for a banking license in Mexico to enhance its services [2] Group 2 - The company aims to become the largest digital bank in Mexico upon receiving the banking license, having seen its user base quintuple during its two years as an Electronic Payment Funds Institution [3] - Brazil also represents a significant market for FinTechs, with two-thirds of the population owning smartphones and 63% engaging in digital banking [3]