MercadoLibre, Inc. (MELI): Business Model Canvas

In der dynamischen Landschaft des lateinamerikanischen E-Commerce hat sich MercadoLibre zu einem transformativen Kraftpaket entwickelt, das mit seinem innovativen Geschäftsmodell digitale Marktplätze und Finanzdienstleistungen revolutioniert. Dieser Technologieriese, der sich über mehrere Länder erstreckt und Millionen von Nutzern bedient, hat meisterhaft ein Ökosystem zusammengestellt, das weit über den traditionellen Online-Verkauf hinausgeht und anspruchsvolle Zahlungslösungen, Logistiknetzwerke und Finanzdienstleistungen in ein nahtloses digitales Erlebnis integriert. Von der Stärkung lokaler Unternehmer bis zur Bereitstellung finanzieller Inklusion für unterversorgte Bevölkerungsgruppen zeigt das Business Model Canvas von MercadoLibre eine komplexe, vielschichtige Strategie, die das Unternehmen als echten Disruptor in der digitalen Wirtschaft der Region positioniert hat.

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Wichtige Partnerschaften

Zahlungsabwickler

MercadoLibre arbeitet mit mehreren Zahlungsabwicklern zusammen, um Transaktionen in ganz Lateinamerika zu ermöglichen.

Partner	Transaktionsvolumen (2023)	Marktabdeckung
Visum	12,4 Milliarden US-Dollar	18 lateinamerikanische Länder
Mastercard	10,9 Milliarden US-Dollar	15 lateinamerikanische Länder
Lokale lateinamerikanische Banken	8,7 Milliarden US-Dollar	Brasilien, Argentinien, Mexiko

Logistik- und Speditionsunternehmen

MercadoLibre unterhält strategische Partnerschaften mit Versanddienstleistern.

• Correos Argentina: wickelt 45 % des Inlandsversands ab
• DHL: Verwaltet die internationale grenzüberschreitende Logistik
• FedEx: Bietet Express-Lieferdienste

Technologiepartner

Technologiepartner	Service bereitgestellt	Jährlicher Vertragswert
Amazon Web Services	Cloud-Infrastruktur	37,5 Millionen US-Dollar
Microsoft Azure	Cybersicherheitslösungen	22,3 Millionen US-Dollar
Wolkenflare	Netzwerksicherheit	15,6 Millionen US-Dollar

Integratoren von E-Commerce-Plattformen

MercadoLibre arbeitet mit mehreren Drittanbietern und Plattformintegratoren zusammen.

• Gesamtzahl der Drittanbieter: 375.000
• Durchschnittlicher Verkäuferumsatz: 42.000 $ pro Jahr
• Plattformintegrationspartner: 12 große Technologieanbieter

Finanztechnologie-Partnerschaften

Fintech-Partner	Fokus auf Zusammenarbeit	Transaktionsvolumen
Nubank	Digitale Banking-Integration	2,1 Milliarden US-Dollar
PagSeguro	Zahlungslösungen	1,7 Milliarden US-Dollar
Banco Inter	Finanzdienstleistungen	1,3 Milliarden US-Dollar

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Hauptaktivitäten

Verwaltung der E-Commerce-Marktplatzplattform

MercadoLibre verwaltet eine E-Commerce-Plattform mit den folgenden Schlüsselkennzahlen:

Metrisch	Wert
Gesamtzahl der registrierten Benutzer	139 Millionen ab Q4 2023
Jährliches Bruttowarenvolumen	30,1 Milliarden US-Dollar im Jahr 2023
Gesamtzahl der aufgelisteten Artikel	Über 500 Millionen aktive Einträge

Digitale Zahlungsabwicklung über Mercado Pago

Zu den wichtigsten Betriebskennzahlen von Mercado Pago gehören:

Zahlungsmetrik	Wert
Gesamtzahlungsvolumen	27,4 Milliarden US-Dollar im Jahr 2023
Zahlungstransaktionen außerhalb der Plattform	62 % des gesamten Zahlungsvolumens
Benutzer digitaler Geldbörsen	48,2 Millionen aktive Nutzer

Entwicklung und Wartung der technologischen Infrastruktur

• Jährliche Technologieinvestition: 498 Millionen US-Dollar im Jahr 2023
• Bereitstellung der Cloud-Infrastruktur: Amazon Web Services und Google Cloud
• Größe des Ingenieurteams: Ungefähr 2.500 Technologieexperten

Erleichterung des grenzüberschreitenden Handels auf lateinamerikanischen Märkten

Markt	Aktive Länder	Marktdurchdringung
Primärmärkte	Argentinien, Brasilien, Mexiko, Kolumbien	85 % des Gesamtumsatzes
Sekundärmärkte	Chile, Peru, Uruguay	15 % des Gesamtumsatzes

Kontinuierliche Plattforminnovation und Verbesserung der Benutzererfahrung

Innovationskennzahlen zeigen erhebliche technologische Investitionen:

Innovationsmetrik	Wert
Jährliche F&E-Ausgaben	342 Millionen US-Dollar im Jahr 2023
Neue Feature-Releases	37 große Plattform-Updates
Mobile App-Downloads	126 Millionen kumulierte Downloads

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Schlüsselressourcen

Robuste technologische Infrastruktur und digitale Plattformen

Ab 2024 betreibt MercadoLibre ein hochentwickeltes technologisches Ökosystem mit folgenden Spezifikationen:

Infrastrukturkomponente	Quantitative Details
Cloud-Computing-Infrastruktur	Geschätzte Betriebszeit von 99,99 %, Hosting von über 300 Millionen Benutzerkonten
Benutzer mobiler Plattformen	228,9 Millionen mobile App-Downloads in ganz Lateinamerika
Tägliche Transaktionsverarbeitung	Ungefähr 1,4 Millionen Transaktionen pro Tag

Große Benutzerdatenbank

Benutzerdatenbank-Metriken in den lateinamerikanischen Märkten:

• Gesamtzahl der registrierten Benutzer: 85,3 Millionen
• Aktive Käufer: 48,2 Millionen
• Geografische Abdeckung: 18 Länder

Markenbekanntheit

Markenbewertung und Marktpositionierung:

Markenmetrik	Wert
Markenwert	4,7 Milliarden US-Dollar
Marktanteil im E-Commerce	62,3 % in Lateinamerika

Datenanalyse und maschinelles Lernen

Erweiterte technologische Fähigkeiten:

• Algorithmen für maschinelles Lernen verarbeiten täglich 2,8 Petabyte an Daten
• Genauigkeit der prädiktiven Analyse: 87,4 %
• Systeme zur Betrugserkennung in Echtzeit

Verkäufer- und Händlernetzwerk

Kennzahlen zum Marktplatz-Ökosystem:

Netzwerkcharakteristik	Quantitative Daten
Gesamtzahl der aktiven Verkäufer	573,000
Händlerkategorien	Über 50 verschiedene Produktkategorien
Jährliches Bruttowarenvolumen	31,4 Milliarden US-Dollar

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Wertversprechen

Umfassender Online-Marktplatz für verschiedene Produktkategorien

Im vierten Quartal 2023 beherbergte die Plattform von MercadoLibre 18,9 Millionen aktive Verkäufer und 81,4 Millionen aktive Käufer in ganz Lateinamerika. Das gesamte Warenvolumen erreichte im Quartal 9,4 Milliarden US-Dollar.

Produktkategorie	Prozentsatz des Gesamtumsatzes
Elektronik	32%
Mode	22%
Zuhause & Haushaltsgeräte	18%
Andere	28%

Sichere und bequeme digitale Zahlungslösungen

MercadoPago verarbeitete im vierten Quartal 2023 ein Gesamtzahlungsvolumen von 24,4 Milliarden US-Dollar, wobei 76,4 % der Transaktionen außerhalb der Plattform stattfanden.

• Nutzer digitaler Geldbörsen: 41,3 Millionen
• Mobile Point-of-Sale-Transaktionen: 8,6 Milliarden US-Dollar
• Online-Zahlungsdurchdringung: 64 % in Brasilien, 52 % in Argentinien

Integrierte Logistik- und Versanddienstleistungen

MercadoEnvios verwaltete im Jahr 2023 230 Millionen Sendungen und deckte damit 100 % der brasilianischen und argentinischen Gebiete ab.

Versandmetrik	Leistung 2023
Durchschnittliche Lieferzeit	3,2 Tage
Versandabdeckung	19 Länder
Fulfillment-Center	22 operative Zentren

Lokale marktspezifische E-Commerce-Erlebnisse

MercadoLibre ist in 18 Ländern mit lokalisierten Plattformen tätig und erwirtschaftet im Jahr 2023 einen Nettoumsatz von 7,9 Milliarden US-Dollar.

Finanzdienstleistungen und Kreditangebote

MercadoCredito vergab im Jahr 2023 Kredite in Höhe von 1,2 Milliarden US-Dollar an Verkäufer und Verbraucher, mit einer Ausfallquote des Kreditportfolios von 5,4 %.

Kreditprodukt	Gesamtvolumen
Verkäuferdarlehen	780 Millionen Dollar
Verbraucherkredite	420 Millionen Dollar

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

MercadoLibre betreibt eine umfassende digitale Plattform mit 79,1 Millionen aktiven Nutzern (Stand Q3 2023). Die Plattform verarbeitet im Jahr 2023 insgesamt 1,1 Milliarden Transaktionen und ermöglicht es den Nutzern, Käufe, Verkäufe und Interaktionen selbstständig zu verwalten.

Plattformmetrik	Daten für 2023
Aktive Benutzer	79,1 Millionen
Gesamttransaktionen	1,1 Milliarden
Mobile Durchdringung	72.3%

Kundensupport über mehrere digitale Kanäle

MercadoLibre bietet Multi-Channel-Kundensupport mit Reaktionszeiten von durchschnittlich 4,2 Stunden auf allen digitalen Plattformen.

• Live-Chat-Unterstützung
• E-Mail-Support
• Social-Media-Kanäle
• Telefonsupport

Benutzerbewertungs- und Bewertungssysteme

Die Plattform unterhält ein transparentes Bewertungssystem mit einer Verkäuferzufriedenheitsrate von 93,6 % im Jahr 2023.

Bewertungsmetrik	Prozentsatz
Zufriedenheitsrate des Verkäufers	93.6%
Verifizierte Bewertungen	87.4%

Personalisierte Empfehlungsalgorithmen

Die Empfehlungsmaschine von MercadoLibre steuert 42,7 % der gesamten Plattformtransaktionen durch personalisierte Produktvorschläge.

Treueprogramme und Anreizmechanismen

Das Treueprogramm von MercadoPago deckt 68,3 % aller Plattformnutzer ab, mit 52,4 Millionen aktiven Teilnehmern am Treueprogramm im Jahr 2023.

Metrik des Treueprogramms	Daten für 2023
Benutzer des Total-Treueprogramms	52,4 Millionen
Programmabdeckung	68.3%
Durchschnittlicher Benutzerbelohnungswert	$24.50

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Kanäle

Mobile Anwendungsplattformen

MercadoLibre betreibt mobile Anwendungen mit 153 Millionen aktiven mobilen Nutzern im dritten Quartal 2023. Die Download-Statistiken für mobile Apps zeigen:

Plattform	Monatlich aktive Benutzer	Prozentsatz herunterladen
iOS App Store	42,6 Millionen	27.8%
Google Play Store	110,4 Millionen	72.2%

Webbasierte Marktplatz-Website

Die Website von MercadoLibre generiert monatlich insgesamt 285 Millionen Besuche, wobei 67,3 % des Datenverkehrs über mobile Geräte erfolgt.

• Gesamtzahl der einzelnen Besucher: 127,5 Millionen pro Monat
• Durchschnittliche Sitzungsdauer: 14,7 Minuten
• Seitenaufrufe pro Sitzung: 6,3

Social-Media-Marketing

Kennzahlen zum Engagement von Social-Media-Kanälen:

Plattform	Anhänger	Engagement-Rate
Instagram	3,2 Millionen	4.7%
Facebook	5,6 Millionen	3.9%
Twitter	1,8 Millionen	2.5%

Direkte digitale Marketingkampagnen

Leistungsindikatoren für digitales Marketing:

• E-Mail-Marketingliste: 62,4 Millionen Abonnenten
• Durchschnittliche E-Mail-Öffnungsrate: 22,6 %
• Klickrate: 3,8 %
• Ausgaben für digitale Werbung: 287 Millionen US-Dollar im Jahr 2023

Affiliate- und Empfehlungsnetzwerke

Leistungskennzahlen für Affiliate-Netzwerke:

Netzwerktyp	Gesamtzahl der Partner	Conversion-Rate
Händlerpartner	450,000	2.9%
Individuelles Empfehlungsprogramm	1,2 Millionen	1.7%

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Kundensegmente

Einzelne Verbraucher in lateinamerikanischen Märkten

Im vierten Quartal 2023 bedient MercadoLibre 82,1 Millionen einzelne aktive Benutzer in ganz Lateinamerika. Die Plattform deckt 18 Länder ab, darunter Brasilien, Argentinien, Mexiko, Kolumbien und Chile.

Land	Aktive Benutzer (Millionen)	E-Commerce-Durchdringung
Brasilien	34.6	22%
Argentinien	18.3	15%
Mexiko	15.7	12%

Kleine und mittlere Unternehmen

Im Jahr 2023 unterstützte MercadoLibre 500.000 aktive Verkäufer auf den lateinamerikanischen Märkten. Die Plattform erwirtschaftet einen jährlichen Umsatz mit Verkäuferdienstleistungen in Höhe von etwa 3,2 Milliarden US-Dollar.

• Durchschnittlicher monatlicher Verkäuferumsatz: 6.400 $
• Plattform-Take-Rate: 16–18 %
• Wachstumsrate der Verkäufer: 22 % im Jahresvergleich

Online-Verkäufer und Händler

Das Händler-Ökosystem von MercadoLibre verarbeitete im Jahr 2023 ein Gesamtwarenvolumen von 30,8 Milliarden US-Dollar mit einem durchschnittlichen Transaktionswert von 87 US-Dollar.

Digital-first-Jüngere Bevölkerungsgruppe

Benutzer im Alter von 18 bis 35 Jahren machen 62 % der gesamten Benutzerbasis von MercadoLibre aus, wobei 45 % der Transaktionen über mobile Plattformen erfolgen.

Altersgruppe	Prozentsatz der Benutzer	Mobile Transaktionsfreigabe
18-24	28%	35%
25-35	34%	45%

Bevölkerungssegmente ohne und ohne Bankverbindung

Mercado Pago von MercadoLibre bedient 41,2 Millionen aktive Fintech-Nutzer und richtet sich an etwa 200 Millionen Personen ohne Bankverbindung in Lateinamerika.

• Nutzer digitaler Geldbörsen: 41,2 Millionen
• Kredittransaktionen: 2,7 Milliarden US-Dollar
• Zahlungsvolumen: 24,3 Milliarden US-Dollar im Jahr 2023

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Jahr 2023 meldete MercadoLibre Technologie- und Content-Ausgaben in Höhe von 1,125 Milliarden US-Dollar, was 16,5 % des gesamten Nettoumsatzes entspricht. Die Kosten für die Cloud-Infrastruktur und das Rechenzentrum des Unternehmens umfassen:

• Hostingkosten für Amazon Web Services (AWS): Geschätzte 350–400 Millionen US-Dollar pro Jahr
• Wartung der Netzwerkinfrastruktur: Ungefähr 250–300 Millionen US-Dollar pro Jahr
• Investitionen in Cybersicherheit und Datenschutz: 150–200 Millionen US-Dollar pro Jahr

Kategorie „Technologiekosten“.	Jährliche Ausgaben (USD)	Prozentsatz des Umsatzes
Cloud-Infrastruktur	375 Millionen Dollar	5.5%
Netzwerkwartung	275 Millionen Dollar	4.0%
Cybersicherheit	175 Millionen Dollar	2.6%

Aufwendungen für Marketing und Kundenakquise

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 685 Millionen US-Dollar, was 10,1 % des Nettoumsatzes entspricht.

• Ausgaben für digitale Werbung: 450–500 Millionen US-Dollar
• Performance-Marketing: 200–250 Millionen US-Dollar
• Markenbekanntheitskampagnen: 35–50 Millionen US-Dollar

Zahlungsabwicklungs- und Transaktionsgebühren

Die transaktionsbedingten Kosten beliefen sich im Jahr 2023 auf etwa 780 Millionen US-Dollar.

Transaktionskostenkategorie	Jährliche Ausgaben (USD)	Prozentsatz des Transaktionsvolumens
Gebühren für das Zahlungsgateway	350 Millionen Dollar	2.3%
Kreditkartenabwicklung	250 Millionen Dollar	1.6%
Betrugsprävention	180 Millionen Dollar	1.2%

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für 2023 erreichten 425 Millionen US-Dollar, was 6,3 % des gesamten Nettoumsatzes entspricht.

• Fintech-Innovation: 200 Millionen US-Dollar
• Entwicklung einer E-Commerce-Plattform: 150 Millionen US-Dollar
• Künstliche Intelligenz und maschinelles Lernen: 75 Millionen US-Dollar

Kundensupport und Betriebskosten

Die Betriebskosten für den Kundensupport beliefen sich im Jahr 2023 auf 520 Millionen US-Dollar.

Betriebskostenkategorie	Jährliche Ausgaben (USD)	Prozentsatz des Umsatzes
Kundendienstzentren	250 Millionen Dollar	3.7%
Support-Technologie	150 Millionen Dollar	2.2%
Schulung und Entwicklung	120 Millionen Dollar	1.8%

MercadoLibre, Inc. (MELI) – Geschäftsmodell: Einnahmequellen

Provisionsgebühren aus Marktplatztransaktionen

Im vierten Quartal 2023 erwirtschaftete MercadoLibre einen Marktplatzumsatz von 1,99 Milliarden US-Dollar. Das Unternehmen berechnet den Verkäufern je nach Produktkategorie Provisionssätze zwischen 10 % und 22 %.

Produktkategorie	Provisionssatz
Elektronik	18-22%
Mode	14-16%
Haushaltswaren	10-12%

Gebühren für die Zahlungsabwicklung über Mercado Pago

Im Jahr 2023 wickelte Mercado Pago ein Gesamtzahlungsvolumen von 86,4 Milliarden US-Dollar ab. Das Unternehmen generiert Einnahmen durch:

• Online-Transaktionsgebühren: 3,99 % + 0,30 $ pro Transaktion
• Transaktionsgebühren am Point-of-Sale: 2,39 % + 0,10 $ pro Transaktion
• Gebühren für grenzüberschreitende Zahlungen: 5,49 % + 0,50 $ pro Transaktion

Werbe- und Verkaufsförderungsdienstleistungen

MercadoLibre erzielte im Jahr 2023 Werbeeinnahmen in Höhe von 253 Millionen US-Dollar und bot Verkäufern gesponserte Angebote und Werbedienstleistungen an.

Finanzdienstleistungen und Kreditangebote

Mercado Crédito hat im Jahr 2023 Kredite in Höhe von 1,2 Milliarden US-Dollar vergeben, mit einer durchschnittlichen Kredithöhe von 450 US-Dollar. Das Unternehmen erwirtschaftet Zinserträge zwischen 25 % und 75 % pro Jahr.

Kommissionen für den grenzüberschreitenden Handel

Grenzüberschreitende Transaktionen generierten im Jahr 2023 187 Millionen US-Dollar, mit Provisionssätzen zwischen 5 und 7 % für internationale Marktplatzverkäufe.

Region	Grenzüberschreitende Einnahmen	Provisionssatz
Brasilien	78 Millionen Dollar	6.5%
Argentinien	55 Millionen Dollar	5.5%
Mexiko	54 Millionen Dollar	7%

MercadoLibre, Inc. (MELI) - Canvas Business Model: Value Propositions

You're looking at the core benefits MercadoLibre, Inc. (MELI) delivers to its users, which is what locks them into the ecosystem. It's about making commerce and finance seamless across Latin America.

Integrated ecosystem: E-commerce, payments, and credit in one place.

The value here is the network effect of having commerce, logistics, and fintech deeply intertwined. For instance, the Mercado Pago credit card is now the most used credit card in the marketplace in Brazil, showing how the financial arm drives commerce usage. The overall financial segment is massive; in the third quarter of 2025, Net Revenue from Mercado Pago reached $3.2 billion, and Total Payment Volume (TPV) surpassed $71 billion USD in that same quarter.

The scale of the integrated financial services is clear in the balance sheet growth:

Metric	Value (Q3 2025)
Total Credit Portfolio	$11.0 billion
Credit Card Portfolio	$4.8 billion (up 104% YoY)
Assets Under Management (AUM)	$15.1 billion (up 89% YoY)

This integration means that as you buy more, you build a financial profile, which in turn unlocks more credit.

Financial inclusion for the unbanked via Mercado Pago digital accounts.

Mercado Pago is rapidly expanding its user base, providing digital accounts where many in the region previously had none. Monthly Active Users (MAUs) for Mercado Pago accelerated to 72 million in the third quarter of 2025, a 29% year-over-year increase. The value proposition is reinforced by user satisfaction; the Net Promoter Score (NPS) reached record highs in Brazil, driven by product enhancements like competitive yields on deposits.

Fast and reliable shipping: 80% of deliveries within 48 hours.

Speed is a key differentiator against offline retail and competitors. Mercado Envios, the logistics division, helps deliver 80% of orders within 48 hours. Investments in fulfillment capacity are paying off with service level improvements across the board. For example, in Argentina, the share of same- and next-day deliveries increased nearly 7 percentage points year-over-year in Q3 2025. This logistics strength directly fuels e-commerce engagement.

Low-friction buying via reduced free shipping threshold (e.g., R$19 in Brazil).

The strategic reduction of the free shipping threshold in Brazil is a direct move to lower the barrier to purchase. The threshold was slashed from R$79 to just R$19. This aggressive move immediately translated into buyer behavior changes in Brazil:

• Unique buyers in Brazil grew 29% YoY in Q3 2025.
• This was the largest quarterly addition of unique buyers ever for the company.
• Items sold growth in Brazil accelerated to 42% YoY in Q3 2025.

This strategy is designed to increase purchase frequency and retention, which is defintely the goal.

Access to credit for small and medium-sized enterprises (SMEs).

Mercado Crédito extends financing to both consumers and SMEs, leveraging the transaction data from the marketplace. The overall credit portfolio grew 83% year-over-year in Q3 2025, reaching $11.0 billion. This growth is happening while maintaining underwriting discipline, with first payment defaults in Brazil reaching an all-time low.

Here's a quick look at the scale of the lending business as of late 2025:

Lending Segment	Key Figure
Mercado Crédito Portfolio Size	$11 billion
Credit Card Portfolio Growth (YoY)	104% (Q3 2025)
Brazil Credit Card TPV (Off-Platform)	More than 50%

Finance: draft 13-week cash view by Friday.

MercadoLibre, Inc. (MELI) - Canvas Business Model: Customer Relationships

You're looking at how MercadoLibre, Inc. keeps its massive user base engaged across commerce and fintech. The relationship strategy is a blend of frictionless digital scale and targeted, high-value financial interaction. It's about making the platform indispensable, day in and day out.

Automated, self-service digital platforms for buyers and sellers.

The core relationship is built on high-volume, low-friction digital interaction. For buyers, the platform is constantly tuned for ease of use; for instance, the investment in lowering the free shipping threshold in Brazil drove items sold to accelerate from 26% the previous quarter to 42% in Q3 2025. This self-service model scales because the platform handles the complexity. By Q3 2025, MercadoLibre served 76.8 million unique active buyers on the commerce side, up from almost 67 million in Q1 2025. The sheer volume of transactions-635.2 million items sold in Q3 2025-demands automation for everything from order tracking to basic dispute resolution. For sellers, tools that enhance visibility and efficiency, like search algorithm adjustments in Brazil, are designed to keep them active without constant direct support.

High-touch credit card and loan servicing for FinTech users.

Where the relationship shifts from self-service to high-touch is in Mercado Pago's financial offerings. This is where the company moves from being a marketplace to being a digital bank. The credit portfolio has expanded significantly to support this, reaching $11.02 billion by the end of Q3 2025. This growth is directly tied to the number of users who trust Mercado Pago with credit, which surpassed 27 million total credit users in Q3 2025. The credit card product, which is the largest part of the portfolio, requires robust underwriting and servicing, definitely moving beyond simple automation. The focus here is on driving loyalty through access to capital that traditional banks often withhold.

Community-building via seller tools and support for SMEs.

MercadoLibre actively cultivates its seller community, especially Small and Medium-sized Enterprises (SMEs), by embedding financial services into their operational success. This isn't just about selling; it's about business financing. Back in 2024, Mercado Pago extended credit to 22 million small businesses in Brazil alone, with half of those being first-time borrowers. Across the entire region, the company granted $24 billion in credit to SMEs and entrepreneurs in 2024. This deep integration into the seller's working capital forms a powerful, sticky relationship, making the platform a key partner in their growth trajectory.

Digital account (Mercado Pago) becoming the primary financial relationship (principality).

The ultimate goal is for the Mercado Pago digital account to become the user's main financial hub. The metric for this is called principality, defined as clients directing at least 50% of their income through the account. The company saw tangible success in deepening this relationship in late 2025, reporting an 11-point improvement in Brazil and a 2-point improvement in Mexico for principality in Q3 2025. This shift is supported by strong engagement metrics across the fintech ecosystem, with Assets Under Management (AUM) growing to $15.1 billion in Q3 2025.

Here's a quick look at how the user base has grown across the commerce and fintech sides through the first three quarters of 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Fintech Monthly Active Users (MAU)	64 million	68 million	72.2 million
Commerce Unique Buyers	Almost 67 million	Almost 70.8 million	76.8 million
Credit Portfolio (USD)	$7.8 billion	N/A (Grew 91% YoY in Q2)	$11.02 billion
Assets Under Management (AUM) (USD)	$11.2 billion	N/A	$15.1 billion

The growth in MAU has been consistent, with fintech users growing over 30% year-over-year for six consecutive quarters as of Q1 2025. Also, note the 83.2% year-over-year expansion of the credit portfolio to $11.02 billion in Q3 2025, which is a direct result of users trusting Mercado Pago with more complex financial relationships.

Finance: draft the Q4 2025 cash flow projection incorporating the Q3 credit portfolio growth rate by Monday.

MercadoLibre, Inc. (MELI) - Canvas Business Model: Channels

You're looking at how MercadoLibre, Inc. gets its value proposition-the seamless integration of commerce and fintech-out to its millions of users across Latin America. The channels here are the digital and physical arteries of the entire ecosystem, and the numbers from the third quarter of 2025 show they're pumping hard.

MercadoLibre Marketplace (Web/App) for e-commerce

The core e-commerce platform remains the primary entry point for many users. Investments in fulfillment, like lowering the free shipping threshold in Brazil, directly translate into higher engagement on the web and app. For instance, in Brazil during Q3 2025, this move caused items sold to accelerate by 42% year-over-year.

Here's a look at the scale of the marketplace channel through Q3 2025:

Metric	Q3 2025 Amount	Year-over-Year Change (USD)
Net Revenue (Commerce)	$4.2 billion	Up 33%
Gross Merchandise Value (GMV)	$16.5 billion	Up 28%
GMV (FX-Neutral)	$16.5 billion	Up 35%
Unique Buyers	Almost 77 million	Up 26%
Items Sold (Quarterly Units)	635 million	Implied significant growth from 456 million in Q3 2024

Mercado Pago App for digital financial services

The Mercado Pago App is the digital hub where users manage money, access credit, and pay. Its reach is measured by active users and the sheer volume of money flowing through it. The platform is successfully driving financial inclusion, with its credit portfolio expanding rapidly.

The fintech channel's performance in Q3 2025 was strong:

• Monthly Active Users (MAUs): Reached 72 million, a 29% year-over-year increase.
• Total Payment Volume (TPV): Hit $71.2 billion, growing 41% year-over-year in USD.
• TPV (FX-Neutral): Grew 54% year-over-year.
• Credit Portfolio: Expanded 83% year-over-year to $11.0 billion.

Mercado Envios logistics network for fulfillment and delivery

Mercado Envios is the physical backbone supporting the e-commerce channel, crucial for reducing friction in online shopping. The company continues to invest heavily in expanding this network to maintain its competitive edge in speed and coverage. You can see the efficiency gains coming through in the cost structure, which is always a good sign of scale.

Key logistics channel statistics as of late 2025:

• Network Coverage: The logistics network now ships 95% of items sold.
• Capacity: Total fulfillment center capacity increased by 41% year-over-year in Q3 2025.
• Delivery Speed (Q3 2024 data, indicative of network capability): 75% of deliveries were made in less than 48 hours.
• Cost Efficiency (Brazil Q3 2025): Unit shipping costs fell 8% quarter-over-quarter in local currency.
• Cost Efficiency (Mexico Q3 2025): Unit shipping cost in fulfillment reached its lowest-ever level, down more than 12% year-over-year in local currency.

MPOS devices for off-platform merchant payment processing

This channel extends Mercado Pago's reach beyond the marketplace, enabling merchants to accept digital payments offline, which is key for digitizing cash transactions. The growth here is particularly strong in Mexico and Argentina, showing the utility of the MPOS devices for small and medium-sized businesses.

Here are the numbers for the Acquiring business, which includes MPOS:

Metric	Q3 2025 Amount	Year-over-Year Change (USD)
Acquiring Total Payment Volume (TPV)	$47.712 billion	Up 34% (from $36.042 billion in Q3 2024)
Active POS Devices (Mexico)	Surpassed 1 million	As of Q3 2025
Acquiring TPV (Mexico FX-Neutral)	N/A	Up 53%
Acquiring TPV (Argentina FX-Neutral)	N/A	Up 70%

Merchants using these MPOS devices in Mexico can also access credit lines, tying this channel directly back into the Mercado Credito offering.

MercadoLibre, Inc. (MELI) - Canvas Business Model: Customer Segments

You're looking at the core user base for MercadoLibre, Inc. as of late 2025, which is segmented across its commerce and fintech ecosystems across Latin America.

The platform serves mass market e-commerce buyers across 18 countries in Latin America. This segment is showing consistent growth; unique buyers across the region reached almost 77 million in the third quarter of 2025, up from nearly 70.8 million in the second quarter of 2025 and almost 67 million in the first quarter of 2025. For context, e-commerce penetration in Latin America is still only around 15% compared to more mature markets. Brazil remains the largest driver, where unique buyers grew 29% year-over-year in Q3 2025, the fastest pace since the first quarter of fiscal 2021. To keep this segment engaged, MercadoLibre, Inc. is investing heavily, such as lowering the free shipping threshold in Brazil, which led to items sold accelerating 42% year-over-year in that country in Q3 2025. In Mexico, the firm is also investing heavily, with plans to invest over US $2.5 billion in 2025 alone to support logistics expansion.

The second major segment is the Small and Medium-sized Enterprises (SMEs) and entrepreneurs who use the marketplace as sellers. MercadoLibre, Inc. reports having 1 million active sellers across its 18 operating countries as of Q3 2025. These sellers benefit from the platform's scale and logistics network, which saw items sold region-wide increase 39% year-over-year to 635 million units in Q3 2025. For the fintech side, Mercado Pago extended credit to 22 million small businesses in Brazil in 2024, with half of those being first-time borrowers, demonstrating a deep reach into the SME financing gap.

A critical segment for MercadoLibre, Inc.'s fintech arm, Mercado Pago, is the unbanked and underbanked population seeking digital financial access. Monthly Active Users (MAUs) for Mercado Pago accelerated to 72 million in Q3 2025, a 29% year-over-year increase. This growth follows 68 million MAUs in Q2 2025 and 64 million in Q1 2025. The company is successfully monetizing this base through credit offerings; the total credit portfolio grew 83% year-over-year to $11.0 billion in Q3 2025. Furthermore, Assets Under Management (AUM) grew 89% year-over-year to $15.1 billion in the same quarter, showing strong adoption of savings products. Total Payment Volume (TPV) for the fintech segment reached $71.2 billion in Q3 2025, up 41% year-over-year.

Finally, large brands and retailers are a key segment, primarily served through the Mercado Ads business, which leverages the platform's massive user traffic for distribution and marketing. Advertising revenue in Q3 2025 saw its foreign exchange neutral growth accelerate to 63% year-over-year, driven by Brazil and Mexico. As of Q2 2025, the advertising business was generating roughly $1 billion in revenue and was a profit center for the company. The company notes it is the third largest regional platform in terms of 'eyeballs' in Latin America, which is the core value proposition for these larger advertisers seeking targeted reach.

Here's a quick look at the scale of the user base driving these segments as of mid-to-late 2025:

Metric	Segment Focus	Latest Reported Value (2025)	Period
Unique Buyers (Regional)	Mass Market E-commerce Buyers	Almost 77 million	Q3 2025
Fintech Monthly Active Users (MAU)	Unbanked/Underbanked Consumers	72 million	Q3 2025
Active Sellers (Regional)	SMEs and Entrepreneurs	1 million	Q3 2025
Credit Portfolio	Unbanked/Underbanked Consumers	$11.0 billion	Q3 2025
Advertising Revenue (FXN Growth)	Large Brands and Retailers	63% YoY Growth	Q3 2025

The platform's appeal to SMEs is also seen in the credit space; in 2024, Mercado Pago granted $24 billion in credit to SMEs and entrepreneurs.

You can see the ecosystem's depth by looking at the engagement metrics:

• Items sold in Q3 2025 reached 635 million units, a 39% YoY growth.
• Total Payment Volume (TPV) in Q3 2025 reached $71.2 billion, up 41% YoY.
• Assets Under Management (AUM) in Q3 2025 grew 89% YoY to $15.1 billion.
• The credit card portfolio represented 47% of the total credit book in Q3 2025.

Finance: draft 13-week cash view by Friday.

MercadoLibre, Inc. (MELI) - Canvas Business Model: Cost Structure

You're analyzing the cost side of MercadoLibre, Inc.'s (MELI) business as of late 2025, and honestly, it's a story of heavy, strategic spending to lock in market dominance. The cost structure reflects an aggressive investment cycle across logistics and fintech, which naturally puts pressure on short-term margins.

Logistics and Fulfillment Costs

Logistics is a massive cost center, but scale efficiencies are starting to show through. In Brazil, for instance, the company is executing a major infrastructure build-out, planning to expand its Fulfillment Distribution Centers from 10 units to 21 by the end of 2025, part of a R$23 billion investment plan in the country. This expansion is aimed at increasing same-day delivery coverage. Despite the heavy investment, operational discipline is improving in key areas; unit shipping costs in Brazil saw an 8% sequential decline in Q3 2025, and fulfillment unit shipping costs in Mexico hit their lowest-ever in local currency terms. While the specific 41% YoY capacity increase you mentioned isn't explicitly detailed in the latest filings, the planned doubling of fulfillment centers clearly signals a massive capacity push.

Here's a look at the operating expense breakdown for Q3 2025:

Expense Category	Q3 2025 (in millions USD)	Q3 2024 (in millions USD)	YoY Growth
Sales and Marketing	$2,183	$1,555	40.4%
Product and Technology Development	$1,685	$1,422	18.5%

Strategic Investments in Free Shipping

The push for user engagement, especially in Brazil, involves absorbing significant shipping costs. Management has been clear: they are not managing for short-term margin, but for long-term value creation. The reduction of the free shipping threshold in Brazil, from R$79 to just R$19, is a prime example of this. This move directly impacted margins, contributing to a gross margin decline of 105 basis points to 45.6% in the quarter. However, this aggressive subsidy is working to drive volume; in Brazil, items sold accelerated to 42% YoY in Q3 2025, up from 26% the prior quarter. This is a calculated trade-off to cement market share.

Technology and Product Development Expenses

Technology is viewed as a key competitive advantage, so spending remains high. For the twelve months ending September 30, 2025, Research and Development expenses totaled $2.197B, representing a 4.22% increase year-over-year. Looking just at Q3 2025, Product and Technology Development expenses were $1,685 million, up from $1,422 million in Q3 2024. This reflects continued investment in the ecosystem, including Agentic AI tools for sellers and fintech users, and an increase in headcount of 16% in this function over the first half of 2025.

Credit Loss Provisions on the US$11.0 Billion Loan Book

The rapid expansion of the Mercado Crédito portfolio is a major cost driver due to inherent credit risk. As of September 30, 2025, the credit portfolio stood at $11.0B, having grown 83% YoY in Q3 2025. The cost of this growth is managed through provisions for doubtful accounts. For the three-month period ended September 30, 2025, the company recognized a loss of $7 million in Provision for doubtful accounts as expected credit losses. This contrasts with the second quarter of 2025, where the provision for doubtful accounts grew to $690 million. The profitability metric that factors in these losses, Net Interest Margin After Losses (NIMAL), stood at 21.0% in Q3 2025, down from 23% in Q2 2025, showing the immediate impact of credit expansion costs.

Marketing and Advertising to Drive User Acquisition

Driving user acquisition and engagement requires substantial marketing outlay. Sales and Marketing expenses for Q3 2025 reached $2,183 million, a significant jump from $1,555 million in the same quarter last year. In dollar terms, this represented a nearly 50% surge in Q2 2025 as the company pushed discounts to counter inflation-hit consumer demand. Management has kept the overall Marketing Spend steady at approximately 11% of revenues, but they are strategically shifting spend; for example, affiliate channel investment was up 4x year-over-year to target younger users. The company is definitely spending to grow its user base, which hit 75 million active buyers in Q3 2025.

• Sales and Marketing as a percentage of revenue: Held steady at approximately 11%.
• Affiliate channel investment: Up 4x year-over-year in Q3 2025.
• Total Marketing/Advertising spend (Q3 2025): $2,183 million.
• Total Marketing/Advertising spend (Q3 2024): $1,555 million.

MercadoLibre, Inc. (MELI) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for MercadoLibre, Inc. as of late 2025. Honestly, it's a story of two massive engines-e-commerce and fintech-both firing on all cylinders, though with different margin profiles.

The overall top line for the third quarter of 2025 was US$7.4 billion in net revenue and financial income, marking the 27th consecutive quarter of growth above 30% year-over-year (YoY). This growth is balanced across the ecosystem, but the revenue streams themselves show distinct contributions.

Here's a quick look at the key financial figures from Q3 2025:

Revenue Stream Component	Metric/Value	Context/Detail
Net Revenue (Consolidated)	US$7.41 billion	Q3 2025 reported revenue, a 39.5% YoY increase.
Gross Merchandise Volume (GMV)	$16.5 billion	Total value of merchandise sold on the platform in Q3 2025.
Fintech Net Revenue	$3.24 billion	Q3 2025 revenue from the fintech segment, up 49% YoY.
Advertising Revenue Growth	56% YoY	Reported revenue growth for Mercado Ads in Q3 2025.
Credit Portfolio Size	$11.02 billion	Total credit portfolio as of Q3 2025, up 83.2% YoY.

The e-commerce side generates revenue through various mechanisms tied to the US$16.5 billion GMV achieved in Q3 2025. While the specific commission and fee breakdown isn't itemized against the GMV, we know that the commerce segment generated $4.17 billion in net revenue in the quarter. It's worth noting that this was achieved despite headwinds, as lower seller shipping charges actually reduced shipping revenue.

FinTech transaction fees and interest income from the credit portfolio are a major component. The credit portfolio expanded significantly, rising 83.2% YoY to $11.02 billion in Q3 2025. This growth in lending directly fuels interest income. Furthermore, the Net Interest Margin After Losses (NIMAL) for the quarter was 21%, though it declined 320 basis points YoY, primarily due to higher funding costs in Argentina. The Fintech segment's net revenue reached $3.24 billion in the quarter.

Advertising revenue is a high-growth stream. Mercado Ads revenue rose 56% YoY on a reported basis, and even stronger at 63% YoY on a foreign exchange (FX)-neutral basis in Q3 2025. This growth is fueled by investments in expanding inventory and leveraging first-party data.

First-party (1P) retail sales are an area of continued investment, mentioned alongside expanding free shipping and ramping up credit card offerings as key drivers of growth.

You can see the revenue segmentation like this:

• E-commerce commissions and fees are derived from the $16.5 billion GMV.
• FinTech revenue streams include transaction fees and interest income from the $11.02 billion credit portfolio.
• Net revenue for the quarter was $7.41 billion.
• Advertising revenue grew 56% YoY.
• First-party (1P) retail sales are a specific focus area within the commerce operations.

Finance: draft a quick calculation showing the implied take-rate on GMV using the $4.17B commerce revenue and $16.5B GMV for Q3 2025 by next Tuesday.