MercadoLibre, Inc. (MELI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico del comercio electrónico latinoamericano, Mercadolibre se ha convertido en una potencia transformadora, revolucionando los mercados digitales y los servicios financieros con su innovador modelo de negocio. Con múltiples países y atendiendo a millones de usuarios, este gigante tecnológico ha entrelazado magistralmente un ecosistema que va mucho más allá de la venta tradicional en línea, integrando soluciones de pago sofisticadas, redes logísticas y servicios financieros en una experiencia digital sin problemas. Desde empoderar a los empresarios locales hasta proporcionar una inclusión financiera para las poblaciones desatendidas, el modelo de negocio de Mercadolibre revela una estrategia compleja y multicapa que ha posicionado a la compañía como un verdadero disruptor en la economía digital de la región.

Mercadolibre, Inc. (Meli) - Modelo de negocio: asociaciones clave

Procesadores de pago

Mercadolibre se asocia con múltiples procesadores de pago para facilitar las transacciones en América Latina.

Pareja	Volumen de transacción (2023)	Cobertura del mercado
Visa	$ 12.4 mil millones	18 países latinoamericanos
Tarjeta MasterCard	$ 10.9 mil millones	15 países latinoamericanos
Bancos latinoamericanos locales	$ 8.7 mil millones	Brasil, Argentina, México

Empresas de logística y naves

Mercadolibre tiene asociaciones estratégicas con proveedores de envío.

• Correos Argentina: maneja el 45% del envío doméstico
• DHL: administra la logística transfronteriza internacional
• FedEx: proporciona servicios de entrega expresa

Socios tecnológicos

Socio tecnológico	Servicio proporcionado	Valor anual del contrato
Servicios web de Amazon	Infraestructura en la nube	$ 37.5 millones
Microsoft Azure	Soluciones de ciberseguridad	$ 22.3 millones
Marco de la nube	Seguridad de la red	$ 15.6 millones

Integradores de plataforma de comercio electrónico

Mercadolibre colabora con múltiples vendedores e integradores de plataformas de terceros.

• Vendedores de terceros totales: 375,000
• Ingresos promedio del vendedor: $ 42,000 por año
• Socios de integración de plataforma: 12 proveedores principales de tecnología

Asociaciones de tecnología financiera

Socio de fintech	Enfoque de colaboración	Volumen de transacción
Nubank	Integración bancaria digital	$ 2.1 mil millones
Pagseguro	Soluciones de pago	$ 1.7 mil millones
Banco Inter	Servicios financieros	$ 1.3 mil millones

Mercadolibre, Inc. (Meli) - Modelo de negocio: actividades clave

Gestión de la plataforma del mercado de comercio electrónico

Mercadolibre administra una plataforma de comercio electrónico con las siguientes métricas clave:

Métrico	Valor
Total de usuarios registrados	139 millones a partir del cuarto trimestre 2023
Volumen anual de mercancías brutas	$ 30.1 mil millones en 2023
Total de artículos enumerados	Más de 500 millones de listados activos

Procesamiento de pagos digitales a través de Mercado Pago

Las métricas operativas clave de Mercado Pago incluyen:

Métrico de pago	Valor
Volumen de pago total	$ 27.4 mil millones en 2023
Transacciones de pago fuera de plataforma	62% del volumen total de pago
Usuarios de billetera digital	48.2 millones de usuarios activos

Desarrollo y mantenimiento de la infraestructura tecnológica

• Inversión tecnológica anual: $ 498 millones en 2023
• Implementación de infraestructura en la nube: Amazon Web Services y Google Cloud
• Tamaño del equipo de ingeniería: aproximadamente 2,500 profesionales de tecnología

Facilitación comercial transfronteriza en mercados latinoamericanos

Mercado	Países activos	Penetración del mercado
Mercados primarios	Argentina, Brasil, México, Colombia	85% de los ingresos totales
Mercados secundarios	Chile, Perú, Uruguay	15% de los ingresos totales

Innovación de plataforma continua y mejora de la experiencia del usuario

Las métricas de innovación demuestran una inversión tecnológica significativa:

Métrica de innovación	Valor
Gastos anuales de I + D	$ 342 millones en 2023
Nuevos lanzamientos de características	37 actualizaciones de plataformas principales
Descargas de aplicaciones móviles	126 millones de descargas acumulativas

Mercadolibre, Inc. (Meli) - Modelo de negocio: recursos clave

Infraestructura tecnológica robusta y plataformas digitales

A partir de 2024, Mercadolibre opera un ecosistema tecnológico sofisticado con las siguientes especificaciones:

Componente de infraestructura	Detalles cuantitativos
Infraestructura de computación en la nube	Se estima el 99.99% de tiempo de actividad, alojando más de 300 millones de cuentas de usuario
Usuarios de plataforma móvil	228.9 millones de descargas de aplicaciones móviles en América Latina
Procesamiento diario de transacciones	Aproximadamente 1,4 millones de transacciones por día

Base de datos de usuarios grande

Métricas de la base de datos de usuarios en los mercados latinoamericanos:

• Total de usuarios registrados: 85.3 millones
• Compradores activos: 48.2 millones
• Cobertura geográfica: 18 países

Reconocimiento de marca

Valoración de la marca y posicionamiento del mercado:

Métrico de marca	Valor
Valor de marca	$ 4.7 mil millones
Cuota de mercado en comercio electrónico	62.3% en América Latina

Análisis de datos y aprendizaje automático

Capacidades tecnológicas avanzadas:

• Algoritmos de aprendizaje automático Procesamiento 2.8 petabytes de datos diariamente
• Precisión analítica predictiva: 87.4%
• Sistemas de detección de fraude en tiempo real

Vendedor y Red de Comerciantes

Métricas del ecosistema del mercado:

Característica de la red	Datos cuantitativos
Vendedores activos totales	573,000
Categorías comerciales	Más de 50 categorías de productos diferentes
Volumen anual de mercancías brutas	$ 31.4 mil millones

Mercadolibre, Inc. (Meli) - Modelo de negocio: propuestas de valor

Mercado integral en línea para diversas categorías de productos

A partir del cuarto trimestre de 2023, la plataforma de Mercadolibre organizó 18.9 millones de vendedores activos y 81.4 millones de compradores activos en América Latina. El volumen total de mercancías alcanzó los $ 9.4 mil millones en el trimestre.

Categoría de productos	Porcentaje de ventas totales
Electrónica	32%
Moda	22%
Hogar & Accesorios	18%
Otros	28%

Soluciones de pago digital seguras y convenientes

Mercadopago procesó $ 24.4 mil millones en volumen de pago total en el cuarto trimestre de 2023, con el 76.4% de las transacciones que ocurren fuera de la plataforma.

• Usuarios de billetera digital: 41.3 millones
• Transacciones de punto de venta móvil: $ 8.6 mil millones
• Penetración de pago en línea: 64% en Brasil, 52% en Argentina

Logística integrada y servicios de envío

Mercadoenvios logró 230 millones de envíos en 2023, que cubren el 100% de los territorios brasileños y argentinos.

Métrico de envío	2023 rendimiento
Tiempo de entrega promedio	3.2 días
Cobertura de envío	19 países
Centros de cumplimiento	22 centros operativos

Experiencias locales de comercio electrónico específicos del mercado

Mercadolibre opera en 18 países con plataformas localizadas, generando $ 7.9 mil millones en ingresos netos para 2023.

Servicios financieros y ofertas de crédito

Mercadocredito extendió $ 1.2 mil millones en crédito a los vendedores y consumidores en 2023, con una tasa de incumplimiento de la cartera de préstamos del 5,4%.

Producto de crédito	Volumen total
Préstamos al vendedor	$ 780 millones
Préstamos al consumo	$ 420 millones

Mercadolibre, Inc. (Meli) - Modelo de negocios: relaciones con los clientes

Plataformas digitales de autoservicio

Mercadolibre opera una plataforma digital integral con 79.1 millones de usuarios activos a partir del tercer trimestre de 2023. La plataforma procesa 1.100 millones de transacciones totales en 2023, lo que permite a los usuarios administrar de forma independiente las compras, ventas e interacciones.

Métrica de plataforma	2023 datos
Usuarios activos	79.1 millones
Transacciones totales	1.100 millones
Penetración móvil	72.3%

Atención al cliente a través de múltiples canales digitales

Mercadolibre proporciona atención al cliente multicanal con tiempos de respuesta con un promedio de 4.2 horas en las plataformas digitales.

• Soporte de chat en vivo
• Soporte por correo electrónico
• Canales de redes sociales
• Soporte telefónico

Sistemas de calificación y revisión del usuario

La plataforma mantiene un sistema de calificación transparente con una tasa de satisfacción del vendedor 93.6% en 2023.

Métrico de calificación	Porcentaje
Tasa de satisfacción del vendedor	93.6%
Revisiones verificadas	87.4%

Algoritmos de recomendación personalizados

El motor de recomendación de Mercadolibre impulsa el 42.7% de las transacciones totales de la plataforma a través de sugerencias de productos personalizadas.

Programas de fidelización y mecanismos de incentivos

El programa de fidelización de Mercadopago cubre el 68.3% del total de usuarios de la plataforma, con 52.4 millones de participantes del programa de fidelización activa en 2023.

Métrica del programa de fidelización	2023 datos
Usuarios del programa de fidelización total	52.4 millones
Cobertura del programa	68.3%
Valor promedio de recompensa del usuario	$24.50

Mercadolibre, Inc. (Meli) - Modelo de negocio: canales

Plataformas de aplicaciones móviles

Mercadolibre opera aplicaciones móviles con 153 millones de usuarios activos móviles a partir del tercer trimestre de 2023. Las estadísticas de descarga de la aplicación móvil revelan:

Plataforma	Usuarios activos mensuales	Descargar porcentaje
Tienda de aplicaciones de iOS	42.6 millones	27.8%
Google Play Store	110.4 millones	72.2%

Sitio web del mercado basado en la web

El sitio web de Mercadolibre genera 285 millones de visitas totales mensualmente con el 67.3% del tráfico que se origina en dispositivos móviles.

• Visitantes únicos totales: 127.5 millones por mes
• Duración promedio de la sesión: 14.7 minutos
• Vistas de página por sesión: 6.3

Marketing en redes sociales

Métricas de compromiso de los canales de redes sociales:

Plataforma	Seguidores	Tasa de compromiso
Instagram	3.2 millones	4.7%
Facebook	5.6 millones	3.9%
Gorjeo	1.8 millones	2.5%

Campañas directas de marketing digital

Indicadores de rendimiento de marketing digital:

• Lista de marketing por correo electrónico: 62.4 millones de suscriptores
• Tasa de apertura de correo electrónico promedio: 22.6%
• Tasa de clics: 3.8%
• Gasto publicitario digital: $ 287 millones en 2023

Redes de afiliados y de referencia

Métricas de rendimiento de la red de afiliados:

Tipo de red	Afiliados totales	Tasa de conversión
Afiliados comerciales	450,000	2.9%
Programa de referencia individual	1.2 millones	1.7%

Mercadolibre, Inc. (Meli) - Modelo de negocio: segmentos de clientes

Consumidores individuales en los mercados latinoamericanos

A partir del cuarto trimestre de 2023, Mercadolibre atiende a 82.1 millones de usuarios activos únicos en América Latina. La plataforma cubre 18 países como Brasil, Argentina, México, Colombia y Chile.

País	Usuarios activos (millones)	Penetración de comercio electrónico
Brasil	34.6	22%
Argentina	18.3	15%
México	15.7	12%

Empresas pequeñas y medianas

En 2023, Mercadolibre apoyó a 500,000 vendedores activos en los mercados latinoamericanos. La plataforma genera aproximadamente $ 3.2 mil millones en ingresos anuales de servicios de vendedores.

• Ingresos promedio del vendedor mensual: $ 6,400
• Tarifa de la plataforma: 16-18%
• Tasa de crecimiento del vendedor: 22% año tras año

Vendedores y comerciantes en línea

El ecosistema comercial de Mercadolibre procesó $ 30.8 mil millones en volumen total de mercancías en 2023, con un valor de transacción promedio de $ 87.

Digital primero demografía más joven

Los usuarios de 18 a 35 años representan el 62% de la base total de usuarios de Mercadolibre, con el 45% de las transacciones que se originan en plataformas móviles.

Grupo de edad	Porcentaje de usuarios	Compartir la transacción móvil
18-24	28%	35%
25-35	34%	45%

Segmentos de población no bancarizados y no bancarizados

Mercadolibre's Mercado Pago atiende a 41.2 millones de usuarios activos de FinTech, apuntando a aproximadamente 200 millones de personas no bancarizadas en América Latina.

• Usuarios de billetera digital: 41.2 millones
• Transacciones de crédito: $ 2.7 mil millones
• Volumen de pago: $ 24.3 mil millones en 2023

Mercadolibre, Inc. (Meli) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

En 2023, Mercadolibre informó tecnología y gastos de contenido de $ 1.125 mil millones, lo que representa el 16.5% de los ingresos netos totales. Los costos de la infraestructura en la nube y el centro de datos de la compañía incluyen:

• Costos de alojamiento de Amazon Web Services (AWS): estimado de $ 350-400 millones anualmente
• Mantenimiento de la infraestructura de red: aproximadamente $ 250-300 millones por año
• Inversiones de ciberseguridad y protección de datos: $ 150-200 millones anualmente

Categoría de costos tecnológicos	Gasto anual (USD)	Porcentaje de ingresos
Infraestructura en la nube	$ 375 millones	5.5%
Mantenimiento de la red	$ 275 millones	4.0%
Ciberseguridad	$ 175 millones	2.6%

Gastos de marketing y adquisición de clientes

Los gastos de marketing para 2023 totalizaron $ 685 millones, lo que representa el 10.1% de los ingresos netos.

• Gasto publicitario digital: $ 450-500 millones
• Marketing de rendimiento: $ 200-250 millones
• Campañas de concientización de marca: $ 35-50 millones

Procesamiento de pagos y tarifas de transacción

Los gastos relacionados con la transacción en 2023 fueron de aproximadamente $ 780 millones.

Categoría de costos de transacción	Gasto anual (USD)	Porcentaje del volumen de transacciones
Tarifas de pasarela de pago	$ 350 millones	2.3%
Procesamiento de tarjetas de crédito	$ 250 millones	1.6%
Prevención de fraude	$ 180 millones	1.2%

Inversiones de investigación y desarrollo

Los gastos de I + D para 2023 alcanzaron los $ 425 millones, lo que representa el 6.3% de los ingresos netos totales.

• Innovación Fintech: $ 200 millones
• Desarrollo de la plataforma de comercio electrónico: $ 150 millones
• Inteligencia artificial y aprendizaje automático: $ 75 millones

Atención al cliente y costos operativos

Los gastos operativos para la atención al cliente en 2023 fueron de $ 520 millones.

Categoría de costos operativos	Gasto anual (USD)	Porcentaje de ingresos
Centros de servicio al cliente	$ 250 millones	3.7%
Tecnología de soporte	$ 150 millones	2.2%
Capacitación y desarrollo	$ 120 millones	1.8%

Mercadolibre, Inc. (Meli) - Modelo de negocio: flujos de ingresos

Tarifas de la comisión de las transacciones del mercado

A partir del cuarto trimestre de 2023, Mercadolibre generó $ 1.99 mil millones en ingresos del mercado. La Compañía cobra tarifas de la Comisión de Vendedores que van del 10% al 22% según la categoría de productos.

Categoría de productos	Tarifa de comisión
Electrónica	18-22%
Moda	14-16%
Artículos para el hogar	10-12%

Tarifas de procesamiento de pagos a través de Mercado Pago

En 2023, Mercado Pago procesó $ 86.4 mil millones en volumen total de pago. La compañía genera ingresos a través de:

• Tarifas de transacción en línea: 3.99% + $ 0.30 por transacción
• Tarifas de transacción de punto de venta: 2.39% + $ 0.10 por transacción
• Tarifas de pago transfronterizas: 5.49% + $ 0.50 por transacción

Servicios de publicidad y promoción

Mercadolibre generó $ 253 millones en ingresos por publicidad en 2023, ofreciendo listados patrocinados y servicios promocionales a los vendedores.

Servicios financieros y ofertas de crédito

Mercado Crédito emitió $ 1.2 mil millones en préstamos durante 2023, con un tamaño de préstamo promedio de $ 450. La Compañía obtiene ingresos por intereses que van del 25% al ​​75% anual.

Comisiones comerciales transfronterizas

Las transacciones transfronterizas generaron $ 187 millones en 2023, con tasas de comisión entre 5 y 7% para las ventas del mercado internacional.

Región	Ingresos transfronterizos	Tarifa de comisión
Brasil	$ 78 millones	6.5%
Argentina	$ 55 millones	5.5%
México	$ 54 millones	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.