Mercadolibre, Inc. (MELI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique du commerce électronique latino-américain, Mercadolibre est devenu une puissance transformatrice, révolutionnant les marchés numériques et les services financiers avec son modèle commercial innovant. Couvrant plusieurs pays et desservant des millions d'utilisateurs, ce géant de la technologie a magistralement tissé un écosystème qui va bien au-delà de la vente traditionnelle en ligne, intégrant des solutions de paiement sophistiquées, des réseaux logistiques et des services financiers dans une expérience numérique transparente. De l'autonomisation des entrepreneurs locaux à la fourniture d'inclusion financière pour les populations mal desservies, le canevas du modèle commercial de Mercadolibre révèle une stratégie complexe et multicouche qui a positionné l'entreprise comme un véritable perturbateur dans l'économie numérique de la région.

Mercadolibre, Inc. (MELI) - Modèle d'entreprise: partenariats clés

Processeurs de paiement

Mercadolibre s'associe à plusieurs processeurs de paiement pour faciliter les transactions en Amérique latine.

Partenaire	Volume de transaction (2023)	Couverture du marché
Visa	12,4 milliards de dollars	18 pays d'Amérique latine
MasterCard	10,9 milliards de dollars	15 pays d'Amérique latine
Banques latino-américaines locales	8,7 milliards de dollars	Brésil, Argentine, Mexique

Compagnies de logistique et d'expédition

Mercadolibre a des partenariats stratégiques avec les fournisseurs d'expédition.

• Correos Argentine: gère 45% de l'expédition domestique
• DHL: gère la logistique transfrontalière internationale
• FedEx: fournit des services de livraison express

Partenaires technologiques

Partenaire technologique	Service fourni	Valeur du contrat annuel
Services Web Amazon	Infrastructure cloud	37,5 millions de dollars
Microsoft Azure	Solutions de cybersécurité	22,3 millions de dollars
Cloudflare	Sécurité du réseau	15,6 millions de dollars

Intégrateurs de plate-forme de commerce électronique

Mercadolibre collabore avec plusieurs vendeurs tiers et intégrateurs de plate-forme.

• Vendeurs tiers totaux: 375 000
• Revenus de vendeur moyen: 42 000 $ par an
• Partners d'intégration de la plate-forme: 12 principaux fournisseurs de technologies

Partenariats technologiques financières

Partenaire fintech	Focus de la collaboration	Volume de transaction
Nubance	Intégration bancaire numérique	2,1 milliards de dollars
Pagseguro	Solutions de paiement	1,7 milliard de dollars
Banco inter	Services financiers	1,3 milliard de dollars

Mercadolibre, Inc. (Meli) - Modèle d'entreprise: Activités clés

Gestion de la plate-forme de marché du commerce électronique

Mercadolibre gère une plate-forme de commerce électronique avec les mesures clés suivantes:

Métrique	Valeur
Total des utilisateurs enregistrés	139 millions au quatrième trimestre 2023
Volume annuel de marchandises brutes	30,1 milliards de dollars en 2023
Total des éléments répertoriés	Plus de 500 millions d'annonces actives

Traitement des paiements numériques via Mercado Pago

Les principales mesures opérationnelles de Mercado Pago comprennent:

Métrique de paiement	Valeur
Volume de paiement total	27,4 milliards de dollars en 2023
Transactions de paiement hors plate-forme	62% du volume total de paiement
Utilisateurs de portefeuilles numériques	48,2 millions d'utilisateurs actifs

Développement et maintenance des infrastructures technologiques

• Investissement technologique annuel: 498 millions de dollars en 2023
• Déploiement des infrastructures cloud: Amazon Web Services et Google Cloud
• Taille de l'équipe d'ingénierie: environ 2 500 professionnels de la technologie

Facilitation commerciale transfrontalière sur les marchés latino-américains

Marché	Pays actifs	Pénétration du marché
Marchés primaires	Argentine, Brésil, Mexique, Colombie	85% des revenus totaux
Marchés secondaires	Chili, Pérou, Uruguay	15% des revenus totaux

Innovation de plate-forme continue et amélioration de l'expérience utilisateur

Les mesures d'innovation démontrent un investissement technologique important:

Métrique d'innovation	Valeur
Dépenses annuelles de R&D	342 millions de dollars en 2023
Nouvelles versions de fonctionnalités	37 mises à jour principales de plate-forme
Téléchargements d'applications mobiles	126 millions de téléchargements cumulatifs

Mercadolibre, Inc. (Meli) - Modèle d'entreprise: Ressources clés

Infrastructure technologique robuste et plateformes numériques

En 2024, Mercadolibre exploite un écosystème technologique sophistiqué avec les spécifications suivantes:

Composant d'infrastructure	Détails quantitatifs
Infrastructure de cloud computing	Avasion estimée à 99,99%, hébergeant plus de 300 millions de comptes d'utilisateurs
Utilisateurs de la plate-forme mobile	228,9 millions de téléchargements d'applications mobiles à travers l'Amérique latine
Traitement quotidien des transactions	Environ 1,4 million de transactions par jour

Grande base de données utilisateur

Métriques de la base de données des utilisateurs sur les marchés latino-américains:

• Total des utilisateurs enregistrés: 85,3 millions
• Acheteurs actifs: 48,2 millions
• Couverture géographique: 18 pays

Reconnaissance de la marque

Évaluation de la marque et positionnement du marché:

Métrique de la marque	Valeur
Valeur de marque	4,7 milliards de dollars
Part de marché dans le commerce électronique	62,3% en Amérique latine

Analyse des données et apprentissage automatique

Capacités technologiques avancées:

• Algorithmes d'apprentissage automatique Traitement 2.8 Pétaoctets de données par jour
• Précision d'analyse prédictive: 87,4%
• Systèmes de détection de fraude en temps réel

Réseau de vendeurs et de marchands

Métriques des écosystèmes du marché:

Caractéristique du réseau	Données quantitatives
Vendeurs actifs totaux	573,000
Catégories de marchands	Plus de 50 catégories de produits différentes
Volume annuel de marchandises brutes	31,4 milliards de dollars

Mercadolibre, Inc. (Meli) - Modèle d'entreprise: propositions de valeur

Market en ligne complet pour diverses catégories de produits

Au quatrième trimestre 2023, la plate-forme de Mercadolibre a accueilli 18,9 millions de vendeurs actifs et 81,4 millions d'acheteurs actifs en Amérique latine. Le volume total des marchandises a atteint 9,4 milliards de dollars au trimestre.

Catégorie de produits	Pourcentage des ventes totales
Électronique	32%
Mode	22%
Maison & Appareils	18%
Autres	28%

Solutions de paiement numérique sécurisées et pratiques

Mercadopago a traité 24,4 milliards de dollars de volume de paiement total au quatrième trimestre 2023, avec 76,4% des transactions survenant hors plate-forme.

• Utilisateurs de portefeuille numérique: 41,3 millions
• Transactions mobiles de point de vente: 8,6 milliards de dollars
• Pénétration du paiement en ligne: 64% au Brésil, 52% en Argentine

Services de logistique et d'expédition intégrés

Mercadoenvios a géré 230 millions d'expédition en 2023, couvrant 100% des territoires brésiliens et argentins.

Métrique d'expédition	Performance de 2023
Délai de livraison moyen	3,2 jours
Couverture maritime	19 pays
Centres de réalisation	22 centres opérationnels

Expériences locales de commerce électronique spécifiques au marché

Mercadolibre opère dans 18 pays avec des plateformes localisées, générant 7,9 milliards de dollars de revenus nets pour 2023.

Services financiers et offres de crédit

Mercadocrédito a prolongé 1,2 milliard de dollars de crédit aux vendeurs et aux consommateurs en 2023, avec un taux de défaut de portefeuille de prêt de 5,4%.

Produit de crédit	Volume total
Prêts au vendeur	780 millions de dollars
Prêts à la consommation	420 millions de dollars

Mercadolibre, Inc. (MELI) - Modèle d'entreprise: relations avec les clients

Plates-formes numériques en libre-service

Mercadolibre exploite une plate-forme numérique complète avec 79,1 millions d'utilisateurs actifs au troisième trimestre 2023. La plate-forme traite 1,1 milliard de transactions au total en 2023, permettant aux utilisateurs de gérer indépendamment les achats, les ventes et les interactions.

Métrique de la plate-forme	2023 données
Utilisateurs actifs	79,1 millions
Total des transactions	1,1 milliard
Pénétration mobile	72.3%

Support client via plusieurs canaux numériques

Mercadolibre fournit un support client multicanal avec des temps de réponse en moyenne de 4,2 heures sur les plates-formes numériques.

• Support de chat en direct
• Assistance par e-mail
• Canaux de médias sociaux
• Support téléphonique

Systèmes de notation et d'examen des utilisateurs

La plate-forme maintient un système de notation transparent avec un taux de satisfaction du vendeur de 93,6% en 2023.

Métrique de notation	Pourcentage
Taux de satisfaction du vendeur	93.6%
Avis vérifiés	87.4%

Algorithmes de recommandation personnalisés

Le moteur de recommandation de Mercadolibre entraîne 42,7% des transactions totales de plate-forme grâce à des suggestions de produits personnalisés.

Programmes de fidélité et mécanismes d'incitation

Le programme de fidélité Mercadopago couvre 68,3% du total des utilisateurs de la plate-forme, avec 52,4 millions de participants au programme de fidélité actif en 2023.

Métrique du programme de fidélité	2023 données
Utilisateurs du programme de fidélité totale	52,4 millions
Couverture du programme	68.3%
Valeur moyenne de récompense de l'utilisateur	$24.50

Mercadolibre, Inc. (Meli) - Modèle d'entreprise: canaux

Plates-formes d'application mobile

Mercadolibre exploite des applications mobiles avec 153 millions d'utilisateurs actifs mobiles au troisième trimestre 2023. Les statistiques de téléchargement des applications mobiles révèlent:

Plate-forme	Utilisateurs actifs mensuels	Pourcentage de téléchargement
IOS App Store	42,6 millions	27.8%
Google Play Store	110,4 millions	72.2%

Site Web de marché Web

Le site Web de Mercadolibre génère 285 millions de visites au total par mois avec 67,3% du trafic provenant des appareils mobiles.

• Total des visiteurs uniques: 127,5 millions par mois
• Durée moyenne de la session: 14,7 minutes
• Pages vues par session: 6.3

Marketing des médias sociaux

Rédictions de médias sociaux Mesures d'engagement:

Plate-forme	Abonnés	Taux d'engagement
Instagram	3,2 millions	4.7%
Facebook	5,6 millions	3.9%
Gazouillement	1,8 million	2.5%

Campagnes de marketing numérique direct

Indicateurs de performance du marketing numérique:

• Liste de marketing par e-mail: 62,4 millions d'abonnés
• Taux d'ouverture du courrier électronique moyen: 22,6%
• Taux de clics: 3,8%
• Dépenses publicitaires numériques: 287 millions de dollars en 2023

Réseaux d'affiliation et de référence

Métriques de performance du réseau d'affiliation:

Type de réseau	Affiliés totaux	Taux de conversion
Affiliés marchands	450,000	2.9%
Programme de référence individuel	1,2 million	1.7%

Mercadolibre, Inc. (MELI) - Modèle d'entreprise: segments de clientèle

Consommateurs individuels sur les marchés latino-américains

Depuis le quatrième trimestre 2023, Mercadolibre dessert 82,1 millions d'utilisateurs actifs uniques en Amérique latine. La plateforme couvre 18 pays, dont le Brésil, l'Argentine, le Mexique, la Colombie et le Chili.

Pays	Utilisateurs actifs (millions)	Pénétration du commerce électronique
Brésil	34.6	22%
Argentine	18.3	15%
Mexique	15.7	12%

Petites et moyennes entreprises

En 2023, Mercadolibre a soutenu 500 000 vendeurs actifs sur les marchés latino-américains. La plate-forme génère environ 3,2 milliards de dollars de revenus annuels de services de vendeur.

• Revenu mensuel moyen du vendeur: 6 400 $
• Rate de prise de plateforme: 16-18%
• Taux de croissance des vendeurs: 22% sur l'autre

Vendeurs et commerçants en ligne

L'écosystème marchand de Mercadolibre a traité 30,8 milliards de dollars de volume de marchandises totales en 2023, avec une valeur de transaction moyenne de 87 $.

Numérique d'abord de démographie plus jeune

Les utilisateurs de 18 à 35 ans représentent 62% de la base d'utilisateurs totale de Mercadolibre, avec 45% des transactions provenant des plateformes mobiles.

Groupe d'âge	Pourcentage d'utilisateurs	Part de transaction mobile
18-24	28%	35%
25-35	34%	45%

Segments de population non bancarisés et sous-bancarisés

Le Mercadolibre de Mercado Pago dessert 41,2 millions d'utilisateurs de fintech actifs, ciblant environ 200 millions de personnes non bancarisées en Amérique latine.

• Utilisateurs de portefeuille numérique: 41,2 millions
• Transactions de crédit: 2,7 milliards de dollars
• Volume de paiement: 24,3 milliards de dollars en 2023

Mercadolibre, Inc. (Meli) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

En 2023, Mercadolibre a déclaré des frais de technologie et de contenu de 1,125 milliard de dollars, ce qui représente 16,5% des revenus nets totaux. Les coûts des infrastructures cloud et des centres de données de l'entreprise comprennent:

• Coûts d'hébergement des services Web d'Amazon (AWS): 350 à 400 millions de dollars estimés par an
• Maintenance des infrastructures réseau: environ 250 à 300 millions de dollars par an
• Cybersecurity and Data Protection Investments: 150-200 millions de dollars par an

Catégorie de coûts technologiques	Dépenses annuelles (USD)	Pourcentage de revenus
Infrastructure cloud	375 millions de dollars	5.5%
Maintenance du réseau	275 millions de dollars	4.0%
Cybersécurité	175 millions de dollars	2.6%

Frais de marketing et d'acquisition des clients

Les frais de marketing pour 2023 ont totalisé 685 millions de dollars, ce qui représente 10,1% des revenus nets.

• Dépenses publicitaires numériques: 450 à 500 millions de dollars
• Marketing de performance: 200 à 250 millions de dollars
• Campagnes de sensibilisation de la marque: 35 à 50 millions de dollars

Traitement des paiements et frais de transaction

Les dépenses liées aux transactions en 2023 étaient d'environ 780 millions de dollars.

Catégorie de coût de transaction	Dépenses annuelles (USD)	Pourcentage du volume de transaction
Frais de passerelle de paiement	350 millions de dollars	2.3%
Traitement des cartes de crédit	250 millions de dollars	1.6%
Prévention de la fraude	180 millions de dollars	1.2%

Investissements de recherche et développement

Les dépenses de R&D pour 2023 ont atteint 425 millions de dollars, ce qui représente 6,3% du total des revenus nets.

• Innovation fintech: 200 millions de dollars
• Développement de la plate-forme de commerce électronique: 150 millions de dollars
• Intelligence artificielle et apprentissage automatique: 75 millions de dollars

Support client et frais opérationnels

Les dépenses opérationnelles pour le support client en 2023 étaient de 520 millions de dollars.

Catégorie de coûts opérationnels	Dépenses annuelles (USD)	Pourcentage de revenus
Centres de service à la clientèle	250 millions de dollars	3.7%
Technologie de soutien	150 millions de dollars	2.2%
Formation et développement	120 millions de dollars	1.8%

Mercadolibre, Inc. (MELI) - Modèle d'entreprise: sources de revenus

Frais de commission des transactions de marché

Au quatrième trimestre 2023, Mercadolibre a généré 1,99 milliard de dollars de revenus de marché. La société facture des taux de commission des vendeurs allant de 10% à 22% selon la catégorie des produits.

Catégorie de produits	Taux de commission
Électronique	18-22%
Mode	14-16%
Marchandises à domicile	10-12%

Frais de traitement des paiements via Mercado Pago

En 2023, Mercado Pago a traité 86,4 milliards de dollars de volume de paiement total. L'entreprise génère des revenus:

• Frais de transaction en ligne: 3,99% + 0,30 $ par transaction
• Frais de transaction de point de vente: 2,39% + 0,10 $ par transaction
• Frais de paiement transfrontaliers: 5,49% + 0,50 $ par transaction

Services de publicité et de promotion

Mercadolibre a généré 253 millions de dollars de revenus publicitaires en 2023, offrant des listes parrainées et des services promotionnels aux vendeurs.

Services financiers et offres de crédit

Mercado Crédito a émis 1,2 milliard de dollars de prêts en 2023, avec une taille de prêt moyenne de 450 $. La Société gagne des revenus d'intérêts allant de 25% à 75% par an.

Commissions commerciales transfrontalières

Les transactions transfrontalières ont généré 187 millions de dollars en 2023, avec des taux de commission entre 5 et 7% pour les ventes de marché international.

Région	Revenus transfrontaliers	Taux de commission
Brésil	78 millions de dollars	6.5%
Argentine	55 millions de dollars	5.5%
Mexique	54 millions de dollars	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.