More than 414,000 families in Mexico have their activity within the Mercado Libre ecosystem as their main source of income. In Q4 2023, the operation of the Latin American e-commerce and financial services giant in Mexico drove revenue expansion with local growth of more than 51% year-on-year.
That is why the Argentine company reaffirmed its commitment to the country and from its headquarters in Mexico City announced that it will invest 2.45 billion dollars during 2024.
This is the largest investment made by the company to date in Mexico and will be allocated mainly to logistics development; of solutions; technological innovation; marketing and talent for the company; to the promotion of inclusion and financial education; to multiply offline and online collection solutions; to consolidate Mercado Pago, the digital financial services app, and to increase the reach of its credits.
We are aware of the transformative power of our ecosystem and that is why we increased investment in Mexico for the development of technological solutions for our platforms, both electronic commerce and financial services, and the reinforcement of our logistics operation, among others. We have the firm purpose of impacting the experience of our users and buyers for the better.
David Geisen, general director of Mercado Libre México.
A high impact ecosystem
Currently Mercado Libre has 144 million active users (both those who are in the marketplace or who use the paid market platform and/or have some credit). Geisen highlighted that active users grew by 50% within the Mercado Libre ecosystem, while in the marketplace the user base grew 18%, exceeding 50 million unique active users. Likewise, the company has granted more than 1 million loans to SMEs in Mexico.
Data at the end of 2023 show that Mercado Libre sold more than 1,404 million products in the region last year and that Mexico is the fastest growing market, with 32% of the volume. Additionally, Geisen commented that every second 371 transactions are made through Mercado Pago throughout the region and that according to Latinoametrics, Mercado Pago is the second financial app with the most users in Mexico.
To date, the company delivers packages the same day in 24 cities, has more than 90 logistics centers, eight distribution centers and 900 electric vans that circulate through the main points of the country.
With this announcement, Mercado Libre begins the celebration of its 25 years. And David Geisen opens his position. In addition to his position as general director of Mercado Libre México, he takes responsibility for leading the e-commerce businesses for Argentina, Chile, Colombia, Ecuador, Peru, Uruguay and Venezuela, as Senior Vice President of the Commerce business for Hispanic countries.
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