Does MercadoLibre's Expanding Credit Book Signal Mounting Risk Ahead?

Key Takeaways MELI's rapid credit expansion is deepening user engagement but introducing new margin and risk pressures.Credit cards are taking a larger share as funding costs climb and asset quality stays broadly stable.Competition from SE and NU is intensifying, adding pressure on MELI's credit pricing and lending margins.MercadoLibre’s (MELI) lending arm has become a powerful driver of engagement inside Mercado Pago and its rapid expansion is shaping the company’s operating profile. The credit portfolio i ...