MercadoLibre runs a top e-commerce and fintech platform in Latin America, connecting marketplace, payments, and logistics in one ecosystem.New York City-based Overbrook Management disclosed a full exit from MercadoLibre (MELI 0.06%) in a Friday SEC filing, selling 5,592 shares for an estimated $13.07 million based on quarterly average pricing.What HappenedAccording to an SEC filing released Friday, Overbrook Management Corp sold all of its 5,592 shares of MercadoLibre during the fourth quarter. The estimate ...

Core Viewpoint - MercadoLibre is at a critical juncture as it enters 2026, needing to demonstrate that its growth can be both durable and profitable after a decade of rapid expansion [1][3] Group 1: Growth and Profitability - The company continues to grow, with its e-commerce platform attracting new buyers and transactions, while Mercado Pago has emerged as a significant fintech platform in Latin America [2] - In 2025, margins faced pressure due to increased competition and rising capital requirements, indicating that the growth story is no longer solely driven by favorable market conditions [2][4] - Investors will be looking for evidence in 2026 that margins can stabilize without sacrificing growth, requiring improvements in logistics efficiency and monetization strategies [5][6] Group 2: Fintech Performance - Mercado Pago has become a crucial growth engine, with rapid expansion in payments, assets under management, and lending, alongside improved credit quality [8][9] - The company must maintain credit discipline and control delinquency rates to ensure that fintech growth is sustainable and contributes meaningfully to earnings [10] Group 3: Investment and Operating Leverage - Significant investments are being made in logistics, technology, and payment infrastructure across key markets, which are strategically important for enhancing delivery and reliability [11] - In 2026, investors will seek signs of operating leverage, such as declining fulfillment costs and efficient scaling of technology spend [12] Group 4: Competitive Landscape - Competition has intensified, with Shopee surpassing MercadoLibre in Brazil and new entrants like Temu altering consumer price expectations [13] - The company must demonstrate that competition will not lead to permanent margin compression, with signs of pricing rationality and improved monetization per user being critical for restoring confidence [14] Group 5: Investor Implications - MercadoLibre remains a compelling long-term investment opportunity in Latin America's digital economy, but the company must prove its ability to execute effectively in 2026 [16][17] - Success in 2026 could transition the company from a high-growth platform to a durable compounder, while failure may lead to increased stock volatility despite rising revenues [16]

"电商+金融"，似乎总是商业生态的终极放大器。 01 从电商到金融的庞大生态版图 美客多和阿里巴巴一样，都成立于1999年。 公开资料显示，美客多的创始人马科斯·加尔佩林（Marcos Galperin）是一位阿根廷企业家，早年在斯坦福大学商学院毕业，于1999年8月，模仿eBay的 C2C在线拍卖模式，在美国创立美客多。 这是比淘宝还要早4年就上线的电商平台。 在拉丁美洲地区，同样有一家"电商+金融+物流"的大型综合生态企业值得关注——美客多（Mercado Libre），堪称「拉美信贷之王」。 各类贷款业务丰富，余额已超百亿美元。 「一只互金鹅」之所以关注到此平台，是因为发现一些中资互金出海墨西哥会寻求在该平台投放广告。 比如之前「一只互金鹅」也在文章中提到过出海墨西哥贷款业务的深圳枭龙云就有发出"美客多渠道效果广告投放项目"采购的公告。 再后来，美客多又延伸了支付、物流、广告、SaaS等服务。 国内大家已经熟悉"阿里和蚂蚁"的故事，以及后来字节"抖音电商+支付+月付+放心借"的庞大生态版图。 「一只互金鹅」也曾解析过东南亚消费金融之王——Shopee（又称：虾皮）母公司Sea（又称：冬海集团），以及其数 ...

Core Insights - MercadoLibre is recognized as a leading e-commerce and fintech platform in Latin America, often compared to Amazon, with significant growth potential [1][2] Group 1: Growth Performance - In Q3 2025, MercadoLibre's net revenue increased by 39% year over year, reaching $7.4 billion, driven by nearly 35% growth in gross merchandise value (GMV) on a foreign-exchange-neutral basis [4] - The platform serves 77 million unique buyers quarterly, marking a 26% increase from the previous year [4] - Mercado Pago's credit portfolio grew by 83% year over year to $11.0 billion, with a 90-day non-performing loan (NPL) rate improving from 7.8% to 6.8% [5] - Monthly active users of Mercado Pago reached 72 million, with increased usage for everyday payments, savings, and credit [5] - The integration of marketplace, logistics, and payments enhances user engagement and raises switching costs for buyers and sellers [6] Group 2: Profitability Challenges - MercadoLibre's operating margin peaked at 13.5% in Q4 2024 but declined to 9.8% in Q3 2025 [7] - The decline in margins is primarily attributed to increased shipping costs, as the company reduced its free-shipping threshold from 79 reais to 19 reais to boost volumes amid rising competition [8] - Sustained elevated shipping subsidies may be necessary to maintain market position as competitors aggressively compete on price and delivery speed [10]

The high-growth fintech company has a bright future ahead.Nu Holdings (NU 0.83%), one of Latin America's fastest-growing fintech companies, has seen its stock rally more than 50% over the past 12 months. It impressed the market with its robust growth in customers, revenue, and earnings.Should you buy Nu's stock before it posts its fourth-quarter earnings report in February? Let's review its business model, growth rates, and valuations to determine the answer. How rapidly is Nu growing?Nu's NuBank is the lar ...

（来源：吴说） 作者：支无不言 编辑：Pat 播客《支无不言》主理人，曾经在 VC 做投后，参与 2023 年土耳其 Devconnect 与支付结缘，曾在新型银行负责 2C 产品拉美增长。X：IvyLeanIn ； 即刻： 饭勺放在杯子里；Xlog：ivyheretochill 主播 Hazel Hu 播客《支无不言》主理人，6+ 年财经媒体记者经验，华语公共物品基金 GCC 核心贡献者，2025 年阿根廷 Devconnect 参与者，关注加密的实际落地应用。 X：0xHY2049；即刻：一只不走心的越越 链接：https://mp.weixin.qq.com/s/eoG7HdqegyFsJ36Zz8uw7w 声明：本文为转载内容，读者可通过原文链接获得更多信息。如作者对转载形式有任何异议，请联系我们，我们将按照作者要求进行修改。转载仅用于信息 分享，不构成任何投资建议，不代表吴说观点与立场。 一、本期介绍 聊了这么多期稳定币的监管和宏大叙事，很多听众可能都会好奇一个最基本的问题：在那些真正需要加密货币的地方，加密支付是如何发挥作用的？阿根 廷，这个常年与恶性通胀搏斗的国家，比索的价值每日都在蒸发，似乎是 ...

分组1: MercadoLibre Performance - In Q3 2025, MercadoLibre's net revenue increased by 39% year over year to $7.4 billion, marking the 27th consecutive quarter of over 30% year-over-year growth [2] - The lowered free shipping threshold in Brazil resulted in a 42% year-over-year increase in items sold and a 29% rise in unique buyers in Brazil [1][2] - The company generated approximately $718 million in adjusted free cash flow in the first nine months of 2025 [1] 分组2: Market Position and Strategy - Brazil is the largest market for MercadoLibre, accounting for over half of its total revenues, and the company is focusing on long-term value creation through investments in logistics and free shipping [2] - MercadoLibre has been cash-flow positive since 2007, allowing it to fund its expansion without excessive reliance on external capital [3] - The company handles 95% of its own deliveries through its Mercado Envíos network, providing a competitive advantage in logistics [5] 分组3: Financial Services and Growth Opportunities - The Mercado Pago division has a total credit portfolio of $11 billion as of Q3 2025, reflecting an 83% increase from the previous year, with significant payment volume coming from outside the e-commerce platform [4] - New ventures like digital advertising are expected to enhance overall profitability by leveraging user data [3]

Key Takeaways JD focuses on expanding higher-margin marketplace, ads and food delivery to strengthen its broader ecosystem.MELI relies on an asset-light marketplace model while investing heavily to defend its share.JD trades at a lower valuation than MELI, highlighting contrasting market expectations.MercadoLibre (MELI) and JD.com (JD) represent two of the most prominent e-commerce platforms operating outside the United States, with MercadoLibre leading across Latin America and JD.com commanding a strong pr ...

Key Takeaways STNE's client deposits reached R$9 billion in Q3 2025, up 32% year over year, as Pix adoption accelerated.STNE saw Pix transaction volume jump 64% year over year, outpacing cards and driving stronger deposit inflows.STNE shifted 84% of retail deposits to time deposits via cash sweep, targeting 75-125 bps annual net benefit.In the first nine months of 2025, StoneCo Ltd.’s ((STNE) deposit growth was fueled by rising Pix (Brazilian instant payment ecosystem) usage, strategic bundling and its cash ...

Key Takeaways Shopee's GMV climbed over 28% year over year to $32.2B in Q3 2025.Sea Limited relied on shipping subsidies to drive orders, pushing the cost of services up 38.8%.Adjusted EBITDA margin stayed thin at 0.6% amid ongoing shipping and fulfillment pressure.Sea Limited’s (SE) heavy reliance on shipping subsidies has been a key catalyst behind Shopee’s strong GMV expansion, but it also raises concerns about how sustainable that momentum is. In the third quarter of 2025, Shopee delivered strong growth ...