MercadoLibre is Latin America's e-commerce and digital payments super-app, combining a marketplace like Amazon with a fintech arm similar to PayPal for the region.
Revenue of USD 28.89B in fiscal 2025 with gross margin 44.50% and net margin 6.91%; money comes from marketplace fees, advertising, and payments/credit products, with recurring transaction-based revenue.
Network effects from its combined marketplace, payments (Mercado Pago), and logistics create a self-reinforcing ecosystem that competitors like Amazon and Shopify struggle to match in Latin America. Moat level solid.
