Mercado Pago Secures $466 Million Financing from Citi Subsidiaries

Mercado Pago, the digital bank of Mercado Livre, has just received a private financing line of $466 million through its financial institution, Mercado Crédito. The funding comes from subsidiaries of Citi, divided into $237 million from Citibank SA and $229 million from Citibanamex, in local currency. The funds will be split between Brazil and Mexico to expand credit capacity for consumers, entrepreneurs, and small businesses.

“We continue to follow Mercado Livre’s regional growth, developing innovative and personalized financial solutions to increase the productivity of its credit portfolio,” said Julio Figueroa, director general of Citi for Latin America.

Expansion of Financial Inclusion

“This new vote of confidence from Citi will allow us to continue on the right path to further expand financial inclusion in the region,” said Andrés Anavi, senior vice president of credit at Mercado Pago.

Mercado Crédito’s Presence in Latin America

Mercado Crédito is available in Brazil, Mexico, and Argentina. According to company data published for the third quarter of 2023, the credit portfolio grew by 22.6% year-on-year in Latin America, reaching $3.4 billion. Approximately 20% of this total comes from sellers both within and outside the market across the region.