Mercado Pago, Mercado Libre’s digital bank, obtained a $466M credit line from Citigroup to increase credit offerings to small and medium enterprises (SMEs) and B2C customers in Brazil ($237M) and Mexico ($229M ).
“This new line of financing from Citi is a significant step towards enhancing financial inclusion across Latin America. It underscores our commitment to supporting the growth and objectives of numerous individuals and SMEs, enabling them to contribute more effectively to society.” Andrés Anavi, Senior Vice President of Credits at Mercado Pago.
The recent $466M funding builds on a $375M deal with Citi in 2021. Since launching in 2017, Mercado Credito has grown its Latin American credit portfolio by 22.6% and is now valued at $3.4B.
Read more at contxto.com
