Argentine e-commerce platform Mercado Libre secured a three-year $250M credit line from JPMorgan. The transaction includes JPMorganās acquisition of personal and business loans from Mercado Libreās credit portfolio.
Mercado Libre will use the funds to expand credit offerings for SMEs and personal loans in Mexico through its fintech arm, Mercado Pago.
āThis partnership confirms the trust of a major global financial institution in our work and reinforces our commitment to improve financial lives,ā said Facundo Cuppi, Director of Strategy and Operations at Mercado Pago.
As of Q2 2024, Mercado Pagoās loan portfolio in Mexico reached $1.5 billion.
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