LatAm List – MercadoLibre will dedicate US$300M to growth within the Mexican market. This news broke after MercadoLibre CEO, Marcos Galperin, met with Alfonso Romo, leader of Mexico’s Consejo para el Fomento a la Inversión, el Empleo y Crecimiento Económico.
MercadoLibre is investing in Mexico to “contribute to financial inclusion and generating growth, with the goal of supporting the social and economic wellbeing of families in Mexico,” said Galperin in a press release.
MercadoLibre will continue to develop technological solutions, such as its e-wallet, MercadoPago, and its QR code payment system to improve financial inclusion across the markets where it operates. MercadoLibre already helps vendors in Mexico generate over US$600M in revenue through its platform.
MercadoLibre stressed that they will focus on minimizing or eliminating shipping costs by further developing their two distribution centers in Mexico State.
“We are convinced of the transformative power of technology in creating equal opportunities in one of the most important countries on the continent, which is why we are investing in this new push toward the democratization of commerce, logistics, and money, sharing the new government’s vision for improving financial inclusion and developing the country’s economy,” said Galperin.
Read more in Fortune Español.