MercadoLibre's fintech unit to apply for banking license in Argentina
SAO PAULO, May 28 (Reuters) - Latin American e-commerce giant MercadoLibre MELI.O said on Wednesday its fintech unit Mercado Pago will apply for a banking license in Argentina.
In a statement, Mercado Pago said the move is aimed at expanding services, investment tools and credit lines, noting it was also part of a regional strategy already underway in other key markets such as Brazil and Mexico.
MercadoLibre, Latin America's most valuable firm by market capitalization, receives nearly 45% of its total revenue and income from Mercado Pago, which operates as digital lender and a payments acquirer.
"Applying for this new license is a natural step to offer more products and continue improving the user experience," said Alejandro Melhem, Mercado Pago's senior vice president for Hispanic Latin America, in a statement.
Argentina has retaken its position as MercadoLibre's No. 2 market by revenues in the first quarter of the year, behind top dog Brazil.
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