Developments in big-data analysis are helping Mercado Libre leverage information collected about its clients and their transactions in Latin America over 18 years.
Because the firm is using its own money, Caride said it did not need government authorization to issue the loans.Low-income bulletin de la commission des annonces rencontres ragusa families and small businesses in Latin America often have poor or no credit histories and struggle to win approval for bank loans.Ignacio Caride, Director-General of Mercadolibre, speaks during an interview with Reuters in Mexico City, Mexico June 21, 2017.Mercado Libre itself approves the loans to clients with proven cashflow and significant sales, information it gathers from an algorithm the firm developed using big data.No bank has that kind of granularity.Meaning Free Market in Spanish, Mercado Libre is Latin Americas top online retailer and posted net revenues of 274 million in the first quarter, a jump of some 74 percent compared with the same period in 2016.Sellers using Mercado Libre and its Mercado Pago payment platform will be eligible for loans equivalent to as much as two months of their monthly sales, Ignacio Caride, head of companys Mexico operation, told Reuters in an interview.Brazil and Mexico accounted for about 60 percent of Mercado Libres revenues last year.
Sellers will not be required to sign documents or submit financial documents to receive Mercado Credito loans from Mercado Libre, Caride said.
Mexico city (Reuters) - Argentine online marketplace Mercado Libre Inc plans to provide working-capital loans to entrepreneurs in Brazil and Mexico this year, expanding on a program the company launched in its homeland last month.
Mercado Libre plans to invest over 100 million in Mexico this year and end 2017 with 40 million regular users in Mexico and at least 1 million sellers, Caride said.Driven by its robust sales and profit growth, Mercado Libres stock has surged 77 percent so far in 2017 and recently hit record highs.The firm rolled out similar lending in Argentina last month.Meli CBT Display Name: Display Name sites rencontres savoie required.He declined to say how much interest Mercado Libre would charge.We believe Mercado Credito could make Mercado Libre 100 times larger than it is today, Caride said.We know what they sell, how theyve grown their sales in recent years, how they treat their customers, how they resolve conflicts, Caride said.Our Standards: The Thomson Reuters Trust Principles.Reason for Contact: select ReasonRegistration QuestionsIntegration QuestionsListing ErrorsPayment Questions Reason required.Please verify you are human.