Business

Colombian watchdog grants Mercado Pago a financial company license

Mercado Libre's financial arm will have greater autonomy to formulate financial and credit products

Photo by LABS
  • Mercado Pago already has 10 million active sellers and more than 20 million active users in Brazil, Argentina and Mexico;
  • It processed $15.9 billion in payments in the fourth quarter, an annual increase of 83.9%.

Superintendencia Financiera de Colombia, the Colombian government agency responsible for overseeing financial regulation, granted Mercado Pago a financial company license.

READ ALSO: Mercado Libre receives Brazilian Central Bank license to act as financial institution in the country

With that, Mercado Libre‘s financial arm will have greater autonomy to formulate financial and credit products and services in Colombia, as it already does in Brazil.

READ ALSO: Mercado Pago exempts PIX fee for SMEs in Brazil

Mercado Pago already has 10 million active sellers and more than 20 million active users in Brazil, Argentina and Mexico. It processed $15.9 billion in payments in the fourth quarter, an annual increase of 83.9%. The segment’s loan portfolio reached $479 million.

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