MercadoLibre - Mexico Deep Dive Richard Cathcart

Mexico is MercadoLibre's fastest growing geo in USD terms. It's marketplace business is now larger than Argentina i.e. second to only Brazil, whilst the underpenetrated banking and credit environment in Mexico offers huge opportunities in Fintech, which MercadoLibre is beginning to exploit. Mexico can become the next driver of the MercadoLibre story.

DISCUSSION POINTS:

• Market overview for both E-Commerce and Fintech
• Run through of growth dynamics, competition, market share trends etc
  • How does US border impact E-Comm?
  • Why banking/credit cards are less penetrated in Mexico, how quickly is this changing?
  • Regulatory issues
• Update on Mexico product road map
  • Anything does/doesn’t work?
• Highlight key differences vs Brazil
  • Different economics of revenue lines in either segment?
• Other specifics
  • Why fulfilment so strong in Mex?
  • What seeing from Nubank
• Macro
  • Different dynamics versus Brazil for 2023?