Mercado Libre receives $ 375 million from Citi to grant extra loans

November 25, 2021 | 11:07 am

Free market obtained a personal financing line of $ 375 million from Citi to increase the capability of loans granted to shoppers, entrepreneurs and small companies in Mexico and Brazil.

The financing was acquired by way of its unit Credit MarketThe firms stated in a press release, through which in addition they detailed that the settlement will final for 2 years.

Of the assets, 150 million {dollars} will go to Mexico and the remaining 225 million to Brazil.

Mercado Crédito affords financing so that folks can entry the merchandise they want and in order that entrepreneurs can develop their companies. Citi’s funding will assist us proceed to scale and improve our attain so as to democratize monetary companies and entry to credit score in Latin America.

stated Martin de los Santos, Senior Vice President of Mercado Crédito

For his half, Nicolás Bendersky, Corporate Bank Head of Citi for the Southern Cone, talked about that the financing to Mercado Crédito “includes the financial strategy that will allow them to increase the productivity of their financing portfolio, in order to facilitate the most accelerated growth of their ecosystem.”

Mercado Crédito is out there in Mexico, Brazil and Argentina. In the third quarter of 2021, the portfolio exceeded 1,126 million {dollars} with 24.5 million loans within the portfolio.

They are largely working capital loans with a mean dimension of $ 450 and a time period of 11 months.

Also learn: Mercado Libre needs extra outlets to be factors for purchasers to select up packages

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