The Institution of Electronic Payment Funds (IFPE) Market Payment subsidiary of Mercado Libre in conjunction with the brokerage house Mexican Stock Market Group (GBM), announced that its users exceeded 1,000 million pesos in investment.
This after a project that both institutions began in 2020, which aimed to offer investment products in the digital wallet of the signature of electronic commerceCurrently, users who invest amount to more than 1 million 500,000 in Mexico.
Users invest in an investment fund managed by Mexican Stock Market Group through Market Payment.
According to information from the IFPE, during the first year, 300,000 users invested, in the second 450,000 were added, and 750,000 have been added in the course of this year.
“We firmly believe in the potential of investments and their impact on society as fundamental elements of growth and well-being, for this reason, we have built an ecosystem of investment solutions hand in hand with technology and financial products,” said Pedro de Garay Montero, co-executive director of GBM.
Of the users who have made use of the investment, 50% are located on the periphery of 30 cities in Mexico.
“It is a clear example of the success of collaboration schemes between fintech and traditional financial institutions, providing new financial opportunities for Mexicans,” Mercado Pago said in a statement.
In addition to the collaboration Market Payment maintains with the brokerage house Grupo Bursátil Mexicano, the fintech Over the course of a year, it has announced a series of strategic alliances to offer other services such as the purchase of cryptocurrencies, insurance contracting, even collaboration accounts that allow it to offer options for sending and receiving remittances.
Mercado Libre’s bet
Last March, the e-commerce platform Free market announced that it will make an investment in Mexico for 1,600 million dollars, of which it was announced that a large part would be used to boost its fintech.
While in its report corresponding to the fourth quarter of 2022, the platform that also operates in 18 Latin American countries, pointed out that 2022 was an outstanding year for the subsidiary fintechwith profits that amounted to 4,729 million dollars, an increase of 94.3% compared to 2021, while in Mexico, the profits from the segment fintech amounted to 582 million with an annual increase of 134.7%.
As reported by the technology company, in Mexico more than 21.5 million people and businesses already invest through solutions offered on the Mercado Pago platform.
Previously Pedro Rivas, CEO of Market Payment In Mexico, he pointed out that in his credit business they have financed close to 250,000 businesses, among which are small and medium-sized companies.
“We are clearly surpassing and catching up with the traditional players and we believe that in the future that trajectory will make us more relevant in the electronic commerce and financial industry,” Rivas said.
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