Revenue Breakdown: Mercado Libre

In its latest quarterly report, you can see that the company has double-digit % growth in all its core markets — Brazil (which now accounts for over half of all revenues), Argentina, Mexico, and "Other." Not only that, but the overall growth is just as healthy in its fintech division (Mercado Pago) as it is in its e-commerce one — 40% and 31% compared to last year's Q1, respectively. This all while a narrative of a tough economy in the coming years looms.

Latin America loves Mercado Libre so much because it represents a success story of innovation built locally by local founders. But beyond admiration for the founders and the brand, since its inception in 1999, MELI has listened to our problems and built us solutions. Some of its solutions are incredibly convenient.

For example, you can start accepting credit card payments for whatever service you offer on the same day you decide to do so. Street musicians can get around the old excuse of "no traigo, joven" and accept payments from the better off residents of Mexico City.

This genuine "listening" and catering to the region has allowed it to out-compete Amazon in virtually every LatAm market it has tried to enter. To be fair, Amazon is the world's 5th most valuable company and is thriving in its own ways, including building AWS data centers all over LatAm. But defeating Goliath makes MELI all the more impressive. Earlier this year, Amazon announced layoffs in Costa Rica, a key hub of its regional presence.