Finance
MercadoLibre Races Into Fintech Turf War With Rival Nubank
- E-commerce giant aims to challenge fintechs, banks in region
- Payments, investments and credit are among products offered
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Latin American e-commerce giant MercadoLibre Inc. is increasingly battling for the same turf as the region’s other big success story, digital bank Nu Holdings Ltd., in a fight for dominance that will shape the industry for years to come.
The companies’ leaders are friendly rivals who emerged from the startup scene together, and both downplay the idea that they’re gunning for each other. But MercadoLibre has amassed tens of millions of users for shopping and transactions whose data it can mine to offer products from insurance to personal loans. That’s bringing it into the same orbit as Nubank, as the fintech is known.