Mercado Pago, the fintech subsidiary of MercadoLibre (MELI), has surpassed state-owned bank Caixa to become Brazil's sixth-largest card issuer, according to senior vice-president André Chaves.
The unit also reported that its revenue reached US$2.2 billion, underscoring the accelerating scale of its operations in the region's largest economy.
The milestone places Mercado Pago behind only the four major private banks and digital lender Nubank in the Brazilian card market.
This shift highlights the ongoing structural change in Latin American finance, where fintech platforms are rapidly eroding the traditional dominance of legacy banking institutions.
The growth trajectory suggests that Mercado Pago is not merely a payment processor for its parent's e-commerce platform but a standalone financial powerhouse.
Analysts have previously noted that Mercado Pago is set to grow faster than MercadoLibre's core e-commerce store, arguing that this fintech expansion is the primary investment thesis for the stock this year.