Although demand has decreased for an array of sectors in Latin America, e-commerce platform Mercado Libre has seen both its online sales services and fintech business in high demand. The Economist published that during the pandemic, the company’s market cap has more than doubled, reaching USD 50 billion — making Mercado Libre’s market valuation higher than Petrobras, LATAM Airlines Group and Cemex.

The rise in sales and service usage has been boosted by the company’s payment and logistic services. According to Mercado Libre’s first quarter report, 40% of the company’s net revenue came from fintech.

Latin America is a region with much left to improve in payment methods and infrastructure. By providing payments and logistics through its own services, Mercado Pago and Mercado Envíos, the company is vertically integrating consumer experiences, and maximizing its products’ use.