Mercado Pago Brazil Overtakes Caixa in Cards as Revenue Hits US$2.2 Billion

Brazil · Fintech

Key Facts

The claim. Mercado Pago Brazil is now the country’s sixth-largest card issuer, according to senior vice-president André Chaves — behind the four big banks and Nubank, and ahead of Caixa.

The revenue. US$2.2 billion net revenue in the second quarter, up 63 percent year on year. That is more than half of the US$4.4 billion Mercado Pago billed across Latin America.

The cards. 2.6 million new credit cards issued in the quarter, against 1.6 million a year earlier. Cards are now 47 percent of the group credit book, up from 43 percent.