$MELI's FinTech platform would be special on its own.
Rapidly growing product engagement... resilient cross-cycle underwriting... perfect blend of relatively high GDP/capita yet still high cash usage rates to displace.
But? This gets even more special when you add MELI's leading e-commerce marketplace & the abundance of repayment data that comes with it.
Means a lot sharper risk pricing. Means a lot more revenue per user. Means a much better loyalty program. Means even lower churn.
Their two segments are peanut butter & jelly & are both growing like weeds.