Our partner, Mercado Libre, a leading company in e-commerce and digital financial services in Latin America, secured the second spot on Fortune’s 2023 Change the World list.
This recognition underscores Mercado Libre’s commitment to driving the democratization of commerce and financial services in the region through its innovative business practices.
In Latin America, where, according to the World Bank, one-third of adults lack access to traditional banking services, Mercado Libre has developed accessible financial products to assist an increasing number of individuals and businesses in managing their finances and operating within the formal economy.
The company’s mission revolves around integrating commerce and finance into a service ecosystem that fuels growth opportunities in a region marked by significant social and economic disparities. Through its payment platform, Mercado Pago, the company has expanded its reach to over 45 million people across 18 countries, effectively closing the financial gap for those previously considered ‘unbanked.’
“We are incredibly proud of Fortune’s recognition of Mercado Libre among the top 50 leading companies worldwide driving social change. We see that our inclusive business model is successful as it continues to address unmet needs while simultaneously creating opportunities for entrepreneurs, SMEs, and large enterprises alike throughout Latin America,” said Andre Chaves, Senior Vice President of Strategy & Corporate Development.
The Change the World list acknowledges companies that have had a positive social impact through activities that are part of their core business strategy. When evaluating nominees, the most crucial factors include measurable social impact, business outcomes, and the level of innovation.