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Economy & Business - July 2025
REGION: MercadoLibre takes battle with Nubank to home market
Online retailer MercadoLibre has ramped up its efforts to become Latin America’s dominant digital bank, taking on its main competitor, the Brazilian company Nubank. The e-commerce giant that emerged from a garage in Buenos Aires in 1999 and has become Latin America’s largest company by market capitalisation [EB-25-03] is officially applying for a banking license in its home market of Argentina. The objective is to be able to offer the full portfolio of online banking products it already does in Mexico and Brazil.
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