Brazil has become the core battleground for credit expansion of global fintech giants. Monee, owned by Sea Group, and Mercado Pago, owned by Mercado Libre, both reported striking loan growth in the Brazilian market. In the first quarter of 2026, Monee's loan balance reached $9.9 billion, up 71% year-on-year, while Mercado Pago's loan balance stood at $14.6 billion, up 87% year-on-year. Combined, the two companies' loan balances exceeded $24.5 billion, underscoring the vast potential of Brazil's credit market.
Monee recently obtained the SCFI financial credit license in Brazil, strengthening its compliance capabilities and providing regulatory support for further credit expansion. On the other hand, Mercado Pago's credit card business has become the main growth engine, leveraging the massive user base of the Mercado Libre e-commerce ecosystem to rapidly scale its credit portfolio and maintain solid net interest margins. The competition between these two fintech giants is reshaping Brazil's digital credit landscape and is expected to continue driving financial inclusion in the region.