MercadoLibre, Inc. (MELI)

The marketplace matches sellers and buyers in Brazil, Argentina, Mexico and neighbouring countries, taking a commission on turnover. Attached to it is proprietary logistics — warehouses and delivery — without which commerce does not work in a region with poor postal infrastructure.

The Mercado Pago payments arm has outgrown its original purpose: it serves not only on-platform purchases but offline payments, transfers and lending to sellers and buyers. The loan book earns high yields and carries high risk — in a region of expensive money and unstable currencies.

Currencies and inflation are the dominant reporting factor: Argentine revenue requires special accounting treatment, and period comparisons are difficult. The company pays no dividend, directing cash into logistics and lending.