Mercado Libre muscles into Chilean paytech space with Redelcom acquisition
Mercado Libre, one of the largest e-commerce firms in Latin America, has acquired Redelcom, a Chilean payment services provider.
Mercado Libre “seeks to consolidate its value proposition in Chile”
Mercado Libre says it is looking to “consolidate its value proposition in Chile”. The vendor’s point-of-sale (POS) tech arm, Mercado Pago, is already an established player in the region, selling more than one million terminals in Q3 2021.
Redelcom, which was established in 2010, has also been selling POS terminals for the last two years.
“Redelcom has the best product in the market,” states Matías Spagui, director of Mercado Pago. “It is a company that is in tune with the purpose of democratising commerce and achieving financial inclusion.
“99% of its customers are SMEs and micro-entrepreneurs and they will continue to receive the same quality of service.”
In addition to payment services, Redelcom provides merchants with tools to facilitate the management of their money, such as a system for issuing electronic receipts linked to the Internal Revenue Service and linked to the cash register control system, providing merchants with a detailed statement of their financial flow.
Its POS also offers auxiliary services like bill payment and mobile phone recharges.
Founded in 1999, Mercado Libre offers different solutions to SMEs through its marketplace platform and its fintech Mercado Pago.
Currently, more than 32,000 SMEs and entrepreneurs sell on Mercado Libre, and almost half of them joined in the middle of the pandemic.
65,000+ merchants process their payments with Mercado Pago, of which 55,000 joined during the pandemic, the company says.
