Bristlemoon Capital on Business Breakdowns – MercadoLibre (MELI)
Listen to our breakdown of the leading Latam commerce + fintech ecosystem
Bristlemoon Capital’s Daniel Wu appeared on the Business Breakdowns podcast this week to discuss MercadoLibre (Nasdaq: MELI). The discussion, accessible via the links below, covers MELI’s founding story, the e-commerce market in Latin America, how MELI makes money in each of its core business lines – particularly in the more idiosyncratic Fintech segment – as well as opportunities and risks.
For a more detailed writeup of MELI, please see our deep dive on MercadoLibre (MELI) – Amazon in the Amazon which we published earlier this year.
We hope you enjoy the Business Breakdowns episode on MELI and as always, we welcome any well-reasoned thoughts and pushback.
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Bristlemoon Capital Pty Ltd (ABN: 22 668 652 926) is an Australian Financial Services Licensee (AFSL Number: 552045).
George Hadjia and Daniel Wu are associated with Bristlemoon Capital Pty Ltd. Bristlemoon Capital may invest in securities featured in this newsletter from time to time.
It’s rare to find a business that has successfully integrated world-class logistics with a dominant fintech tailwind (Mercado Pago) in such a fragmented market. The way they’ve leveraged their “first-mover” infrastructure into a massive advertising and credit moat is a masterclass in platform scaling.
Given the rising competition from Sea Ltd (Shopee) and Amazon in Brazil, do you see MELI’s logistics efficiency remaining a durable enough moat to protect their take-rates, or will they eventually have to sacrifice margin to maintain GMV dominance?