Mercado Pago, the fintech arm of Latin American e-commerce group Mercado Libre, grew monthly active users 29% to 93 million in the third quarter of 2026, with assets under management up 67% to $25 billion and a credit portfolio of $17.9 billion, according to Mercado Libre’s results release on 4 November 2026. Fintechbits compared the figure with Revolut’s own announcement on the same day, which cited more than 80 million retail customers, so on headline user numbers Mercado Pago’s 93 million monthly active users is the larger base, although the two companies measure users differently. Group revenue rose 45% to $10.75 billion.

What the Quarter Showed for Mercado Pago

The credit book grew 62% in dollars to $17.9 billion. The consolidated net interest margin after losses was 20.1%, which the company said reflects a growing share of credit cards. The 15 to 90 day non-performing loan ratio was broadly unchanged at 7.0%. Acquiring volume grew 40% on an FX-neutral basis to $68 billion.

By country, Mercado Pago’s monthly users grew above 35% in Brazil and above 40% in Mexico, to more than 18 million, where the company calls itself the largest digital bank by active users. In Argentina, it says almost 80% of the adult population uses Mercado Pago.

Mercado Pago’s AI assistant, Mago, held 19 million conversations in September alone, according to the release, and carries out hundreds of thousands of operations for users each month. The commerce side keeps feeding the fintech: gross merchandise volume was $23 billion, up 33% on an FX-neutral basis, items sold rose 36% to 867 million and the marketplace added 17 million buyers year over year. Advertising revenue grew 58% in dollars. At group level, income from operations was $676 million, a 6.3% margin that fell slightly from the second quarter, and net income was $448 million. Martín de los Santos, chief financial officer, said users “are buying more often and entrusting more of their money to Mercado Pago”.

Fintechbits analysis

Why Mercado Pago Belongs in the Global Neobank Conversation

Revolut was repriced at $115 billion on the same day, as Fintechbits covered in its analysis of the Revolut valuation. Mercado Pago does not have a separate valuation, but it has more users, a $17.9 billion credit book and a marketplace that feeds it customers every day. Its weakness is concentration: nearly all of it sits in three economies with volatile currencies and, in Argentina and Brazil, weak consumer credit conditions the release itself acknowledges.

The credit numbers deserve the most attention. Credit cards are a growing share of the book, and the company says net interest margin after losses on cards improved from the second quarter, which suggests pricing is keeping pace with risk in the third quarter. That matters because card balances are harder to collect in a downturn than short instalment loans. A 62% rise in the loan book with a stable 7.0% early delinquency ratio is a good result. A 7.0% early arrears rate is still high by developed-market standards, so a turn in Brazil could move provisions quickly. The State of Fintech Q3 2026 report argues the window is open for scaled, profitable fintechs; Mercado Pago is one of the largest in the world, and it is still reported as part of an e-commerce company.

Frequently asked questions

How many users does Mercado Pago have?

Mercado Pago had 93 million monthly active users in the third quarter of 2026, up 29% year over year, according to Mercado Libre.

How big is Mercado Pago’s loan book?

The credit portfolio reached $17.9 billion, up 62% year over year in dollars, with a 15 to 90 day non-performing loan ratio of 7.0%.

How did Mercado Libre perform overall?

Net revenue and financial income rose 45% to $10.75 billion, income from operations was $676 million and net income was $448 million.

What to Watch Next

The number to watch is the 15 to 90 day NPL ratio in the fourth quarter, alongside the margin after losses, which was 20.1% in the third. If it stays near 7.0% while the credit card book keeps growing, Mercado Pago’s lending will look sustainable. A rise in Brazil, its fastest-growing market, would be the first sign it is lending too fast.