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SECURITIZATION TRANSACTIONS | 9 Months Ended
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Sep. 30, 2025
Securitization Transactions [Abstract] |
SECURITIZATION TRANSACTIONS | SECURITIZATION TRANSACTIONS The process of securitization consists of the issuance of securities collateralized by a pool of assets through a special purpose entity (“SPEs”), often under a VIE. The Company securitizes financial assets associated with its credit card receivables and loans receivable portfolio. The Company’s securitization transactions typically involve the legal transfer of financial assets to bankruptcy remote SPEs. The Company generally retains economic interests in the collateralized securitization transactions, which are retained in the form of subordinated interests. For accounting purposes, the Company is generally precluded from recording the transfers of assets in securitization transactions as sales and is required to consolidate the SPE. The Company securitizes certain credit card receivables related to users’ purchases through a Chilean SPE. Under this SPE contract, the Company has determined that it has no obligation to absorb losses or the right to receive benefits of the SPE that could be significant because it does not retain any equity certificate of participation or subordinated interest in the SPE. As the Company does not control the vehicle, its assets, liabilities and related results are not consolidated in the Company’s financial statements. Additionally, the Company securitizes certain credit card receivables related to users’ purchases through Brazilian SPEs. Under these SPE contracts, the Company has determined that it has the obligation to absorb losses or the right to receive benefits of the SPEs that could be significant because it retains subordinated interest in the SPEs. As the Company controls the vehicles, the assets, liabilities and related results are consolidated in its financial statements. The Company securitizes certain loans receivable through Brazilian, Argentine, Mexican and Chilean SPEs, formed to securitize loans receivable provided by the Company to its users or purchased from financial institutions that grant loans to the Company’s users through Mercado Pago. According to the SPE contracts, the Company has determined that it has both the power to direct the activities of the entity that most significantly impact the entity’s performance and the obligation to absorb losses or the right to receive benefits of the entity that could be significant because it retains the equity certificates of participation and would therefore also be consolidated. When the Company controls the vehicle, it accounts for the securitization transactions as if they were secured financing and therefore the assets, liabilities and related results are consolidated in its financial statements. The secured debt is issued by the SPEs and includes collateralized securities used to fund the Company’s fintech business. The third-party investors in the securitization transactions have legal recourse only to the assets securing the debt and do not have recourse to the Company. Additionally, the cash flows generated by the SPEs are restricted to the payment of amounts due to third-party investors, but the Company retains the right to residual cash flows. The following table summarizes the Company’s collateralized debt under securitization transactions, as of September 30, 2025:
SPEs |  | Collateralized debt (In millions) |  | Interest rate |  | Currency |  | Maturity
Mercado Crédito I Brasil Fundo de Investimento Em Direitos Creditórios Não Padronizados |  | $ | 95 |  | CDI + 2.25% |  | Brazilian Reais |  | March 2027
Mercado Crédito I Brasil Fundo de Investimento Em Direitos Creditórios Não Padronizados |  | 19 |  | CDI + 5.25% |  | Brazilian Reais |  | June 2029
Mercado Crédito Fundo de Investimento Em Direitos Creditórios Não Padronizado |  | 58 |  | CDI + 3.00% |  | Brazilian Reais |  | April 2028
Mercado Crédito II Brasil Fundo De Investimento Em Direitos Creditórios Nao Padronizados |  | 198 |  | CDI + 1.75% |  | Brazilian Reais |  | October 2031
Mercado Crédito II Brasil Fundo De Investimento Em Direitos Creditórios Nao Padronizados |  | 62 |  | CDI + 5.25% |  | Brazilian Reais |  | July 2028
Seller Fundo De Investimento Em Direitos Creditórios |  | 199 |  | CDI + 1.60% |  | Brazilian Reais |  | March 2026
Seller Fundo De Investimento Em Direitos Creditórios |  | 100 |  | CDI + 1.80% |  | Brazilian Reais |  | May 2026
Seller Fundo De Investimento Em Direitos Creditórios |  | 40 |  | CDI + 1.40% |  | Brazilian Reais |  | September 2026
Seller Fundo De Investimento Em Direitos Creditórios |  | 20 |  | CDI + 1.60% |  | Brazilian Reais |  | November 2026
Seller Fundo De Investimento Em Direitos Creditórios |  | 296 |  | CDI + 0.85% |  | Brazilian Reais |  | May 2028
Seller II Fundo De Investimento Em Direitos Creditórios Segmento Meios De Pagamento De Resp Ltda |  | 189 |  | CDI + 0.85% |  | Brazilian Reais |  | July 2027
Mercado Crédito XXVIII |  | 1 |  | Badlar rates plus 200 basis points with a min 15% and a max 60% |  | Argentine Pesos |  | September - November 2025 (1)
SPEs |  | Collateralized debt (In millions) |  | Interest rate |  | Currency |  | Maturity
Mercado Crédito XXIX |  | 2 |  | Badlar rates plus 200 basis points with a min 15% and a max 60% |  | Argentine Pesos |  | September - November 2025 (1)
Mercado Crédito XXX |  | 8 |  | Badlar rates plus 200 basis points with a min 15% and a max 60% |  | Argentine Pesos |  | October - December 2025 (1)
Mercado Crédito XXXI |  | 8 |  | Badlar rates plus 200 basis points with a min 15% and a max 60% |  | Argentine Pesos |  | October - December 2025 (1)
Mercado Crédito XXXII |  | 19 |  | Badlar rates plus 200 basis points with a min 15% and a max 60% |  | Argentine Pesos |  | November 2025 - January 2026 (1)
Mercado Crédito XXXIII |  | 18 |  | Badlar rates plus 200 basis points with a min 15% and a max 60% |  | Argentine Pesos |  | November 2025 - February 2026 (1)
Mercado Crédito XXXIV |  | 31 |  | Badlar rates plus 200 basis points with a min 10% and a max 50% |  | Argentine Pesos |  | January - March 2026 (1)
Mercado Crédito XXXV |  | 59 |  | Badlar rates plus 200 basis points with a min 10% and a max 40% |  | Argentine Pesos |  | February - March 2026 (1)
Mercado Crédito XXXVI |  | 59 |  | TAMAR rates plus 100 basis points with a min 15% and a max 50% |  | Argentine Pesos |  | March - July 2026 (1)
Mercado Crédito XXXVII |  | 65 |  | TAMAR rates plus 100 basis points with a min 15% and a max 50% |  | Argentine Pesos |  | April - August 2026 (1)
Mercado Crédito XXXVIII |  | 64 |  | TAMAR rates plus 100 basis points with a min 15% and a max 50% |  | Argentine Pesos |  | May - August 2026 (1)
Mercado Crédito XXXIX |  | 64 |  | TAMAR rates plus 100 basis points with a min 25% and a max 50% |  | Argentine Pesos |  | July - October 2026 (1)
Mercado Crédito XL |  | 59 |  | TAMAR rates plus 100 basis points with a min 20% and a max 75% |  | Argentine Pesos |  | July - November 2026 (1)
Mercado Crédito XLI (2) |  | 48 |  | TAMAR rates plus 100 basis points with a min 20% and a max 75% |  | Argentine Pesos |  | August - December 2026 (1)
Mercado Crédito XLII (2) |  | 51 |  | TAMAR rates plus 100 basis points with a min 20% and a max 75% |  | Argentine Pesos |  | September - December 2026 (1)
Fideicomiso Irrevocable de Administración y Fuente de Pago 6203 |  | 282 |  | The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.20% |  | Mexican Pesos |  | November 2029
Fideicomiso Irrevocable de Administración y Fuente de Pago 6189 |  | 247 |  | The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.8% |  | Mexican Pesos |  | April 2027
Fideicomiso Irrevocable de Administración y Fuente de Pago Número 6279 |  | 246 |  | The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.50% |  | Mexican Pesos |  | August 2027
Fideicomiso Irrevocable de Administración y Fuente de Pago F/6191 |  | 131 |  | The equilibrium interbank interest rate published by Banco de Mexico in the Diario Oficial plus 2.20% |  | Mexican Pesos |  | April 2026
Frontal Trust Mercado Pago Créditos Fondo de Inversión |  | 11 |  | TAB 30 + 2.10% |  | Chilean Pesos |  | November 2027
SPEs |  | Collateralized debt (In millions) |  | Interest rate |  | Currency |  | Maturity
Frontal Trust Mercado Pago Créditos Fondo de Inversión |  | 2 |  | TAB 30 + 3.90% |  | Chilean Pesos |  | November 2027
Frontal Trust Mercado Pago Créditos Fondo de Inversión |  | 9 |  | TAB 30 + 4.25% |  | Chilean Pesos |  | November 2027
|  | $ | 2,760 |  |  |  |  |  |
(1) Minimum and maximum maturity depending on the applica ble interest rate within the range. (2) As of September 30, 2025, Loans payables owned by this trust were obtained through private placements. Mercado Crédito XLI trust made the public debt issuance in the Argentine stock market on October 13, 2025. In June 2025, the Company renegotiated key terms of several collateralized debt structures in Brazil to reduce funding costs and increase flexibility in asset eligibility. As a result, the Company achieved interest rate reductions across three SPEs in Brazil: Mercado Crédito I Brasil Fundo de Investimento Em Direitos Creditórios Não Padronizados reduced its interest rate spread from 2.50% to 2.25%, Mercado Crédito Fundo de Investimento Em Direitos Creditórios Não Padronizado from 3.50% to 3.00% (and extended its maturity from August 2025 to April 2028), and Mercado Crédito II Brasil Fundo De Investimento Em Direitos Creditórios Nao Padronizado from 2.35% to 1.75% (while also extending its maturity from January 2030 to October 2031). The assets and liabilities of the SPEs through which the Company securitizes financial assets as of September 30, 2025 and December 31, 2024 are as follows:
| September 30, 2025 |  | December 31, 2024
Assets | (In millions)
Current assets: |  |  |
Restricted cash and cash equivalents (1) | $ | 487 |  |  | $ | 492 |
Loans receivable, net of allowances | 2,284 |  |  | 1,410 |
Intercompany receivables | 1,446 |  |  | 743 |
Other assets | — |  |  | 1 |
Total current assets | 4,217 |  |  | 2,646 |
Non-current assets: |  |  |
Long-term investments | 8 |  |  | 12 |
Loans receivable, net of allowances | 198 |  |  | 102 |
Total non-current assets | 206 |  |  | 114 |
Total assets | $ | 4,423 |  |  | $ | 2,760 |
Liabilities |  |  |
Current liabilities: |  |  |
Accounts payable and accrued expenses | $ | — |  |  | $ | 1 |
Loans payable and other financial liabilities | 1,311 |  |  | 610 |
Intercompany liabilities | 113 |  |  | 24 |
Other liabilities | — |  |  | 1 |
Total current liabilities | 1,424 |  |  | 636 |
Non-current liabilities: |  |  |
Loans payable and other financial liabilities | 1,449 |  |  | 1,232 |
Total non-current liabilities | 1,449 |  |  | 1,232 |
Total liabilities | $ | 2,873 |  |  | $ | 1,868 |
(1) Restricted cash and cash equivalents from the SPEs include balances maintained in digital wallets that are eliminated for consolidation purposes.

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