- Free market acquired the whole company in order to further strengthen its activity in Chile in the means of payment sector, in particular in the physical world of SMEs, and to continue to fulfill its objective of democratizing commerce and finance in the country.
- It is Free market first purchase in the region in payment systems, which strengthens the commercial position of its Mercado Pago unites, the largest fintech Latin America.
Santiago, Chile, December 13, 2021 (GLOBE NEWSLETTER) – Free market, a technology company and the largest e-commerce company in Latin America, announced the acquisition of Redelcom, a Chilean company that has been operating since 2010 as a payment service provider and that October 2019 started offering point-of-sale (POS) terminals with the latest technology to retailers.
Free market seeks to consolidate its value proposition by Chile and strengthen the growth of its multiple payment tools and digital financial solutions. It is part of its goal to democratize commerce and finance in Latin America and contribute to reducing the financial inclusion gap, helping to improve the quality of life of people and stimulating the activity of companies, in particular SMEs and entrepreneurs.
Free market, through Mercado Pago, is a major player in the point-of-sale market in various countries in the region, selling more than one million terminals in the third quarter of 2021. Redelcom will join Mercado Libre and Mercado Pago the ecosystem and its successful business model.
Chile has presented significant growth in the region and this has led the company to seek alternatives to improve the offer for SMEs and companies that operate with Free market. âRedelcom has the best product on the market and, by leveraging the expertise of the Mercado Libre ecosystem, we will continue to consolidate financial services in Chile. Redelcom is a company in line with the goal of democratizing commerce and financial inclusion. 99% of its clients are SMEs and micro-entrepreneurs and they will continue to receive the same quality of service â, said MatÃas Spagui, director of Mercado Pago.
Redelcom is a payments network that offers state-of-the-art technology nationwide, allowing flexibility to reach businesses large and small. Its point of sale accepts payments with all credit and debit cards, from any national and international bank. In addition, it provides merchants with tools to facilitate the management of their money, such as an electronic receipt issuing system linked to the Tax service and linked to the cash control system, which provides traders with a detailed statement of their financial flows. In addition, the point of sale offers services such as paying bills and recharging mobile phones, among others.
MatÃas Spagui, underlined: âRedelcom started to operate points of sale for traders of October 2019, he demonstrated that he had a great team behind him and significant operational excellence “.
Managing Director of Redelcom, Roberto Charm, said: “We are very happy to be part of Free market, a leader in e-commerce and digital payments in the region. We believe this is a great opportunity to extend the technological solutions offered to our customers through Chile, adding the products and distribution strength of Free market and Mercado Pago“.
The acquisition of Redelcom strengthens Free market ecosystem, which offers various solutions to SMEs and businesses through its marketplace platform and fintech Mercado Pago. Currently, more than 32,000 SMEs and entrepreneurs sell on Free market, and nearly half of them have joined amid the pandemic. On the other hand, Mercado Pago has made its digital payment tools available to merchants, where currently more than 65,000 merchants process their payments with the company, of which more than 55,000 have joined during the pandemic. These are SMEs that benefit not only from our solutions in the digital world but also from the opportunities that we can offer in the physical world.
On Free market
Founded in 1999, Free market is the leading e-commerce technology company in Latin America. Through its platforms Free market, Mercado Pago and Portalinmobiliario.com, it provides solutions for individuals and businesses to buy, sell, advertise, ship and pay for goods and services online. Free market serves millions of users and creates an online marketplace for trading a wide variety of goods and services in a simple, secure and efficient way. It is among the 30 most visited sites in the world in terms of pageviews and is the mainstream platform with the highest number of unique visitors in the most important countries where it operates, according to metrics provided by ComScore Networks. The Company has been listed on the Nasdaq (NASDAQ: MELI) since its initial public offering in 2007.
Source: MercadoLibre, Inc.