Author: Xiao Hui Ya, a financial goose

When we see the slow growth of the domestic credit market, major lending platforms and consumer finance companies are tightening their strategies, prudently controlling the volume; in sharp contrast, the overseas credit sector is ushering in a period of rapid expansion.

Especially in the Southeast Asian and Latin American markets, which are also the main choices for Chinese financial technology going abroad.

In the past two years, "a financial goose" has been continuously focused on the representative markets in Southeast Asia and Latin America—

① Shopee (Shrimp Skin) belongs to Sea 's Monee;

② Mercado (Mei Ke Duo)'s Mercado Pago financial sector.

From this year's first quarter financial report data, both companies' credit businesses continue to grow steadily, providing more momentum for group revenue.

As of the end of the first quarter of 2026:

• Monee had a loan balance of $9.9 billion (approximately ¥67 billion), an increase of 71%;

• Mercado Pago's loan balance reached $14.6 billion (approximately ¥98.7 billion), an increase of 87%.

In the first quarter of 2026:

• Monee's revenue reached $1.242 billion (approximately ¥8.4 billion), accounting for 17.5% of Sea's total revenue, while this ratio was 16.3% in the first quarter of 2025;

• Mercado Pago 's revenue reached $3.977 billion (approximately ¥26.9 billion), accounting for 45% of Mercado's total revenue, while this ratio was 44.3% in the first quarter of 2025;

These two companies' "e-commerce + fintech" development logic is familiar to us. For example, companies like Ant Financial, JD, and ByteDance have all grown along this path.

However, these two companies' differentiated approaches in Southeast Asia and Latin America are also highly valuable references, and are worth studying for domestic financial technology and internet giants going abroad.

The following text reviews the key data and development highlights of the two giants in the first quarter of 2026.

01 Sea Monee: In Q1, Secured a Financial Credit License in Brazil

According to the data, in the fintech sector, namely Monee, the revenue growth rate (year-on-year +57.8%) significantly exceeds

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