Latin America’s largest e-commerce platform, Mercado Libre, reported net revenue of $1.9 billion for its third quarter, representing a year-on-year increase of 72.9 percent compared to the same period in 2020, according to its latest financial report.

The company, which was founded in Buenos Aires in 1999, reported its active user base grew 3.4 percent year-on-year, to 78.7 million.

The e-commerce giant’s main markets all showed strong growth. From July to September, Mercado Libre’s local currency revenue grew by 74 percent in Brazil, 94 percent in Mexico, and 38 percent in Argentina versus the same period in 2020. The e-tailer operates in 18 countries across the region.

The company reported revenue from e-commerce increased by 69 percent compared to the third quarter of 2020, reaching $1.2 billion. Its fintech arm also reported a 61.7 percent increase in revenue, reaching $632.8 million for the same period.

Chief financial officer, Pedro Arnt, told analysts in a post-earnings call that growth was fuelled by a continued increase in their e-commerce user base.

“We’re seeing higher levels of new buyers coming to our platform compared to the periods before the pandemic,” he said.

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