The Latin American e-commerce giant announced a 17 billion reais investment ($3.44 billion) to expand and consolidate its Brazilian business in 2022. The sum represents around a 70 percent increase from last year.

Most of the capital will be invested in improving fintech arm, Mercado Pago, which Mercado Libre is using in part to accept cryptocurrency transactions, with users free to buy, sell and hold cryptocurrency reserves in digital wallets.

Earlier this month, the company separately announced it would be investing in four more distribution centres in the state of São Paulo to double its delivery capacity.

Mercado Libre has also said it will increase its investments in Mexico to $1.47 billion to grow its technology, logistics and boost key categories like apparel. The Buenos Aires-based accompany is also planning to expand logistics in Chile.

Mercado Libre was founded in 1999 by Marcos Galperín and operates in 18 countries across Latin America. The publicly-traded company registered a 78 percent increase in net revenue in 2021 and reported its active user base grew to 139.5 million users last year from 132.5 in 2020.

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Mercado Libre CEO Stelleo Tolda to Step Down

The e-commerce giant’s co-founder and leader of the platform’s Brazilian operation will exit the chief executive role on April 1, but will remain as a strategic advisor to Mercado Libre after that date.