Motley Fool Money: Interview with Mercado Libre Senior Vice President Leandro Cuccioli

Episode date: December 7, 2025
Guest: Leandro Cuccioli, Senior Vice President of Corporate Development, Strategy, Sustainability & Investor Relations, Mercado Libre
Host/Interviewer: Asit Sharma, Senior Analyst, The Motley Fool
Producer: Matt Greer

Episode Overview

This episode features a deep-dive interview with Leandro Cuccioli, SVP at Mercado Libre—often dubbed the "Amazon of Latin America." The discussion centers around the company’s sustained high growth, opportunities in Latin America's evolving e-commerce and fintech landscapes, how Mercado Libre navigates volatility (especially in Argentina), technology adoption, long-term strategy, and company culture. The episode offers valuable insights for investors tracking Mercado Libre, e-commerce, or fintech in emerging markets.

Key Discussion Points & Insights

1. Sustained High Growth in a Massive Market

• Remarkable Growth Streak: Mercado Libre has achieved 27 consecutive quarters of 30%+ revenue growth (Q3 2025: 39% YoY growth).

  • Quote: “We think we are the only company in the world that has sustained 27 consecutive quarters of revenue growth, about 30%, in this case 39% for the third quarter of 2025.” — Leandro Cuccioli [01:54]

• Expanding User Base: In Brazil, unique buyers grew by 29%, with over 100 million unique buyers in the last 12 months.

  • Focus on Fresh Users: Many still making their first online purchase.
  • Shipping growth in Brazil: >42%.

• Underpenetrated Markets:

  • E-commerce penetration in Latin America is mid-teens (%), far below US/Europe (30%) and China (40–50%).
  • Mercado Libre’s average customer shops 9 times a year vs. 50 in developed markets.
  • The platform only claims about 5% of the Latin American retail market, highlighting room for exponential expansion.

• Fintech Potential:

  • Mercado Pago continues rapid scaling—72 million monthly active users, ~30% annual growth.
  • Only 15% of people in Mexico have a credit card, underscoring vast fintech untapped opportunity.

2. Capitalizing on Financial Inclusion

• Concentrated Banking Challenge:

  • In Latin America, a handful of banks still dominate credit and deposits (Mexico: 80% with 5 banks; Brazil: improvement from 80% to 60%).
  • Mercado Libre (and fellow fintechs’) market share in deposits and credit is still “a fraction” of traditional banks.

• Low Market Saturation:

  • “There is huge room for growth. I don’t see in the next quarters to come the trajectory changing dramatically... it’s very early.” — Leandro Cuccioli [05:57]

3. Navigating Volatility, Especially in Argentina

• A Company Built for Tough Conditions:

  • Mercado Libre started in Argentina in 1999 during a period of economic instability.
  • Quote: “We were born out of volatility... over the last 26 years, Mercado Libre in Latin America... you need to understand that things will become volatile from time to time.” — Leandro Cuccioli [07:47]

• Argentina Today:

  • Mercado Pago is ubiquitous: >60% of the population uses it daily.
  • Adoption of QR code payments has transformed transactions (“pervasive method,” comparable to China and India).
  • Q1 2024 saw negative shipment growth due to recession; macro stabilization (inflation falling) in 2024 has improved business.
  • Leandro’s formula: “As long as you have great price, great convenience, the fastest shipping, people will buy from you.” [00:05, 10:24]

• Company Philosophy:

  • Flexible, resilient model: “We try to play with the cards that we’re given.” [10:57]
  • Uncertainty is ever-present; adaptability is key.

4. Embracing Technology: Quantum Computing, Robotics, and AI

• State-of-the-Art Innovation:

  • Proactive in evaluating quantum computing and robotics for logistics optimization.
  • Continuous learning from China’s advanced e-commerce and logistics.
  • Quote: “Quantum computing and robotics are areas in which we are extremely invested... I can only see that allowing players like us to have more resources to keep removing the frictions...” — Leandro Cuccioli [11:13]

• AI as an Accelerator:

  • AI is critical to underwriting credit, optimizing logistics, and enhancing user experience.
  • Quote: “The more AI I have... the better I am at judging how to price that risk... I can lower the cost of shipping... give the customer a better experience... AI needs to be factored in as an engine of all these things.” — Leandro Cuccioli [14:04, 16:01]

5. Long-Term Strategy: Remaining ‘At the Center of Users’ Lives’

• Durable Value Creation:

  • The company’s mission is to remain “at the center of the life of its users.”
  • As long as Mercado Libre is the default entry point (“gateway”) for e-commerce and financial needs, its ability to create and claim value is secure.

• Warning Against Complacency:

  • “The moment that you lose that center, your claim to those profits diminish... you will need probably to spend more to claim those... You don’t have the same claim.”

• Friction Removal as North Star:

  • Investing in logistics, credit extension, and tech to reduce buying friction is essential to staying central and inclusive.
  • AI further speeds up friction removal and operational efficiency.

6. Company Culture: Trust, Persistence, and Clean Decision-Making

• Culture Rooted in Trust:

  • Created by founder Marcos Galperin, Mercado Libre’s culture centers on high trust among team members.
  • Emphasis on shared goals, support through failure, and honest disagreement fosters persistence and innovation.
  • Quote: “The Mercado Libre culture is defined by a lot of trust. Trusting what you are doing is well intentioned and you have the same goals that I have... if you fail, I’ll support you... That persistence... iterating until you get it right.” — Leandro Cuccioli [18:53]

• Embracing Mistakes:

  • Not punishing failure prevents stifling creativity and keeps decision-making crisp.
  • Vigilance required to preserve culture through recruiting, promoting, and, when necessary, letting go of people not aligned with core values.

• Fragility and Maintenance of Culture:

  • “You need to be paranoid, that is a very fragile thing... and it can deviate off course very rapidly.”
  • Leadership’s obsession with maintaining culture is seen as vital as any logistics or metric.

7. Personal Touches & Notable Moments

• Leandro’s Last Mercado Libre Purchase:
  • Motorcycle cones to practice for a license test in Mexico City—delivered via different shipping options, illustrating the platform’s practical benefits. [12:27]
  • Good-humored exchange about “illegal” practice and using city streets for training.

Notable Quotes & Timestamps

• On Growth and Market Size:

  • “The market can be two, three times larger... At the scale of Mercado Libre with more than 100 million unique buyers in the last 12 months, is quite unique, I think, in the world to have 29% more folks coming to buy online.” — Leandro Cuccioli [01:54]

• On Argentina’s Economic Turbulence:

  • “We were born out of volatility, I think, right? ... over the last 26 years... you need to understand that things will become volatile from time to time, to put it in a nice way.” — Leandro Cuccioli [07:47]

• On Fintech Opportunity:

  • “Here in Mexico, 15% of the people have a credit card. It’s insane, right? Only 15%.” — Leandro Cuccioli [02:48]

• On Technology Adoption:

  • “Quantum computing and robotics are areas in which we are extremely invested in terms of understanding, following, adopting... I can only see that allowing players like us to have more resources to keep removing the frictions...” — Leandro Cuccioli [11:13]

• On Strategy:

  • “The moment that you lose that center, your claim to those profits diminish... I cannot think of a better tool to continue to be in the center of that ring...” — Leandro Cuccioli [14:04]

• On Culture:

  • “The Mercado Libre culture is defined by a lot of trust. Trusting what you are doing is well intentioned and you have the same goals that I have. And in that way, if you fail, I'll support you, right? So I will not punish the failure. We will learn from it.” — Leandro Cuccioli [18:53]

Key Timestamps for Major Segments

• [01:54] — Discussion of growth streak and highlight numbers
• [04:43] — Sustainability of growth in e-commerce and fintech
• [07:47] — Handling volatility, with focus on Argentina
• [11:13] — Technology investment: quantum computing, robotics, China lessons
• [12:27] — Personal tangent: Leandro’s latest Mercado Libre purchase
• [14:04] — Long-term strategic value and AI’s role
• [18:53] — Company culture: trust, persistence, managing failure and decision-making

Conclusion

This episode showcases Mercado Libre’s robust, resilient business model, high-growth runway, and progressive tech adoption, set against the complex backdrop of Latin American markets. Cuccioli’s insights underscore how enduring customer centricity, continuous innovation, and a unique culture built on trust and learning are the keys to Mercado Libre’s past and future success.

For Further Listening

Full episode and extended analysis available on the [Motley Fool Money podcast page].