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Nu and MercadoLibre's biggest secular-growth advantage is resilience to electoral and macro shocks. Nu hit 139 million customers and $1 billion quarterly net income through Brazil's recession, impeachment and pandemic. MercadoLibre survived the dot-com crash and devaluations; Mercado Pago has nearly 78 million monthly users and credit growth above 90% year on year. With regional e-commerce growing 15%-20% annually, their value through 2027 depends on adoption and delinquencies, not one election. x.comÂ
