Jul. 17 at 8:09 PM
Looking at how cash generation changed across LatAm from 2022 to 2025 tells an interesting story.
$MELI increased free cash flow by about 4.3x.
$NU expanded FCF by roughly 4.7x.
$ITUB saw FCF decline by nearly 74%.
A big part of this shift comes from digital financial platforms gaining momentum. Mercado Pago and Nubank continued adding users, deposits, and market share.
Meanwhile, traditional banks faced higher costs as they invested more heavily in technology and competed against faster-growing fintech players.
Intraday, the market continues to reward companies showing stronger growth and operating leverage. The key question is whether these fintech leaders can keep converting user growth into sustainable cash flow.
