MercadoLibre (MELI)

Started in 1999 as a Latin American answer to eBay's auction model, the business now runs a hybrid marketplace where outside sellers generate most volume alongside direct retail sales and cross-border listings from China and the United States.

A payments and lending arm processes transactions for outside merchants, extends merchant and consumer credit, and sells point-of-sale hardware, with loan interest alongside commissions and advertising as a core revenue source.

A self-built logistics network of fulfillment centers, cross-docking hubs and a dedicated air fleet replaces outside carriers across an 18-country footprint concentrated in Brazil, Mexico and Argentina, alongside a separate classifieds unit for vehicles, real estate and services.

Results carry recurring foreign-exchange losses tied to Argentine peso devaluations only partly offset by hedges, and a recent leadership transition passed day-to-day management to a long-tenured internal executive rather than the founding family.