Latin America Retail: LatAm Retail Headline Monitor: Shopee and Mercado Livre Boost FIDC Portfolios, Manaus Tax Benefit Cut, Shein IPO

Research evidence excerpt

Latin America Retail: LatAm Retail Headline Monitor: Shopee and Mercado Livre Boost FIDC Portfolios, Manaus Tax Benefit Cut, Shein IPO

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28 Jul 2026 07:26:42 ET │ 11 pages

Latin America Retail

LatAm Retail Headline Monitor: Shopee and Mercado Livre Boost FIDC

Portfolios, Manaus Tax Benefit Cut, Shein IPO

CITI'S TAKE

In this note, we summarize headlines/news with implications for our

coverage. We hope you find this useful.

João Pedro SoaresAC

Shopee, Mercado Livre and Delivery Platforms Expand FIDC Credit Portfolios to +55-11-4009-7562

joao.soares@citi.comR$27.3 Billion (07/27/2026, NeoFeed)

Felipe Husein

+55-11-4009-7137

felipe.husein@citi.com

A survey by NeoFeed identified 18 FIDCs linked to digital platforms, including

Shopee, Mercado Livre, iFood, Rappi, 99 and Magazine Luiza, with combined credit

portfolios increasing from R$19.6 billion in December 2025 to R$27.3 billion in June

2026. Shopee operated the largest structure, with R$11.1 billion in assets following

78% growth in the first half, while Mercado Livre’s FIDCs reached R$5.7 billion, up

nearly 12%, and reduced delinquency to 19.9% from 22.3%. iFood managed

approximately R$3.2 billion across five FIDCs before completing a R$600 million

senior-quota issuance, while Magazine Luiza’s FIDCs reported a 4% decline in

assets during the period.

Citi's Take: While we continue to believe MELI has structural advantages in

underwriting, and ecosystem integration, this news reinforces our view that

competition—particularly from Shopee—remains investment-led, reducing the

likelihood of a less intense competitive environment in the near term.

Brazilian Tax Authority Applies 10% PIS/Cofins Benefit Reduction to Sales into

Manaus Free Trade Zone (07/28/2026, Valor Econômico)