Mercado Pago expands insurance offering to Mexico

Last July, Prudential Financial announced a partnership with Mercado Libre, “the Amazon of Latin America,” to distribute life and accident insurance in Brazil through the company’s digital wallet Mercado Pago. A few months later, insurance was also offered in Argentina.

Now, Mercado Pago will begin offering life and disability insurance in Mexico. Users will be able to buy insurance through the Mercado Pago app and the integration is powered by insurance startup Klimber, which also supports product design.

Founded in 1999, Mercado Libre operates in 18 Latin American countries and its main markets are Brazil, Argentina and Mexico. As of December 31, 2022, the company had 148 million unique active users.