4 Stocks Dominating E-commerce + Fintech Outside the U.S.

$MELI $SE $DLO $SOFI sit at the center of payments, logistics, and credit rails 👇

$MELI (MercadoLibre) MercadoLibre is compounding via a tightly integrated ecosystem. Reinvested 5–6 pts of margin into logistics + credit while handling 500M additional deliveries YoY. Brazil unit shipping costs dropped 11% in local currency, reinforcing structural cost advantage. Over 94M active users feed payment + credit data loops. Advantage is clear: logistics density + fintech data → better underwriting → faster delivery → higher retention. Flywheel keeps strengthening.

$SE (Sea Limited) Shopee processed 4.0B orders in 2025, building unmatched engagement in SEA + LatAm. Efficiency improving while still subsidizing growth. SeaMoney adds depth, generating $1.1B quarterly revenue tied directly to platform flows. Underwriting edge comes from transaction-level data across merchants + consumers in underbanked regions. Competitive moat is dual: commerce scale + embedded fintech. Few players can replicate both layers simultaneously.

$DLO (dLocal) dLocal operates as the hidden rail behind emerging-market commerce. Handles $13.1B quarterly TPV, with merchants integrated across 12 countries on avg and 50 payment methods each. Replacing DLO means rebuilding dozens of local connections. Local-to-local flows hit $7B, showing shift beyond cross-border. Advantage sits in orchestration: better FX routing, higher auth rates, deeper liquidity. Infrastructure layer gets stronger with every new merchant.

$SOFI (SoFi) SoFi is building a vertically integrated financial stack. Financial Services revenue hit $456.7M in Q4, with noninterest income up 2.6x driven by deposits + product expansion. Galileo + Technisys power 128M accounts, even after a major client exit. Owning deposits lowers funding costs, while tech platform adds asset-light revenue. Edge comes from multi-product data → better underwriting → higher LTV per member. Full-stack model is hard to match.