Fiverr Announces Expansion into Latin America with Launches in Brazil and Mexico

Rhea-AI Summary

Fiverr International Ltd. (NYSE: FVRR) has expanded into Latin America with launches in Brazil and Mexico, following successful entries in Europe. CEO Micha Kaufman emphasizes their aim to provide local payment solutions and native language support to enhance user experience. Brazil's small businesses present a significant opportunity, with a 137% increase in freelance registrations within the past year. In Mexico, a local language site and cash payment options through Oxxo aim to attract more users, reflecting a 109% year-over-year growth in freelancers joining Fiverr.

Positive

• Expansion into Brazil and Mexico indicates growth potential.
• 137% increase in new freelance registrations from Brazil over the past year.
• Localized payment solutions and language support expected to boost user experience.

Negative

• None.

NEW YORK--(BUSINESS WIRE)--Fiverr International Ltd., (NYSE: FVRR), the company that is changing how the world works together, announced that it has expanded its international footprint to Latin America, with launches in both Brazil and Mexico. This follows successful entries Fiverr made into a number of markets in Europe, including Germany, France, Spain, the Netherlands, Italy and Portugal.

“Skilled and talented professionals exist everywhere and providing opportunities for everyone is part of Fiverr’s purpose. Expanding our geographic footprint continues to be a top priority for Fiverr, and we believe there is a great opportunity in the Brazilian and Mexican markets,” said Micha Kaufman, founder and CEO of Fiverr. “By offering users in both countries local payment solutions and the ability to communicate and interact in their native language, not only are we providing a better platform experience, but it will also help drive more efficient buyer acquisition and conversion.”

Fiverr has already seen positive signals in Brazil. With small businesses making up 96% of Brazilian companies, there is a large opportunity to increase brand awareness and subsequently bring new customers to the platform. Fiverr is not only launching in Portuguese but also offering local payment options for buyers in the form of Boleto and Reis. Moreover, localizing the platform for the Brazilian market gives skilled professionals there the ability to take talents that they may have and monetize them, safely, through digital work. In the past year, Fiverr saw a 137% increase in new freelance registrations coming from Brazil.

Mexico is also a country wherein Fiverr has been strong in the past, but sees further opportunity by creating a local language site and offering local payment solutions. In Mexico, buyers will be able to pay with Mexican Peso and a newly established partnership will allow them to pay with cash at Oxxo, Mexico’s leading convenience store chain. This opens an important channel for Fiverr to reach millions of people in a country where many transactions are made in cash. Freelancing is also a growing trend in Mexico - during Q3 2020, Fiverr saw a 109% year-over-year increase in freelancers joining the platform.

About Fiverr

Fiverr’s mission is to change how the world works together. For over 10 years, the Fiverr platform has been at the forefront of the future of work connecting businesses of all sizes with skilled freelancers offering digital services in more than 400 categories, across 8 verticals including graphic design, digital marketing, programming, video and animation. In the twelve months ended September 30, 2020, over 3 million customers bought a wide range of services from freelancers across more than 160 countries. We invite you to become part of the future of work by visiting us at fiverr.com, read our blog and follow us on Facebook, Twitter and Instagram.