Any investors shopping around for new growth stocks right now probably haven't considered (NASDAQ: MELI). In fact, there's a good chance you've never even heard of the company.

Don't let a lack of familiarity prevent you from plugging into this compelling stock pick. It's got tons of upside potential -- it's just capitalizing on its opportunity outside of your immediate circle of awareness. See, MercadoLibre's market is Latin America. It's often referred to as the Amazon of Latin America, in fact, and rightfully so in more ways than one.

While the comparison to Amazon is a fair one, it's also incomplete. In addition to operating an online mall open to third-party merchants, the company also facilitates online auctions akin to eBay's, lets brands manage their own online store like Shopify, and even facilitates online and offline payments in the same vein as PayPal. Right now its top markets are Brazil, Argentina, and Mexico, although it operates in some form in several others. Of course, the company is also always looking for ways to expand its reach.

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Source Fool.com