dLocal benefits from scale economies: more volume leads to lower prices, higher retention, and more volume; declining take rates are acceptable if volume grows.

Same for payment processing, that is dLocal. The more volume it can process for the big merchants, the lower prices are going to be for these merchants, and the more likely they're going to stay with dLocal, give more volume to dLocal.

So even if margins—in this case it is mostly take rate for Wise and dLocal—are going down, this is part of the story. It doesn't matter as long as volume is going up.

Even dLocal and Wise are doing that, especially Wise with businesses. They have value-added services. So they give the thing that people want for the cheapest, at the cheapest price—that is, in the case of dLocal, payment processing; in the case of Wise, cross-border transactions—as cheap as possible.

But then the person has other things that they are willing to pay for, something that the competitor will not give.

Same for dLocal, same for Root. They are not doing something where they're going to lose money.