Root's business model is sound: using telematics to serve only good drivers, they avoid losses and can reduce prices as technology improves.

and in auto insurance Root says that they save, on average, $109 a month for their customers.

So Root changed that. They're not going to serve the bad drivers, and it's based on technology, telematics mostly. They're going to serve only the good drivers, and when the technology gets better, they can lower prices for everyone.

If you're a good driver, you don't have to pay a lot for insurance because you're very unlikely to meet with an accident. So the better the technology gets for Root, the more it can save money for its customers.

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

But they were different from Root. It was not really technology for them. It was selling direct to customer instead of going through the agents. But Root is going into agents, and they also have direct to customer, and they also have embedded. So they have different types.