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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.

Today's company is trading at a mid- teens multiple despite growing the top line by 50% annually being highly profitable and having a pretty strong balance sheet. And the thing is it's sitting at the intersection of two mega trends over the next two decades.

The growth and digitalization of emerging markets and the expansion of global tech leaders like the mag 7 into those markets.