Ashwin Shirvaikar: Good to hear from you all, perhaps. Maybe I can also start with congratulations to Pedro and also question for you. the local issue has never really been growth, which you mentioned, what — one of the key reasons you’re coming is the growth in TAM opportunity. I feel like, the issue, as you had mentioned, is scalability over time, scalability of technology where you can bring your expertise, governance and a few other things. So maybe you can talk a little bit more about the challenges that you feel like they need to be overcome. And, if in your early view, based on just the diligence you did, if you feel like the investments that need to be made might be an impact on the longer-term margin structure. I know it’s very, very early days, but just based on the diligence that you’ve done so far.
Pedro Arnt: Thank you. That’s a fantastic question. So conceptually, first of all, and I think this is important. Like any company that’s grown as much and as fast as DLocal has, there are growing pains in scaling up. I think that’s evident, and I agree with your diagnostic. There’s already prior to my arrival, a lot of focus as with any company that’s growing and work being done to strengthen whatever is needed to strengthen and to prepare for scale. But that is a big part of what I’ve liked about the challenge is I feel that, that’s what I’ve done and what I like doing and what I know how to do. So we really need to set this up so that this company can grow 5x, 10x, 50x, once the opportunity arises. It’s a bit early. I think I will get back to you guys with a better diagnostic.
I am not a big believer in throwing money at these kinds of problems. I think we throw a passion for problem solving and systems at these problems, but I still need to complete my diagnostic. This is literally day two for me. So stay tuned, and I think we’ll come back to you guys with clarity on whether this is a matter of simply continuing to build everything that’s being built or if there might be a ramp-up in investments needed. Give me a little more time, give Seba, Jacob, and myself some time to take a look at this.
Ashwin Shirvaikar: I truly appreciate that answer. Seba, maybe something we have discussed before sort of on an in-country basis, the objective perhaps of achieving reasonable balance between pay-ins and pay-outs. As you look at your forward opportunity the next five, six countries that you feel should ramp up, how do you feel you’re situated as far as that in-country balance is concerned?
Pedro Arnt: Sorry, just one thing I wanted to add, that is relevant. If the challenge to scale is investing a little margin, and I’m not saying that’s the case, we’ve reiterated our midterm guidance. But if that’s the challenge, then this is a company with best-in-class margin structure, and there’s room to do so. So I really think it’s a double positive here.
Sebastian Kanovich: Thank you, Pedro. Ashwin, on your question on pay-ins and pay-outs. So we like both products that are extremely complementary, but we never have an internal target for one versus the other. It’s not us that decide what product we are selling. It’s our customers that decide what products they want to buy from us. We always built our operations on a completely stand-alone basis. And let me explain it. We never subsidize pay-ins with pay-outs. We never do — every dollar in our platform is processed at a profit, independently of it being pay-in or payout. So we do see a significant traction for both products, but that’s never an internal objective. What we’ll see over time in the newer countries is that sometimes one product ramps up faster than the other and then over time, things balance out.
