Operator: Thank you. One moment for our next question, please. Next Question comes from the line of Jason Kupferberg with Bank of America. Your line is now open. Jason, your line is now open.
Jason Kupferberg: Sorry about that. I wanted to ask about Brazil, triple-digit growth there this quarter. It’s really accelerated significantly over the past couple of quarters. So wanted to see how you feel about the potential sustainability of these elevated growth rates. I know you got the new payment license back in July, and it sounds like the platform business is doing well there. But just wanted to get a sense on your visibility of these very strong trends in Brazil revenue growth perhaps continuing here over the next two or three quarters?
Pedro Arnt: Yes. So, we see extremely strong performance in our two largest markets, Brazil and Mexico, which is a great indication of the strength of our business and our merchant satisfaction with what we’re offering. We’re seeing that strength, as you can see, in the vertical breakout across most verticals. But interestingly enough, it’s most marked in our largest vertical, which is commerce. A significant portion of that growth is a consequence of our platform product that we launched last year and is really solving complex payment flows for very large global marketplaces across those markets. And so everything seems to point to the direction of high levels of merchant satisfaction that we’re solving complex problems for them across these markets. And therefore, we are still positive about those markets despite the fact that they are our largest markets and are quite stable markets.
Jason Kupferberg: Right. Right, okay. And then just a two-part question as a follow-up. The first part of it is just revenue from new merchants was down a bit quarter-over-quarter. So just curious how that came in versus your expectations? And then Pedro, if you could just comment a little bit more about — I think you made some comments around hiring more for internal processes and I know you’re bringing on the new Chief Accounting Officer. What have you seen kind of in the back office operations as you’ve dived in to do local over the last few months?
Pedro Arnt: Great. So, I think if you look at concentration from larger merchants, which is a metric we disclose, you do see that growth was driven more in the past quarter by the expansion within merchants we had previously landed. That’s just the way this quarter played out. Again, that’s positive in that it shows that our ability to gain new merchants and then increase our share of wallet and grow their businesses is still very strong. During the quarter, new merchants was somewhat less of a driver of growth, but still growing. The pipeline looks very healthy when we look at more constant terms so — and the more current period. So, I wouldn’t look too much into that for any negative signal. Again, the pipeline remains very healthy.
Sebastian Kanovich: Yes. And if I may complement on that point, on the pipeline and the new sales. So there’s a natural lag in terms of that metric. So, one thing is when we onboard those customers, then there’s a relative delay on how fast those customers ramp up, particularly during this quarter, we’ve onboarded the biggest company in the world, and we are yet to see those results. So, we are very optimistic about our ability to continue to land new customers and them kicking within NRR and net revenue retention, which is again our key metric.
Jason Kupferberg: And then just on the back office. Pedro, just your — yes, thanks.
Pedro Arnt: Again, I want to stress this and be very clear. Ordinary course of business, this is a company that’s growing top line at nearly 70% across 40 emerging markets. It’s expected that we have to continue to invest behind all of our back-office operations to ensure that they are as robust as our merchants require. Remember that a big part of our value proposition is that we are dealing with a payments layer but also a compliance and regulatory layer on behalf of our merchants. And so, that should always be an area of focus and investment for us, but just ordinary course of business. Also remind you that when you look at our value chain and hence, the disclosures on who we operate with in terms of financial institutions, we. We move money around primarily through global banks, national and regional banks. And that also generates, I think, a second layer of solidity to the operations that perhaps in the past we hadn’t been as clear about.
Jason Kupferberg: Thank you for the comments.
Operator: Thank you. One moment for our next question, please. Our next question comes from the line of Jamie Friedman with Susquehanna International Group. Your line is now open.
Jamie Friedman: All right. Good morning, guys. Thank you for taking the questions. So, one for you, Pedro, and then one for you, Seba. Pedro, in your prepared remarks and even in your prior answer, you’re talking about the fabric of these global banks. That’s a message that I was less familiar with coming from DLocal. I’m wondering why you’re prioritizing that in the message. I just wanted to try and understand why that’s important. That’s the first one. And then Seba, I just have to ask, I think you said in your answer to the previous one, something about boarding the world’s largest. What was — is that in context of the logos that you had referred to in the Q2 that you had won. I realize you may not be able to say who that is, but if you could at least say what, I don’t know, vertical it might be or — because I think you said that in the previous answer. Thank you, both.
