Sebastian Kanovich : Sure. Jason, for disclosure reasons, we cannot say the exact names, but these are all U.S. listed public companies that rely on our services to access emerging markets. The lights of the Visa’s and and Flywire’s some pioneers of this world. They use our to access emerging markets. We believe this is a testament of power our proposition is. So, they rely on our services to access these emerging markets where we operate. And we like those partnerships because through those, we get distribution. We get access to customers that otherwise we wouldn’t be getting just to use an example Flywire will serve education merchants. Those are not our target merchants and those are the type of partners we want. We want to have the reconnections with Google, with Facebook, with Meta, with so many others, but we are okay on having a financial institution between us and those when the underlying merchant is not that €“ it’s not least our target customer.
Jason Kupferberg: Understood. Thank you for the comments.
Operator: Thank you. One moment for our next question. Our next question comes from Neha Agarwala with HSBC. Your line is now open.
Neha Agarwala: Alright. Thank you for taking my question. The data that you provided, we are seeing a shift from cross-border to local-to-local, a change in mix shift for your TPV. That should put pressure on your take rate, I believe that would be incorporated in the guidance that you’re providing of gross take rate for 2023, coming around 3.8% as you mentioned, should be similar to 1Q? So, why is this is trend happening? Is it more because you’re seeing large merchants creating their subsidies locally, and that is why they’re moving from cross-border to local-to-local? Or is it because of the type of merchants you have onboarded recently? So, if you can shed some light on that mix that will be helpful.
Sebastian Kanovich: Sure. Neha, I think the right word is not shift, it’s evolution. We have seen no shift from merchants moving from cross-border to local-to-local. What we do see is that merchants €“ we are winning more and more merchants that decide to do business in local-to-local. Diego mentioned during his remarks that 55% of our Top 20 use us in both local-to-local and cross-border. And I want to explain this. This is the same customer. This can be Microsoft that decides the use us local-to-local in one given geography and cross-border in one another. What we are not seeing and I want to emphasize this point, it’s merchants starting on cross-border and then moving to a local-to-local growth. We serve merchants where they are really big.
So, these are not start-ups that go big and they want to set up their entities. Many of our key customers already have their entities set up in many of our key geographies. And therefore, chose whether to use us in local-to-local or cross-border. We internally see this as a huge strength. This wasn’t obvious a few years back that we will be able to win those local-to-local deals. Now, it’s clear that not only do we win them, but they continue to expand with us. And we believe that compounds our value proposition. We want to make sure merchants can never graduate from us. And therefore we need to make sure that we go with them if they decide to be local-to-local, cross-border, stay-in, stay-outs, Latin America, Africa, or Asia.
Neha Agarwala : Very helpful. If I can ask another question, could you shed more light on financial increment, financial expenses? Should we expect with the use of cash in paying back loan and giving guarantees to large merchants, should we expect financial income to be weaker in the coming quarters? And how should we think about the evolution of financial expenses as that has been quite significant in the last two quarters? Thank you so much.
Sebastian Kanovich: Diego, you want to take it?
