We’ve been through a lot last year and the fact that we haven’t lost any customer. But not only that and I’ve been able to grow as much as we did. I think it’s a testament of how unique our positioning is. Merchants want DLocal to be a living creature. We’ve always been a living creature where we are always iterating and trying to become a better company. We will continue to do so. And I think if there’s anything that our customers value is the fact that we are very innovative and we move fast. I will continue — we continue to do so and we intend to continue to do so. So, we are very, very optimistic from what we’ve seen in 2023 and what we are seeing for the future.
Ashwin Shirvaikar: Thank you.
Operator: One moment for our next question. Our next question comes from Kaio Da Prato with UBS. Your line is open.
Kaio Da Prato: Hello, everyone. Good morning. Thanks for the opportunity. I have two on my side, please. First, is a quick follow-up on Argentina, please. You mentioned in your first answer that you believe that merchants will probably come back to cross-border operations. But just to understand here, what makes you comfortable with that? Like, in other words, why do you think it would make sense for merchants to opt for a cross-border again since today they are probably working with other options? So I’d just like to understand if you’re already seeing increasing demands for a cross-border again at this point and then I will come back to this segment. Thank you.
Pedro Arnt: Okay. So our indication was not that merchants are doing cross-border through other options. Merchants with stricter capital controls were settling locally so as to not leave funds with their processor, namely us, but have the funds themselves. The ultimate objective of these merchants is to repatriate those funds. Many times the alternative to local payment methods like the ones we offer is simply international processing which is more expensive, has lower performance and also locks out millions of consumers. So just if we look at the underlying dynamics of payments and that’s why we exist and why we add so much value to our merchants, the cross-border option many times is a better solution for them than local-to-local.
At the end of the day we need to serve our merchants which whatever is best for them, we don’t decide if it’s local-to-local or cross-border. We’ve seen really good growth in our local-to-local business which is something that was doubted of us and we’ve delivered consistently so we’ll see what happens. But conversations with merchants and the underlying logic is that eventually as capital controls are lifted cross-border will pick up again. And we do have access in Argentina for a series of verticals to do cross-border repatriation already. So we’re beginning to see increased liquidity and we’re beginning to see that market open, and therefore, short-term we don’t see any dramatic change in what we saw in Q4 but more mid-term we do believe that cross-border can pick up again.
Kaio Da Prato: Okay. Great. This is very clear. Thank you, Pedro. And the second one is regarding to your letter that you mentioned that about the license portfolio. I just would like to understand if you could give us an example of license that you are aiming to pursue this year and what benefits could that bring to the company? Just wondering if you are thinking about an acquired license in Brazil at this point as well? Thank you.
Pedro Arnt: Okay. I believe our license portfolio in Brazil is already complete for what we have applied to in terms of short- and mid-term plans. It’s one of the markets where we have multiple licenses. When I look globally we have many, many licenses in the pipeline both at an emerging market level and also at an OpCo level. The licenses for us A, enable us to integrate more vertically so many times as we don’t have to rely on licensed partners if we have the license ourselves which allows us to offer better solutions. In some cases, the licenses allow us to move into verticals or flows that we can’t pursue without the license and equally important the license I think brings us under regulatory oversight and gives our merchants an added sense of comfort with the operation.
