David Vélez: I think a lot of the challenges or the main challenge that we are all here very much focused on day in and day out is around those — I would say the three key priorities we’ve been discussing since the beginning of the year and then a number four, I’ll go through them quickly. The first one is Secured Lending. So, we launched Secured Lending in Q2. We now really see — got to see it scaling. It’s a big opportunity for us. So — and it’s all about execution, high income. As Lago earlier said, it’s a marathon, not a sprint because it’s a competitive space, and there is a lot that we need to build to win in that category and to get to the share that we want to be getting. So, we’re putting all hands on deck on trying to put together a great value proposition there for that customer segment that we already have in the building, which is the good news, but we need to figure out how to increase the share.
And then really cracking new content funding in Mexico and Colombia, which are a critical aspect to decreased funding costs in both countries, get the funding that we need to continue growing in both countries and also accelerate user growth, customer growth. So, those are the 3 key kind of priorities for us in the company that we are very much focused on. I think beyond that, it really is the multiproduct story. It is this evolution that has already taken a couple of years, and we need to continue executing on becoming a full place — a full complete — having a full complete portfolio of products — of financial products. And then beyond, as we execute the marketplace strategy, we have integrated already over 150 different commerce partners into our app.
People are being able to make reservations in our app. People have been able to shop in our app. We see the opportunity of us being bigger than a financial services firm. We think the opportunity is a consumer technology platform where over 85 million customers that have very significant engagement and usage come to transact in a number of different ways, and we’re able to help them even beyond financial services. So, that is going beyond financial services that takes a number of different skill sets and learnings that we are trying to build in-house. And there is a lot of focus in us also executing that core part of the longer strategy of the company.
Jorg Friedemann: [Operator Instructions] And we go now to Alex Markgraff at KeyBanc.
Alex Markgraff: Thanks, everyone. I appreciate the question. Maybe just first, I would love to hear a bit about how credit limits within the credit card product have changed kind of on a sequential basis through the year as you look at new cohorts.
Youssef Lahrech: This is Youssef. So our approach generally on credit limits is to start with a fairly conservative credit limit, also known as the loan growth strategy for most customers, especially the customers that tend to be in the middle to higher risk segments of the universe. And so what you observe is for a given cohort, we tend to start pretty low and then expand as we observe data and good repayment and performance behavior. So, on a given cohort, you’ll see fairly rapid expansion of credit limits. But then as new cohorts show up, they tend to dilute the average. But in general, I would say like the rate at which we’re increasing credit limits has been pretty steady across the last couple of quarters.
Alex Markgraff: And just to clarify, the starting point, I guess, is part of the question that level of conservatism, has that changed materially?
