So just reinforcing that point. You also mentioned and David mentioned the focus on building up a deposit base in Mexico and ultimately, in Colombia as well by opening up our bank account product, in both of those countries this year. That will be important in its own right as part of broadening our product offering for our customers and also to help drive funding for credit as those markets evolve. A few other products that I will mention. First, one that we launched a little while ago, but is now getting to the point where we’re starting to make it available to more customers is our credit card product for small businesses, our credit card product, which again allows us to, a, address the credit card market; but b, also broaden our offering for small businesses and build out the other side of our network.
And the other product that I would mention to you is the product we just announced publicly, I think it was yesterday, which is auto insurance. And again, it’s just an example of us rounding out our product portfolio, particularly for customers who are in the middle and upper parts of the income spectrum. So that stands out. And we’re also continuing to work on scaling up our Money Boxes, which we’ve talked a lot about, and our ultraviolet off-market credit card, which is showing a lot of promise in the last several months. So those are a few of the things that I would highlight for you.
Jorg Friedemann: And our next question comes from the line of Alexander Markgraff at KeyBank.
Alexander Markgraff: Maybe first, just on the credit portfolio. I wanted to ask just on Slide 19, the 12% receivables mix of installments, obviously, kind of above market. Just curious as to where you’re comfortable or kind of targeting that 12% to trend in the near term and long term.
Guilherme Lago: So, on the growth in interest-earning receivables and credit cards. So this was the product of us basically launching a number of new features to — for customers to be able to finance purchases, to finance payments, whether they be barcode payments and payments is just one of the latest features we’ve added, and we’ve seen a lot of success and strong adoption, really strong behavior from the future. So it wasn’t really that we were working backwards from a particular number, but really seeing strong customer adoption of these features and very strong economics from those. Going forward, we’re continuing to test and introduce new features. So hard for me again to give you specific guidance on where that number is going to land, but we’ve been pretty happy with the customer adoption and the performance of those features we’ve introduced on credit card financing.
Alexander Markgraff: Okay. That’s helpful. And then maybe just one more kind of macro related questions. Just some kind of help or commentary on how you’re thinking about potential TPV tailwinds and headwinds for ’23. I’m not looking for guidance, but just more generally speaking, how should we think about some of the puts and takes for ’23 on TPV?
Guilherme Lago: So look, I think if you look historically on TPV over the next — over the last three years, the market has grown at 30% to 35% per year. Part of that was basically a recovery of TPV, the TPV pre-COVID. I think now we are getting to a point in time in which market expects the aggregate TPV of the market to grow at anywhere close to low double-digit rates for 2023, 2024. Should be — that should not be the growth rates that one should expect from our cards business. We should expect from our cards business to grow materially higher than that as we expect to continue to gain market share in both credit cards as well as prepaid/debit cards. We have been gaining market share over the past two years at a pace of about 150 to 250 bps per year. We should expect to continue gaining market share strongly over 2023 and 2024.
