And again, as we’ve highlighted in the past, compared to that China book of business, the take rate dynamics are really favorable. So a blended take rate in those markets, LatAm, APAC, SAMEA higher than 2% versus in the China book of business in or around 50 basis points. So to your question, as we accelerate growth in those other regions, we’re going to see positive take rate dynamics and tailwinds to revenue. China, as I say, long-term it’s going to be a good opportunity. Short-term, not a not a significant driver. And in ’24, certainly, it’s not going to be a drag to growth in terms of that B2B revenue. So we remain super focused on that service oriented. Economy is driving ICP acquisition, really good and demonstrated product markets there and great take rate dynamics.
So we’re excited to be able to continue to grow this book of business. And as we said at Investor Day, we feel good that we can grow this volume next year by 25% or more.
Trevor Williams: That’s great. Thanks. And then any more detail you can give on how volume growth has trend — how it trended throughout Q3, and then what you’re seeing in October month to date? I’m just trying to square, I mean, it sounds like a B2B you’re seeing nice acceleration, Q4 versus Q3, but you’re taking down kind of the implied Q4 ex interest income revenue. So I’m curious if you’re seeing any pockets of sequential weakness in volumes, so it’s quarter-to-date that’s kind of driving the more cautious outlook for the fourth quarter. Thanks so much.
Bea Ordonez: No, look at — as you’ve noted, we’re seeing accelerating trends. We saw that throughout the third quarter and into October. So again, third quarter volumes were up 11%. That’s accelerating sequentially from the 8% volume growth we saw in Q2. We’ve highlighted those B2B numbers in October. In the aggregate volumes in October were up about 20%. So we’re seeing nice growth again. The main drivers have continued to be a really strong performance from the travel sector as well as large ecom performance. To sort of the Q4 kind of softness that we’re talking about, we’re really talking about exogenous factors that we highlighted in our prepared remarks. So what’s factoring in some softness from revenues from customers, in Israel, it’s not a big part of our revenue pie.
But in the near-term, we do expect some softness from those revenues in Q4. We factored in sort of the delays. And again, we did this very proactively in the immediate aftermath of the crisis in Israel, we paused all code releases, while we frankly got a majeure of the situation. And that pushed some of that monetization further out into the future. So we factored that in. And look, we factored in, in common with many of our peers, just a little more macro softness. And perhaps we have in our outlook as we head into Q4, as we continue to see pressures sort of emerging in the broader economy and in the geopolitical landscape around consumer and business spending.
Trevor Williams: Okay. That’s helpful. Thank you guys.
Operator: Our next question comes from Cris Kennedy of William Blair. Cris, please go ahead.
Cristopher Kennedy: Great. Thanks for taking the questions. Just going back to the Investor Day, you talked about — I believe you talked about targeting mid-teens revenue growth for 2024. Can you just talk about the expectation for that given some of the macro uncertainties?
Bea Ordonez: Yes, sure. Look, we obviously gave [indiscernible] ’24 guidance in February, which would be consistent with prior years. But as you notice, we set our Investor Day in September, medium term targets for revenue growth in the mid-teens and medium term targets for adjusted EBITDA margin at around 255%. Look at our latest guidance, we have great conviction that our strategy is working and that we’re executing on it. And our ’23 guidance calls for a significant acceleration, which is in line with what we’ve seen through the third quarter and into October. We would exit Q4 based on that implied guidance at roughly 19% of organic, I will say, X interest income revenue growth, when you take it apples-to-apples, right. So excluding those non-volume fees, excluding Russia and it’s worth noting, look, we lacked the impact of our exit from Russia at the end of this year.
We will fully lap those non-volume fees, again, $7.5 million per quarter at the end of the first half of ’24. So with all of that in mind, that acceleration through Q3 and into Q4, the lapping of those significant headwinds that we’ve highlighted, accelerating volumes in our B2B and our checkout business, we’re very confident over the medium term that we’re going to hit those revenue growth targets.
Cristopher Kennedy: Great. Thank you. And then on the prepared remarks, John talked about the Payoneer of Light Account. Is there any way you can frame the potential yield associated with that product? Thanks for taking the questions.
John Caplan: Sure. The — when Payoneer Light is in its earliest stage of rollout and I’m thrilled with the work. Our go-to-market teams, our product teams, our R&D teams, our business analytics teams are put in place. We haven’t yet sized that broadly for folks because it is a — it’s in its earliest stages. But you could expect that higher take rate product before in higher take rate geographies for smallest or smallest customers and it has the benefit of higher take rate customers in higher take rate geographies and reducing our cost to serve. It would be highlighted the 25% reduction in our cost per ticket that we’ve seen year-to-date. We are very focused on our formula around ICP growth, driving our cross-sell into increased ARPU and reducing our cost to serve.
Every entrepreneur on the planet that is doing business cross border of which we have 2 million customers today, we want them to use and love and enjoy the Payoneer account. And paying your light is a step towards a product portfolio that enables us to efficiently capture those. As Bea and I’ve talked about in the past, we get 6 million applications a year of people who want to use Payoneer and we are organizing ourselves to make it such that we can serve them profitably. And we’re on the path to do so.
Cristopher Kennedy: Right. Thanks for taking the questions.
Operator: Our next question comes from Mike Grondahl of Northland Securities. Mike, please go ahead.
Mike Grondahl: Hey, guys. Thanks. I wanted to ask about the pricing increases and initiatives that you’ve been doing. Does the third quarter represent sort of a full quarter of those price increases? And is there any way you can kind of break that out and see what that contributed to revenue? And do you expect further benefit in future quarters?
