Thanks for this update, Ray! Really insightful. My view on the take-rate is a bit different: as the take rate decreases, it's actually a positive. Because at Adyen, the more volume you bring, the lower the take rate. So a merchant might bring 20% extra volume to the table, but gets a lower price so revenues 'only' increases 10%. This, in some way, reminds me of scale-economies shared, perhaps the most powerful competitive advantage out there.
One additional question: do you have any idea of the take-rate and customer base of DLocal?
Thanks for this update, Ray! Really insightful. My view on the take-rate is a bit different: as the take rate decreases, it's actually a positive. Because at Adyen, the more volume you bring, the lower the take rate. So a merchant might bring 20% extra volume to the table, but gets a lower price so revenues 'only' increases 10%. This, in some way, reminds me of scale-economies shared, perhaps the most powerful competitive advantage out there.
One additional question: do you have any idea of the take-rate and customer base of DLocal?