Antoine Le Nel

I mean, and that's why the growth is exponential. Because today I know a lot more than a year ago or than two years ago. So my models are better. So I know better where the good cohorts are and how much I'm ready to pay.

I mean, and that's why the growth is exponential. Because today I know a lot more than a year ago or than two years ago. So my models are better. So I know better where the good cohorts are and how much I'm ready to pay.

I mean, and that's why the growth is exponential. Because today I know a lot more than a year ago or than two years ago. So my models are better. So I know better where the good cohorts are and how much I'm ready to pay.

Are those models transferable on a country by country basis? Yeah, they are.

Are those models transferable on a country by country basis? Yeah, they are.

Are those models transferable on a country by country basis? Yeah, they are.

Really? Why would London versus Birmingham would be closer than London versus Paris? There's no reason. The country definition beyond language is completely arbitrary.

Really? Why would London versus Birmingham would be closer than London versus Paris? There's no reason. The country definition beyond language is completely arbitrary.

Really? Why would London versus Birmingham would be closer than London versus Paris? There's no reason. The country definition beyond language is completely arbitrary.

Sure. I didn't know if London versus Brazil could be different. Brazil has very different ways of paying for things. They have different ways of bulking payments.

Sure. I didn't know if London versus Brazil could be different. Brazil has very different ways of paying for things. They have different ways of bulking payments.

Sure. I didn't know if London versus Brazil could be different. Brazil has very different ways of paying for things. They have different ways of bulking payments.

Yeah, I mean, that's fair. But you adapt your model depending on the product that you sell. You know, we're not selling the same product necessarily in the same market. So you can cut it down at the product level. But then at the end of the day, if it's a debit card, it's a debit card. And if it's FX, it's FX. How do you choose which markets to go to? Well, we want to be everywhere.

Yeah, I mean, that's fair. But you adapt your model depending on the product that you sell. You know, we're not selling the same product necessarily in the same market. So you can cut it down at the product level. But then at the end of the day, if it's a debit card, it's a debit card. And if it's FX, it's FX. How do you choose which markets to go to? Well, we want to be everywhere.

Yeah, I mean, that's fair. But you adapt your model depending on the product that you sell. You know, we're not selling the same product necessarily in the same market. So you can cut it down at the product level. But then at the end of the day, if it's a debit card, it's a debit card. And if it's FX, it's FX. How do you choose which markets to go to? Well, we want to be everywhere.

Like the objective for us is to be in every single market. I mean, we don't say we want to be there and not there. No, we want to be everywhere. So we just take the list and we try to see which ones are probably easier, quicker and so on. But at the end of the day, we want to be everywhere. Which market was the worst or hardest? And what did you learn from it?

Like the objective for us is to be in every single market. I mean, we don't say we want to be there and not there. No, we want to be everywhere. So we just take the list and we try to see which ones are probably easier, quicker and so on. But at the end of the day, we want to be everywhere. Which market was the worst or hardest? And what did you learn from it?

Like the objective for us is to be in every single market. I mean, we don't say we want to be there and not there. No, we want to be everywhere. So we just take the list and we try to see which ones are probably easier, quicker and so on. But at the end of the day, we want to be everywhere. Which market was the worst or hardest? And what did you learn from it?

If I park China, obviously, which is a very different market. It's quite a difficult one. It's not an easy one to get your hands on. It's only a billion two.

If I park China, obviously, which is a very different market. It's quite a difficult one. It's not an easy one to get your hands on. It's only a billion two.