Henrique Dubugras

I think they're not much because today, you know, because we're only a year and a half old company, we need to backstop with 15%.

As we become more mature, the markets, the capital markets start trusting us more.

So that number can go down to 10, 5, 2, 2%.

Um, so over time I'll need less capital than I need to that.

It's not an interest rate.

It's called interchange.

So you know, like a square, for example, they charge 2.9% out of the merchant, right?

Um, for example,

Does that make sense?

Uh, yeah, yeah.

We have actually customers paying millions of dollars a month in AWS bills or Google ads spend, um, through one Brex card.

So let's say who processes it.

Let's say it's Stripe or whatever.

Let's say Stripe charges AWS, let's say, 2%.

We probably make 1.5% out of that for taking the credit risk of the company.

It varies a lot.

It depends on the merchant.

It depends on the size of the transaction.

It goes from 0.5% to 3.2%.

And then depending on the customer, it depends where it averages out.