Laurent Le Moal

And one of these projects was at PayPal.

PayPal literally, you know, in 2004, it was three people in a corner office in Richmond, south of London,

And they were looking for someone to do a market study about the potential for PayPal outside of eBay.

And so they were looking for MBA students to do that, so I needed some money, I did that for six months, and then they hired me.

So that's how it all started, basically.

Yes, absolutely.

But I think this one is a lesson learned in payments.

Payment is really a dual-sided market, right?

And one of the key, key elements of PayPal, which was not by far the first wallet, was truly the flywheel of eBay.

And I think this is a big lesson.

Again, when you go to high-growth markets like India, for instance, you see that most of the investments for all the payment startups you see there is still in building this flywheel

of building this engagement machine for consumers.

I think PayPal was really, really lucky also to find that specific use case on eBay, but then grow it also outside of eBay.

Well, yeah, you got all the different stock options, stock options on RSU at the time, yes, which was at the time for everyone.

It was the typical, I would say, Silicon Valley company.

The spirit was always very different from eBay.

I would say a bit more scruffy, entrepreneurial, especially in Europe.

In Europe.

Nothing.

OK, European team.