Stephanie Flanders

So we just saw this massive opportunity to build it together.

Opportunity to build, but why was Capital One able to pay a more than 50% discount on your last private valuation?

Yeah, so when we look into all the public market comps in the fintech space, they're mostly trading between 8, 9, 10, maybe 11 times.

This acquisition is at a 13 times multiple.

So it's a huge premium to where all public market comps are today.

And the reason, of course, Capital One believes in this is because

there is a massive growth opportunity.

We really believe that we're here to build really the most important financial platform for businesses in the US.

And, you know, it's a very, you know, two founder-led companies coming in together.

And the reason they're so excited and we're so excited about this is because of the obvious upside path that we have from here.

But Pedro...

It's not an upside to that previous valuation.

And I hear you on the premium compared to where others trade on the day.

But why not just stay private for longer?

Why not build?

Why not return to a $12 billion valuation in the private markets?

Yeah, so the thing that we learned is we did a lot of, you know, 2021 valuations were a very specific point in time in markets.

And one of the things that we believe for Prax is that the teams that see reality, the best wins.

And we like to run the company in a way that mirrors where everything eventually converges to, which is public markets.

And when we look from a public market lens,