TS Anil

We were launching a new fee that we were going to charge customers for something. And we were, of course, doing it the Monza way, which was like wickedly transparent to the customers. They knew exactly how and when we were going to charge this thing. But I remember someone asking me in one of the meetings when we were discussing it,

that yes doesn't this seem like it's off mission like we shouldn't be charging for this and you know charging a fee feels like it's not on mission and i remember saying then if we choose to not charge for things where we transparently and with the customer and where we believe we're adding value to the customer if we choose to not charge it and we see that as somehow being a mission thing to do

that yes doesn't this seem like it's off mission like we shouldn't be charging for this and you know charging a fee feels like it's not on mission and i remember saying then if we choose to not charge for things where we transparently and with the customer and where we believe we're adding value to the customer if we choose to not charge it and we see that as somehow being a mission thing to do

that yes doesn't this seem like it's off mission like we shouldn't be charging for this and you know charging a fee feels like it's not on mission and i remember saying then if we choose to not charge for things where we transparently and with the customer and where we believe we're adding value to the customer if we choose to not charge it and we see that as somehow being a mission thing to do

It's effectively saying I'm doing charity at the cost of the VC. I shouldn't take any credit for it. I'm taking the VC's money and scaling an unprofitable business to be even more unprofitable. There's no good that comes out of that. What do you not monetize today that will be the biggest monetization lever in the future?

It's effectively saying I'm doing charity at the cost of the VC. I shouldn't take any credit for it. I'm taking the VC's money and scaling an unprofitable business to be even more unprofitable. There's no good that comes out of that. What do you not monetize today that will be the biggest monetization lever in the future?

It's effectively saying I'm doing charity at the cost of the VC. I shouldn't take any credit for it. I'm taking the VC's money and scaling an unprofitable business to be even more unprofitable. There's no good that comes out of that. What do you not monetize today that will be the biggest monetization lever in the future?

I still think transaction-based fees will be the biggest thing we do, but it's already there. So it's not as though it's a new thing we're building out. I still think it's going to be a big thing as we expand the ways in which people pay and get paid. That's probably still going to be the biggest thing we do. There's subtext in the question that you're asking me, right?

I still think transaction-based fees will be the biggest thing we do, but it's already there. So it's not as though it's a new thing we're building out. I still think it's going to be a big thing as we expand the ways in which people pay and get paid. That's probably still going to be the biggest thing we do. There's subtext in the question that you're asking me, right?

I still think transaction-based fees will be the biggest thing we do, but it's already there. So it's not as though it's a new thing we're building out. I still think it's going to be a big thing as we expand the ways in which people pay and get paid. That's probably still going to be the biggest thing we do. There's subtext in the question that you're asking me, right?

Which is like, is there the one thing? And here's the deal. When we're building a product that is about meeting all the needs that your wallet has, it's by definition going to be a diversified revenues, which by the way, is a high quality business model because it isn't hostage to economic cycles and credit cycles or interest rate cycles or any of that. You build it like a quality business.

Which is like, is there the one thing? And here's the deal. When we're building a product that is about meeting all the needs that your wallet has, it's by definition going to be a diversified revenues, which by the way, is a high quality business model because it isn't hostage to economic cycles and credit cycles or interest rate cycles or any of that. You build it like a quality business.

Which is like, is there the one thing? And here's the deal. When we're building a product that is about meeting all the needs that your wallet has, it's by definition going to be a diversified revenues, which by the way, is a high quality business model because it isn't hostage to economic cycles and credit cycles or interest rate cycles or any of that. You build it like a quality business.

I'm not a customer. Can't blame you for trying.

I'm not a customer. Can't blame you for trying.

I'm not a customer. Can't blame you for trying.

I think the when do we go international is now. We're public about the fact that we're investing in building out a strategy for Europe. We're public about the fact that we have a small team in the US building product for the US, for the American customer. We've had that for a while now. Not really. In the first iteration of the US, what we spent our time on was applying for the banking license.

I think the when do we go international is now. We're public about the fact that we're investing in building out a strategy for Europe. We're public about the fact that we have a small team in the US building product for the US, for the American customer. We've had that for a while now. Not really. In the first iteration of the US, what we spent our time on was applying for the banking license.

I think the when do we go international is now. We're public about the fact that we're investing in building out a strategy for Europe. We're public about the fact that we have a small team in the US building product for the US, for the American customer. We've had that for a while now. Not really. In the first iteration of the US, what we spent our time on was applying for the banking license.

And we pulled out of that process when it felt like regulation there was unlikely to grant any fintech players licenses. So we pulled out of that process. That was the sort of first version. Was it the right decision to pull out? Oh, totally. Because I mean, nothing has moved on the regulatory front on that in the couple of years or three years, even since we pulled out.