00:00PicPay is a large digital bank that operates out of Brazil, still with a huge growth opportunity
00:07ahead of us. We currently serve more than 66 million customers. Our revenues in the third
00:15quarter of 25 reached around 7.3 billion reais, around 1.4 billion dollars, growing 92 percent
00:24year over year. And net income also trending 82 percent increase from the previous period, also with a
00:34ROE of 17.4. Well, Nasdaq, first of all, all of our peers, digital peers are here. We wanted to access a
00:44larger base of investors and partners. And well, it's after four years of no IPOs in Brazil,
00:54we are actually breaking the ice and coming to the market. So we're really happy.
01:00Yeah, I believe the first Brazilian IPO in New York in over four years. Eduardo, back at home, though,
01:06you do have a competition with one of your peers that is listed here in the US, and that is Nubank.
01:11And that's a CEO I've spoken to before. They still remain Brazil's largest fintech company by market
01:16value. You also have additional competition threats from big international players. What do you make of
01:22the state of competition and how you keep the competition at bay and potentially grow beyond them?
01:28Well, I think that competition is welcomed and Brazil is one of the most dynamic
01:34financial markets globally. It's not by chance that we have so many good digital players there.
01:42Yes, there will be more challengers. There will be the current ones. The incumbent banks also
01:49are doing a great job. I think that in the end of the day, it's all about actually delivering really
01:58good services and products. And PicPay is really well known for its product velocity,
02:03as well as innovation. We've started 12 in 2012 by basically pioneering instant payments in Brazil,
02:12long before real-time payments became standard. PicPay was already enabling millions of customers
02:21to move money instantly, digitally, and as well as in a very efficient way.
02:27PicPay. So it's all about keeping up with all that product velocity and being able to continuously
02:36innovate through solutions that actually can make a meaningful impact on the everyday lives of our
02:45customers. And PicPay has been able to do that in the past few years and turned a digital wallet in a
02:53full-fledged digital bank. So we'll keep doing that. Hey, Eduardo, what is the economy of Brazil like
03:02right now? It's not runaway inflation. You do have a relatively tight labor market. You have a growing
03:08GDP. And how does that add to your business model? How does that help you to grow revenues?
03:16Yeah, we're really positive on the Brazil macro. I mean, the lowest unemployment rates historically,
03:25GDP growing this year. We will also have an additional injection there, basically because
03:34lots of more people will be below the bracket from which you can get tax exemption. So we're positive
03:44interest rates are possibly going down as well. We're really happy and bullish on what can be done this
03:53year.
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