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  "notes": "The slide uses a line chart for TPV growth and a table for YoY take rate variation. The text below the charts explicitly challenges the COO's explanation for take rate trends.",
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      "text": "Logically, if in 2020 the lower margin cohorts from 2018 and 2020 grew to become the majority of the TPV, we would expect the average take rates to fall; however, the opposite occurred, and average take rates spiked by 17.5%.",
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      "text": "In 2021, the highest growth cohort vintages were 2018 and 2020. The cohorts 2018 and 2020 came with a lower Take Rate. In 2021, the Take Rates by cohort across 2018-2020 Take Rates were quite stable.",
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      "text": "DLO's recently resigned COO Sumita Pandit explained during the presentation that the 2021 Take Rate declined for the following reasons, which seemingly should have applied to 2020 as well.",
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      "text": "There are three key takeaways for the right-hand side of this slide. For each cohort, the take rate remains almost unchanged versus 2020. Different cohorts have different pricing points depending on the business mix. And we continue to see that there are multiple factors that make our merchants want to do business with us, and pricing is just one of them. The drop in our average take rate from 5% in 2020 to 4% in 2021 is mainly explained by changes in the underlying business mix. The cohorts that grew the most in 2021 were the 2018 and 2020 vintages. And these cohorts came with a lower take rate, mainly driven by the business mix of higher payouts and local to local payment flows. Third, it is worthwhile to highlight that the 2021 cohort of merchants posted a higher take rate than our overall take rate in 2021. — Sumita Pandit, DLO COO",
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