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      "text": "Its financials show a much smaller revenue contribution from FX than DLO's entity financials do.",
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      "text": "FX fees and gains: 52.9%",
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      "text": "We consider Ebanx to be DLO's closest comp because a) until 2020, it primarily focused on cross-border payments from / to Brazil...",
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      "text": "Assuming that Ebanx's 2019 TPV was $2 billion, and that 90% of it was cross-border...",
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      "text": "63 https://www.prnewswire.com/news-releases/fintech-company-ebanx-is-the-newest-unicorn-in-latin-america-300939262.html 64 https://theorg.com/org/ebanx/org-chart/wagner-ruiz",
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