Jan. 27 at 8:48 AM
$DLO — Thinking Beyond the Take Rate
Just revisited Pedro’s interview on
$DLO, and a few things really stuck with me: @twinsight
Customer growth: 1,000 today → 10,000 in 5 years sounds huge, but even a 5x increase would radically transform earnings and cash flow thanks to operating leverage and more usage per customer. Customer count alone isn’t the story—unit economics are.
Early
$NFLX vibes: Back then, the market obsessed over subscriber adds, ignoring pricing, engagement, margins, and long-term cash generation.
$DLO feels the same—everyone’s fixated on take rate, while gross profit and cash flow matter far more.
Volatility is a feature: Emerging market payments are messy. That complexity is
$DLO’s opportunity, not a problem.
Smart cash returns: Dividends + optional buybacks = rational capital allocation, not financial engineering.
