[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  M. V. Cunha [@mvcinvesting](/creator/twitter/mvcinvesting) on x 48.1K followers Created: 2025-07-03 11:21:04 UTC I understand that, but I believe the worst is behind us, and those risks are more than priced in. The decline in take rate has been happening across the sector (just look at Adyen, for example) and the slightly steeper drop at $DLO has reasonable justifications. I’d rather see them prioritize TPV growth and retention of Tier X merchants than fight for marginal improvements in take rate. It's now close to stabilizing and could even rebound as $DLO's gross margins are recovering and the company shifts its volume mix toward higher-margin geographies. That shift is also gradually helping to mitigate customer concentration risk, which I believe is a more valid concern (but after the acquisition of AZA Finance, pending regulatory approval, I expect that concentration to decrease even further). Also, the recent investment cycle in technology is laying the groundwork for launching new products and services that could help to improve TPV monetization. My post was exactly meant to highlight that while there are some initial concerns when looking at recent trends, a deeper dive reveals a context that, at least in my view, makes things much clearer. The new CEO, Pedro Arnt, is one of my favorite leaders globally and has been doing a fantastic job since his arrival, and I believe that will gradually become evident in the numbers. Time will tell, but even under conservative assumptions, the potential upside is tremendous. XXXXX engagements  **Related Topics** [$adyenas](/topic/$adyenas) [cunha](/topic/cunha) [$dlo](/topic/$dlo) [Post Link](https://x.com/mvcinvesting/status/1940732521035018311)
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M. V. Cunha @mvcinvesting on x 48.1K followers
Created: 2025-07-03 11:21:04 UTC
I understand that, but I believe the worst is behind us, and those risks are more than priced in.
The decline in take rate has been happening across the sector (just look at Adyen, for example) and the slightly steeper drop at $DLO has reasonable justifications. I’d rather see them prioritize TPV growth and retention of Tier X merchants than fight for marginal improvements in take rate. It's now close to stabilizing and could even rebound as $DLO's gross margins are recovering and the company shifts its volume mix toward higher-margin geographies. That shift is also gradually helping to mitigate customer concentration risk, which I believe is a more valid concern (but after the acquisition of AZA Finance, pending regulatory approval, I expect that concentration to decrease even further). Also, the recent investment cycle in technology is laying the groundwork for launching new products and services that could help to improve TPV monetization.
My post was exactly meant to highlight that while there are some initial concerns when looking at recent trends, a deeper dive reveals a context that, at least in my view, makes things much clearer. The new CEO, Pedro Arnt, is one of my favorite leaders globally and has been doing a fantastic job since his arrival, and I believe that will gradually become evident in the numbers.
Time will tell, but even under conservative assumptions, the potential upside is tremendous.
XXXXX engagements
