And regarding the 100% cap on interest for revolving balances, do you have a sense of how much that affected Nubank?

It's not a ton, but it's not nothing. As you mentioned, if customers are paying 14% or 15% per month, they're paying it off relatively quickly. Otherwise, it spirals out of control. I don't think Nubank is deeply opposed to that. They don't want to be in the business of charging their customers 100% interest on an ongoing, recurring basis. That's not in their best interest or the customer's best interest. It's a good protection against the riskiest customers who aren't going to pay you back. I don't think it would be a major detriment because much of the lending they're doing involves negotiating with customers, and those rates are generally below 100% to begin with.

And regarding the 100% cap on interest for revolving balances, do you have a sense of how much that affected Nubank?

A relatively small percentage of their outstanding balances are above 100%, and that's generally from people who aren't taking the offers or are late. So it's more risk-aligned to begin with. They may not collect a lot of that interest anyway. If they're not going to pay you back, they're not paying the interest back either.