Good morning, everybody. My name is Matt, I'm the CFO of Wise, this is our third quarter update. The third quarter of financial year 2023, I'm going to share the insights, as you do on a quarterly basis, on how we've grown. I'll cover the headlines pretty quickly, we'll open up to Q&A, we've got Martin and Adam here who is on-hand to take questions. You know the drill. Raise your hand in the Zoom, we'll get cracking. We've got about 45 minutes. Let me get on. First off, what have we seen in the quarter? Well, we see continued great progress on our mission in the quarter. Once again, more than 50% of our payments were instant. That means arriving in less than 20 seconds, something really important to us. That's thanks to obviously a lot of investment in our product. One thing that's pretty cool is the integration into the Pix system now in Brazil is offering huge population, great product, and we're fully integrated with Pix. Next thing on price. Obviously, we care deeply about price. Whilst we did see our average price in the quarter increase, that's actually thanks to price increases we've made in previous quarters, and we've been speaking about here. Actually in the quarter we did manage to reduce some prices. What does that mean? Well, on some key routes we've seen, like Brazil, where we dropped prices by about 10%, if you send money to Mexico, we almost half the prices. Pretty cool. Our product also got more convenient, both for people and businesses. For businesses, you can actually now receive money much more conveniently. We talked about letting businesses receive card payments, but actually now our receiving payments via a link is actually pretty sweet, works nicely if you need to invoice and collect money from your customers around the world. It's super convenient. We're also testing cashback on cards, card spend for businesses in the U.K. What might be interesting, more topical at the minute as well, is what's happening to our assets products and the interest that we might be offering on some of our balances. In the U.K., you might have seen that we launched our interest product in our assets product. What this means is that you can now get instant access to your balance, but also have it invested in a government bond where you can earn the bank, the central bank interest rate, whether it's in pounds, in dollars or in euros. This is pretty convenient and pretty cool as well for our customers. We're excited to see how that picks up. Also, if you're a customer in Europe, you might have seen that we are actually providing cashback to customers who hold a balance. If that rewards you for the Wise Account, but also starts to return some of the interest that we earn on those balances. Lots of things happening as usual, but what does this all mean for our growth and the financials of the results? More and more customers continue to join and adopt Wise. We saw 5.8 million customers active on Wise in the quarter. That's up 33% versus last year. These customers moved GBP 27 billion of cross-border volume, and that's up 28% year-over-year. Actually, if you think about that with the take rate and the fees that we're collecting from our customers, revenue is up 50% year-on-year, which basically reflects that volume growth, but also... The active customer growth, but also actually some of the effects of the Wise Account, but also the price changes in the last quarters. 50% year-over-year revenue growth is pretty healthy. Looking, clicking into volume is what we saw. In Q3, we actually saw that we saw this pull forward that we talked about in the last quarters, and by that I mean, increased VPC in the previous quarters, thanks to FX volatility we've been. That is when rates have been volatile, people have been. Especially those moving large payments or discretionary payments, have been pulling those payments forward. We saw that come through in the last quarters with much higher VPC and then a lower VPC, particularly for personal customers in this quarter. Interestingly, first, we saw that, if you look at our customers that moved less than 10,000 in the quarter, which is an awful lot of our customers, we actually saw them, the volume from these customers continuing to grow quarter on quarter. Actually, we saw this most acutely in the customers that moved more than 10,000, and we think therefore have discretion. Personal customers that got discretion when they moved that money. It was most acute in customers sending USD as well. Interestingly as well, when you look at businesses, actually these VPCs continue to tick up Q-on-Q. There's a bunch of factors driving that. Things like Wise Account adoption, and general growth in the product. Actually that shows underlying those underlying trends, which in businesses products less discretionary, is pretty resilient. If we think longer term, like nothing really changes here in. You know, for those that have followed us for a while, you'll see we've got really resilient and solid cohort behaviors and dynamics with our customers, people and businesses. If anything, those have got positive tones to them with Wise Account adoption. We've always said there could be volatility in the short term, and we've seen two very high quarters with VPC, and now we've seen one down. You know, we're very focused on long term. That's how we build our products, but we'd always see some of this volatility. Overall, volume growing very healthy year-over-year and revenue growing at 50% year-over-year. We get to total income. Total income is that revenue plus the net interest income, if you think. The interest we're earning on our balances grew at 80% year-over-year, which is obviously benefiting from a higher yield on growing balances. It also importantly reflects the fact that whilst we're launching these initiatives to try and reward customers for holding balances with us and using our Wise Account, it's quite early on. Actually, the rate at which we are kind of paying interest or returning this cashback to customers will increase and will scale up from where we are today. As a result, when we look at that for the year, we've got, we're actually increasing our guidance for total income for the year, from 55%-60% previously, up to 68%-72% for the year. As I've noted with this, was we're scaling up this ability to return some of this interest to our customers. We're probably gonna see H2 EBITDA margin, so second half of the year EBITDA margin, higher than it was in H1. There's really no change to how we're you know, running our business. We're a profitable business. We believe responsibly managing this, you know, sustainably in the long term. There's really no change. We're just cautious in how we're scaling up this approach. There's no change, therefore, to our guidance for EBITDA in the medium term or how we're managing that. Finally, as you know, we run a stock-based compensation program for all Wisers actually. We also really care about dilution. Our employee benefit trust intends to acquire up to GBP 10 million of Wise shares in the rest of this financial year, so in the next 2.5 months. The reason we're doing this is we looking forward as we issue more shares to our teams, we wanna try and offset and reduce down the impact of that on the dilution of our shareholders, which we obviously care deeply about. This is a start, and we'll reveal more plans as we think about this as we go forward, but this is something that we're doing right now. We're a profitable, well-capitalized business. In summary, great progress on the mission. Awesome customer growth. You know, more and more customers joining us. Almost 6 million actives now. Moving on almost 30% more volume a year ago, 50% revenue growth, and actually total income growing at 80% for the quarter. Lots of work to do on how we work through interest with our customers, but a pretty good start. I'm going to pause there and take questions. Ask. Please raise your hand. I'm sure many of you have. Martin, if you've got a mic, maybe just read out who the question is, and they can ask directly. Thanks, Matt. Yeah, first question comes from the line of Aditya at Bank of America. Good morning, Aditya. Hey, Aditya. If you could repeat your question for me, please. I'll read that out here. Sure. Are you good to hear me, Martin? I can hear you, Aditya. Yeah. Thank you. My first question is, on the volume growth, should we think that the impact of the pull forward is largely done in Q3, or should we see some more of that in Q4 as well? I mean, the reversal of that pull forward. Second question, could you just talk about Yes, I'll just read that one out first, Aditya. Matt, do you think the impact of the pull forward has largely flushed through in Q3? Thanks. Has the pull forward flushed, I'm gonna repeat it for the third time, flushed in Q3. We saw this last. It's too early to tell in January, and I would say that January and February are always relatively if there is any seasonality, we see these as slower months. We saw this last. Remember, we saw this pull forward last for two months. If we revert to the longer on average, then, you know, it could last 1 quarter, it could last longer than this. I wouldn't say it's definitely kind of all back to normal. Then again, like, we see good underlying dynamics in the smaller payments. We see good underlying dynamics with businesses. I would say that, we're in volatile times, and some of this can continue. Okay, great. Thanks, Matt. I have a couple more. Just, given some of these dynamics for the volume growth and the new full year guidance implies about 64%-80% growth, total income growth in full Q. Could you talk about the underlying assumptions there? I mean, how much of that is coming from, you know, factoring in the, you know, some of the impact on volume growth and also maybe the interest income maybe being a bit better? Just what are the underlying assumptions there, if you could talk about that. Yeah. Matt, if you could talk about some of the underlying assumptions that's baked into the guidance for the rest of the year, please. Cool. I won't go assumption by assumptions as you'd expect. When we look at the guidance for the year, we think about what are the dynamics on volume, what are the dynamics on take rates, so the prices we're charging our customers. How will the balances grow, the rates grow, and then at what rate will we kind of return interests to our customers. I mean, it's quite uncertain, so it's quite early in. Clearly, like, we've seen a lot of volatility in volume, but we have good confidence in the underlying rate at which our customer base is growing. There's varying scenarios on BPC, obviously, as you'd expect for personal customers. There's different scenarios around, you know, the rates at which we can manage to pay some of this interest back to our customers. These are the drivers we think about, and we take a view across these that we have a range where we're, where we're, where we're confident. As I said, like, in the long term and the medium term, we see no change really. We're pretty excited around the rates at which we're seeing our customer base grow. Also, you know, therefore, if we think about the growth, fundamental growth factors of the business, this is pretty healthy. The challenge we have is just taking these drivers for Q4. Great. Thanks. Just one final one. On the interest income, you gave an update on or you spoke about the mix of balances and how they're invested at the first half results. Any change in that? Anything which might help us to model that interest income line, a bit better, as we go into Q4? Also maybe, you know, how do you think about how you're passing that back to customers? Does that ramp up more in Q4? Is that more of an effect full thing? Thanks, Aditya. Yeah. The question is, has there been any change in the mix of invested assets with respect to those customer balances since half year? How are you thinking about the ability to ramp up the passback of that to customers? No real change in this. We've seen growth across all currencies and then growth, you know we still use the same asset classes to think about. You know, we talked about government bonds, we talked about money market funds, and we talked about cash in our banks. We're working with all these partners to make sure we earn an appropriate return. No radical changes there, Aditya. In terms of passing that back, like we're working on a bunch of things and different things that are allowed and different things are working in different geographies. You've seen in the U.K. we're focused on our assets products. In Europe, we've actually worked out how to do cashback on balances. We'll be working on all these different things in different journeys. It's really early to talk about what we can do or even the quantums that we can do. Hopefully you'll see some of this shift in the next weeks, months, and quarters. We'll give you an update on this as you'll see how we get on in the next couple of months in our April update. Thanks, Aditya. Martin, are we... Thanks, Aditya. Next question comes from the line of Kim Burrows at Numis. Morning, Kim. Morning. Not sure that probably can't hear me. I can hear you. Can you hear me? Oh. Yeah. Even better. Well, thanks. First of all, in terms of that interest that you just talked about, is there anything in... I guess some of that passing back, that interest, some of that could go through... I mean, obviously it's gonna go through the cost line that we haven't seen this time around, but has anything gone through, the take rate in terms of you passing back that way? That was the first question. The second question, coming back to what you already touched upon and I think in the previous question was also part of that is that fall in revenue per customer in retail. It is when I take the graph, the sort of longer term graph, there's a pretty steep fall. You know, could. A little bit more about what's driving that and also just macroeconomic sensitivities. Is that part of it, you think, or why might that be? Because if I look at your sort of volumes per customer in personnel or retail customers down to 3.5. I mean, we're back sort of two years before seeing a similar number, and it's been growing then and now back. Is this macroeconomic sensitivity coming through, do you think? Thanks. So thanks. Thanks, yeah. On the first question, like, has the interest passed back? Actually, the total income includes like the net interest. It'd be the gross interest we get in less the interest that we've got to pay back. That was pretty small in the last quarter, what we paid back. It does include it, but it's very small. In the future, you'll see this net interest will be net of the interest in and of the interest paid out. On the revenue per customer piece, quarterly movement, yes, you've seen a drop in the volume per customer here. Actually if you look at increase in number of customers using us, personal customers using us and what they're doing with us, actually shows continued momentum of the product that they're adopting and the things they're doing. There's Wise Account, they're spending on their cards, they're holding balances with us, but also converting money. It's just the rate at which they convert money has been volatile over this period. We've seen some of that before. But actually this is very short term quarter-on-quarter. We've always said that we will see some quarter-on-quarter changes in this. We believe that's related to FX. There is a lot going on in the world economically, but actually if you've looked at two things, and we called this out. One is if you look at the customers that are moving less than GBP 10,000, which is an awful lot of money to be moving, still. This has been very stable and has been growing. I appreciate we haven't shared the data for that, but that, when we look at that's kind of growing quarter-on-quarter. Which actually tells me, like there's pretty healthy underlying need, despite it being tough economics, a healthy underlying need and an ability to move money. Secondly, if you look at small businesses, you know our business segment is primarily small businesses, would be acutely impacted by economic. Actually, that's been very sustained on a quarter-on-quarter growth in BP6. I do believe that given that this is large payments, people maybe with a lot more money who are actually connected to USD, as you said, for people with discretion, I think this is more FX driven rather than economic input. Great. Thank you. Thanks, Kim. The next question comes from the line of James Goodman at Barclays. Morning, James. Yeah, good morning, Matt. Thanks very much. A couple from me please as well. Maybe firstly, just on the, on the guidance on the profitability side. You know it's pretty clear that the total income's going up largely because of the interest income coming through, that there's a, you know, a question around the sustainability of that as you want to, you know, intend to pass a lot of it back to some customers. Therefore, for now, whilst you're benefiting from it's also dropping through to a higher profitability in the second half. I guess all of that to say, you know, is it the right assumption to think that the majority of this upside on the total income line is what we're seeing dropping through into the second half on the EBITDA? As we start to think about your fiscal 2024, I mean, wouldn't it be a fair assumption to say you're still going to have quite a lot of interest income? You still don't want to run your OpEx, you know, drastically higher to offset that. We could actually have a, some continuation of this higher EBITDA margin into fiscal 2024 before you sort of trend back towards your medium-term objective. Yeah. Some of this excess or some of this interest income that we would like to try to pay back to customers. We've got to work out how. Whilst we would believe that we can do that in the near term, medium term. We haven't worked out how to do it. Some of that interest absolutely could drop through to the EBITDA. That's exactly why we flag this. It's hard for us to. I appreciate for yourselves as well, hard for us to pinpoint this for multiple reasons, but one is like, you know, the rate at which we can make progress in these is very current on the. It's hard to gauge exactly what will drop through. It will be. We can expect this EBITDA for this half year to be above what we saw before. Going forward, actually, we would, you know, maybe if we're not talking about the first months of FY24, but over the year and then beyond when we've guided to this medium-term EBITDA margin, nothing really should change because we do believe in most of these geographies, we should be able to work out how to do something with interest. It may be different and we may have different treatments, I would rather think that, we really wanna invest in building an amazing proposition for our customers to come and use the Wise accounts. Part of that is price on conversion, part of that is, amazing account, but also part of that is actually being pretty compelling place to hold your money. I would rather think about no real change to the EBITDA thinking here, but actually, like, we're pushing hard as first to say, "Well, how do we return an appropriate amount of this to our customers, whilst running a really healthy, profitable." Bit early to tell on that, James, but at the moment, no change to that guidance. Yeah. Okay. Thank you. The second question, just around the take rate at 85 basis points, which was, you know, extremely strong sequentially. You called out just 2 basis points of that was driven by a higher customer price, which, you know, I think we've spoken about quite a bit in the past. The question is just around the rest of the increase in that take rate. Yeah. You know, how much was ancillary revenues versus a more favorable mix as a consequence of what the prior questions are focused on and the volume effects this quarter? To help us think about what amount of that take rate increase is sustainable into coming quarters, perhaps as the volume per customer picks back up. Yeah, I think good question. Actually, it's a range of things in there. There's share price increases. There's route mix, which is something. There is also payment size mix, which I think you've picked up there, James. Then there's products. We see across all of these. We've talked about payments. Sorry, we've talked about price increases. We still continue to see other revenues grow healthily as people adopt Wise Account and spend on the card. Then the rest is really a mix of route and payment size. Actually, it's kind of a bit correlated, but as we see growth in maybe markets like Brazil, might be at higher price points, we would see like an impact on the take rate. Actually, those markets will sort of got maybe slightly lower VPCs, so that is a kind of a correlation and effect there. Generally, like on the very high payments that we've seen a reduction of, like first on this VPC, those would be at a marginally lower take rate. James, I to give you some clarity, you've called out a couple of it. I'd say it's pretty spread evenly across those drivers. It give reasonably evenly. It's not purely focused on one of them. I would think about it that way. In your context of, you know, should VPC return, actually like one of those, one of those factors could be like, could be affected in the take rate. actually the route mix, the Wise Account adoption and obviously the price rises would sustain. Yeah. That's helpful. Thank you. Thank you, James. The next question comes from the line of Alastair Nolan at Morgan Stanley. Morning, Alastair. Morning. We might need to do the-. Hey, Alastair, do you want to try again? Oh, yeah. Can you hear me now? Yep. Got ya. Excellent. Yeah. My first question was just around, I guess, the interest product that you've launched. How should we think about the impact of that product when it comes to the ability to generate net interest income in the future and the strategy around that? Also, if you could kinda link it into any comments around kind of trends you've seen in the growth in the Wise accounts balances, because I'm conscious the product is, I'm sure designed to keep more funds on the platform. Maybe you can kinda link those together and help us with how we should think about that moving forward. Yeah. Actually, if, we've launched this interest product where people can invest. You can opt to go into your Wise Account, opt, press the button, opt to invest in interest. What actually happens there is the balances move from our balance sheet into the fund. Actually the balances as we report, if you were to look on our balance sheet, wouldn't include those balances. We still earn a fee 'cause we charge a fee on this product. We effectively have. Ideally, we'd have two methods of two models in our balance. We'd have customers that hold balances with us, and where we can, we might. We'd earn interest 'cause we invest those assets, and we'd, we pass some of that interest back to our customers. Then we'd have where we launch a product where we enable our customers to invest in a product. They can earn interest directly on as a fund, then we'd earn a fee on. It's a slightly different, slightly different model. Clearly, if customers want a government-backed bond at the central bank rate, instant access, it's quite unique, they can invest and click through to our interest products. That's gonna be a pretty market-leading product, we believe, that will give those customers who are very, very sensitive that option. Customers don't wanna do that for some reason, they can still hold money in the balance, not yet in the U.K., but in other. Our goal would be to be able to pay them interest on that balance. On our balance sheet, we'll show the model where the money's on our balance sheet, Alistair. On some we'll earn interest and pass some of that interest on. On other models, we won't earn interest, but we'll earn a fee, an asset management fee. That's helpful. Thank you. Maybe just the second question for me. Just on the volume slowdown, you mentioned it's in the kind of higher volume cohorts. I guess, what gives you confidence around the fact that it is indeed pull forward, which I know you had previously flagged, and that's what you experienced in the first half, as opposed to perhaps the impact of higher competition or new entrants in the space. What data points are you looking at to kind of give you confidence in that conclusion? Yeah. The first thing we can look at is, like, from our customer base, like where is this impacted and where have we seen the spikes as well. We've seen it on personal volume that is higher value payments, quite acutely there in people sending dollars. Not receiving dollars, sending dollars, right? We've seen that also around key points, like early in the year when we saw a lot of rate volatility. Particularly in September when we all know, painfully the rate at which the dollar was strengthening, and then we saw movements in the pound as well. There's a high correlation to those events, and it's also in payments where customers have discretion as to when they might try and move this money. Actually, if you look at the less than 10,000 payments, these grew pretty healthily through that period for both the active customers and the money they're moving. If you look at businesses as well, businesses have got less discretion, but as much, if not more, like, economic exposure, I believe, at the minute, and that's growing pretty healthily. I'm pretty sure that, you know, we all know that the economies that all of our customers are in and economic situation is pretty tough. Like, no doubt that. We seem to be relatively resilient to this. I'm sure that's already baked in the aggregate. Where we can see the most acute change quarter-over-quarter in volume is in this personal VPC. We've seen this go up and down in the past, and clearly we've seen it drop then. Maybe that will last as long. Who knows? I'm not calling, like, when this will return. There's nothing fundamentally changed in how customers are using us, how often they're using us. In the long run, I would expect, with the product we're building to continue to have resilient characteristics as we've seen in the past. Right. Just to clarify, where you saw the real uptick was higher volume customers previously selling dollars when the dollar was strong. Is that? That's right. Like, I think when you think about competitions, like who in the U.S. sending. You know, are there any people, any banks or specific partners, players in the U.S. market which could be a substitution now versus then? We don't really see that. I think in other parts of the world it'd be good might be to know, actually really in that market, I don't think the competitor set is has really gone what is really that the factor that we're seeing there. Yeah. Makes sense. Thanks very much, Matt. Thanks, Alistair. The next question, Matt, comes from Omar Keenan at Credit Suisse. Morning, Omar. Good morning. Thank you very much for making the time. Sorry if this has been asked already, I won't ask another question on VPC. Just on the capital the regulator has approved for the, purposes of, mitigating the dilution of share-based compensation. Yeah. Just wondered, I know you guys have called out GBP 10 million, but could you share how big the approval actually is? Just my second question is on the take-up of Wise accounts moving into the interest asset management product. Any early indicators on how that's looking? Thank you. won't share the quantum. We obviously get a I think as you know, sounds like you're pretty familiar with this, Omar. You need a regulatory approval for these things. This is the first time. We're just getting started. Like, part of this is to get the pipes working and learn how to do this. Like, especially for stock comp and curing this dilution is something, you know, something we want to get we desperately want to get started with. We've agreed internally for this 10 million in this financial year, and we'll have capacity to do if we wanted to do more, to do more. This is the GBP 10 million is what we're internally saying this is what we're going to do right now. You know, to capital, we've got a very healthy eligible capital balance, and that's growing as you can see or would expect. You know, like the primary thing we think about capital is how do we preserve a very healthy, resilient capital base, whilst we're in this incredible growth phase of the company. On the second question, which is like. Sorry, Omar, was what, any statistics on the asset, on the interest and asset product, was that right? Yeah. I just wanted to get a sense as to what proportion of the Wise accounts may end up moving into these interest products. It's early on, and we're not disclosing the split on this. We hope that actually, I mean, this is a very new product for the market really, we believe. It's gonna take time to explain it and understand it and customers to buy into this. It's early doors. Remember, it's only in the U.K. as well so far, but we're actively trying to get licenses to do this in other parts of the world. We see in the future, this is part of our proposition for holding your money in Wise. It's early on, and we haven't disclosed the stats. Okay. Thank you. Thanks, Omar. The next question, Matt, comes from Josh Levin at Autonomous. Good morning, Josh. Hi, good morning. Just one question from me. You don't have a banking license, some of your competitors do. Have you rethought perhaps possibly getting a banking license? If you're not interested in a banking license, why not? Thanks for the question, Josh. We don't have a banking license, you're right. In some areas, this makes it harder for us to pay interest back, I think is the relevant. It also stops us being able to lend if we wanted to do that. Far, we haven't found a need to do this. Like, actually, the way we're working, the products we're able to ship and problems we can solve for our customers absolutely don't need. You know, for our interest product in the U.K. enables us to offer customers interest on a government-backed asset, which we believe, it's instant access. We think that's very competitive from a proposition for our customers. It's early, but hopefully we'll be able to do this in other parts of the world. The other reason to get a banking license would be if we wanted to lend some of this money out to our customers. That's not something we are planning on doing. Therefore, like, actually, we believe actually that a banking license isn't something that's really constraining the rate at which we can grow and solve the problem. We're incredibly focused on this cross-border international money problem, which is international, whereas banking license tends to be very local. Thank you. Thanks, Josh. I think it's good afternoon as well, Josh. Thanks, Josh. Matt, next question comes from the line of Deepshika Agarwal. Good morning. I was on mute. Hi, good morning. Thanks, thanks, Matt, for taking my questions. The first one, I think this has been dealt upon, but just seeking a little bit more detail. Implied growth for 4Q, it is basically implying a deceleration in the ex-interest income revenue growth. Are you assuming a significant further deceleration in BP6 in personal? How should we think of a normalized BP6 run rate going forward in the personal side of the business? We set the guidance at a range of outcomes where we have confidence for the first quarter. There's a number of dimensions which could move. I won't go into the detailed underlying assumptions. What I would say is just, you know, we look at this, but actually, if you think about how we run the business, have run the business and will, is actually is in this long run customer dynamics. You know, what gives us confidence to invest? Actually, to your second question, you know, we don't see any real change in the long run behaviors of our customers, right? We've seen an increase in BP6, which we always thought was relative to rates. We've seen a drop now, which we believe is relative to volatility. In the very long term, you know, we don't see anything radically changing the behaviors that we've seen over the long term, which is a very stable cohort dynamics. Actually Wise Account, if anything, net helping on balance on BPC for people. Obviously, you can see the trend for businesses. I understand there's a range of outcomes for this guidance for Q4, but if you, if you really think over the medium to long term, like, it's very healthy. We still believe there's a very, very healthy relationship with customers. And these cohort dynamics help us grow, obviously, very sustainably over the longer term. Okay. The next one. How do you think, that, like, your market share has evolved, especially, like, in the context of the recent price increases? Has that changed the market share dynamic in any way that we should be mindful of? I actually don't see any. I think we said this before. We don't see, like, any really elastic responses to these changes in price. We've actually worked out over years how to explain to our customers how we talk to them about price. If we're dropping price, we explain why. If we're increasing price, we explain why. The fundamental of this is building a relationship with our customers that they believe that we're charging a fair price. We're not charging what we can, we're charging what we need to. We think this over time has built this relationship with our customers that means we're charging what we need to rather than what we can get away with. This is really important, like, I believe sort of fundamentally in our culture and also the relationships with our customers. So actually I, I don't think our growth is you know, the rate at which volume is moving is really driven by the rates. On the margin in some routes, this will help, like, where we suddenly become competitive. By and large, around the world, we're quite a lot cheaper than the alternatives that customers have. Then from a market share perspective, we know the market is growing. Actually, the market is growing. I think various reports of, you know, single digit percent. Notably this year, actually, or during recessions. In the last recession, it didn't grow. You know, you can see that we're growing quite a lot faster than the market, so you would expect our market share to have increased. Okay. Just one last one. Could you help us quantify the uplift to the second half EBITDA margin from the higher drop-through from the interest income that you're expecting? It's gonna be work in progress, we need to work through this and we'll see. It really depends on the rate at which we can pass back some of this interest to our customers or how successful we are in scaling these programs. I can't really give you a range. If I could have done, I would have done. It's definitely. We wouldn't have called it out if it wasn't gonna be, you know, sufficiently ahead of the 22% that we saw in the last half year. Again, nothing changes in the long run as to how we run the business. We're calling it out, so it's not a surprise, but actually, please don't assume this is a data point off of which to project the team. Okay, I think that's pretty much it. Thanks for taking my questions. No, thank you. Thanks so much. Matt, final question comes from Nick Anderson at Liberum. good morning, Nick. Okay. Sorry, can you hear me? Can you hear me now? Yeah. Sorry. Sorry. Go, yeah, go for it. Yeah, sorry. I had a mute problem. Apologies. I just wanted to understand the difference in size between those two cohorts on the personal side, the less than 10K and the greater than 10K. I mean, my gut feel is, given the impact they had in the last three quarters, if you like, then clearly the cohort greater than 10K is material. Are we talking about 20%-25%? Much less than that? Maybe more than that? Any guidance would be appreciated. Thank you. You're right, it is material and it's quite a big chunk, so it's not. It's definitely more than the 25% and, you know, it's fair to assume that it's not. But it's not the majority of the revenue either. Or, sorry, the volume either. You know, haven't disclosed that, but you're right, it's definitely more than the 25%. Okay, thank you. Any other questions? All right. Thanks very much, and appreciate bearing with us as we work out the buttons to press. We do these every quarter, so we'll speak to you in another quarter. Hopefully we'll have made some good progress on the things we've talked about. Just stepping back, you know, pretty healthy growth, solid growth in our customer base leading to, you know, revenue and then total income growth of 50% and 80% respectively. Hopefully continuing to understand how we're running the business for the very long term. I'll speak to you again, no doubt, in the coming days, some of you, but if not, I'll speak to you in a quarter. Thanks very much.