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I wouldn't call this a competitor as they likely work together with Adyen and other payment companies to deliver their services and localized payment options. I would assume that a significant part of the cost of revenue consists of these payment fees to companies such as Adyen.

From the S-1:

Gross Profit and Gross Margin

Our cost of revenue consists primarily of costs associated with payment acquiring fees, shipping and logistic costs, and operational merchant support expenses, such as customer service.
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