When we hear that factoring represents 18% of GDP in France, we feel that there is a very good development opportunity for this young start-up created by former colleagues from Spendesk. Morgan breaks down the value chain for us and explains in detail the needs of SMEs for short-term financing. Deploying an easy-to-use API, Defacto makes it possible to obtain financing, transparently in the blink of an eye. We are doing a quick update on the BNPL in 2023, on the notions of B2B checkout, vs BNPL B2B. There is also talk of the collaboration with the Viola Credit fund recently created by the Israeli VC and the upcoming creation of a common securitization fund. We also focused on partnerships with FinTechs on the international deployment strategy and on the evolution of the typology of customers. Finally, we understand Defacto's long-term strategy and you will still see that risk plays a central role in it!