FluxCap Financial Services Business Plan › Section 26 › Conclusion & Investment Highlights

• Proven model, extended: Wonga South Africa
  validated fully digital, automated consumer lending in this market;
  FluxCap extends the mechanics into payroll-linked, embedded and
  wellness-anchored products with structurally better risk and retention
  economics.
• Large, persistent, regulated demand: R2.40
  trillion consumer credit market; >R100bn p.a. origination in target
  classes; 10m+ unbanked adults and ~40% thin-file consumers under-served
  by bureau-only underwriting.
• Honest financial architecture: sponsor headlines
  preserved and independently stress-tested; two loss-making years,
  terminal leverage of 4.1x, warehouse dependency and exit-multiple
  sensitivity disclosed and quantified rather than smoothed away.
• Credible returns with identified risks: 3.1x
  MOIC / 25.5% IRR at a defensible 6.5x exit multiple; downside protected
  for lenders by short asset duration, covenant-linked growth throttling
  and equity-first loss absorption.
• Fundable structure: R720m equity + R900m senior
  + R180m revolver, engineered from day one toward the M26 securitisation
  warehouse that carries the book to R5.8bn.
• Mandate-aligned impact: regulated, transparent,
  dignified credit displacing informal lending; measurable inclusion
  outcomes matching DFI investment criteria.

FluxCap Financial Services offers investors and lenders exposure to
one of the most attractive structural opportunities in African fintech —
the digitisation of small-ticket consumer credit — through a plan that
respects its risks. The Company’s request is a R1.8 billion
funding programme to build South Africa’s leading responsible
digital lending and financial wellness platform. This memorandum has
presented the case with the discipline the request deserves: the growth
targets are aggressive and are labelled as such; the ramp is loss-making
and is funded as such; the terminal returns are leveraged and are
stress-tested as such. On those honest terms, the opportunity merits
serious consideration.

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of FluxCap Financial Services (Pty) Ltd.