Nexora Capital – Business Plan

Investment-grade business plan for Nexora Capital (Pty) Ltd — an R750-million equity raise within an R5.15-billion total capital programme to build an AI-underwritten SME digital-banking and funding platform in South Africa, benchmarked on Lula, scaling revenue from R55 million to R1.9 billion by FY2031 at a 33% EBITDA margin with a gross loan book reaching R5.5 billion and 350,000 SME customers — with sponsor projections preserved as presented and candid analyst findings that the equity raise funds only the junior/first-loss layer (the true peak capital stack is roughly R5.15 billion, about 6.9x the headline), that the equity IRR is exit-multiple dependent (approximately 40.2% at a 14.0x exit compressing to roughly 5.2% at a normalised 9.0x multiple), and that the revenue yield implies a substantial non-lending revenue mix.

Investment-Grade Business Plan & Funding Proposal

Nexora Capital

An AI-underwritten SME digital-banking and funding platform for South Africa — combining digital SME banking, embedded finance and AI credit decisioning to serve structurally under-served small and medium enterprises — structured as an R750-million equity raise within an R5.15-billion total capital programme (FY2027–FY2031) for lenders, development-finance institutions and equity investors.

Legal Entity

Nexora Capital (Pty) Ltd

Location

Johannesburg, South Africa

Equity Raise

R750 million (junior / first-loss layer)

Total Programme Funding

R5.15 billion (~6.9× the raise)

Revenue (FY2027 → FY2031)

R55m → R1.9bn

FY2031 EBITDA · Margin

R620m · 33%

Gross Loan Book · Customers (Yr 5)

R5.5bn · 350,000 SMEs

FY2031 PAT (analyst re-derived)

R129 million

Equity IRR (Headline / Normalised)

~40.2% (14.0×) / ~5.2% (9.0×)

Sector

Financial Services — SME Fintech

The Opportunity

South Africa’s small and medium enterprises are structurally under-served by incumbent banks — branch-based origination makes small-ticket SME credit uneconomic for incumbents, leaving a deep financing gap that digital challengers such as Lula and Merchant Capital have only begun to close. Nexora Capital pursues this as an AI-underwritten SME digital-banking and funding platform, pairing digital SME banking and embedded finance with an AI credit-decisioning engine, benchmarked on what Lula proved and extending it. Sponsor projections (preserved as presented) show revenue scaling from R55 million to R1.9 billion by FY2031 at a 33% EBITDA margin, a gross loan book reaching R5.5 billion and 350,000 SME customers, with analyst-re-derived profit after tax turning positive in FY2030 and reaching R129 million by FY2031 (after a cumulative post-tax loss of roughly R96 million through the build). The plan is unusually candid about what investors are underwriting: the R750-million equity raise funds only the junior / first-loss layer, and the analyst places the true peak capital stack at roughly R5.15 billion — about 6.9× the headline — once warehouse funding, a revolving credit facility and senior layers are included; equity returns are exit-multiple dependent, with a five-year equity IRR of approximately 40.2% at the sponsor-implied 14.0× EV/EBITDA exit compressing to roughly 5.2% at a normalised 9.0× specialty-lender multiple; and the revenue yield on the book implies substantial non-lending revenue, so the plan targets at least 45% non-lending revenue by FY2031. The valuation section presents both anchors side by side.

Plan Contents

This investor-grade business plan is organised into the sections below. Each section is a dedicated page — select any to explore the full detail.

Confidentiality & Disclaimer

This business plan (the “Plan”) has been prepared by Nexora Capital
(Pty) Ltd (“Nexora Capital”, “Nexora” or the “Company”) solely for the
information of selected prospective investors, lenders and development
finance institutions to assist them in deciding whether to proceed with
further investigation of an investment in, or the provision of credit
facilities to, the Company. It does not constitute an offer or
invitation to subscribe for or purchase any securities, nor financial
advice as defined in the Financial Advisory and Intermediary Services
Act 37 of 2002.

The financial projections contained in this Plan are forward-looking
statements based on assumptions described herein. Sponsor headline
projections for revenue, EBITDA, loan book and customer growth have been
preserved as presented by the promoters; all items below EBITDA,
depreciation, funding costs, taxation, the balance sheet and cash flows,
have been independently re-derived by the preparing analyst using stated
assumptions. Where analyst findings diverge materially from sponsor
expectations, these divergences are surfaced explicitly in clearly
marked callout boxes rather than smoothed, in the interest of
bankability and transparency.

Actual results will differ from projections, and such differences may
be material. Recipients must conduct their own independent due
diligence, including legal, tax, regulatory, credit and technical
verification. Neither the Company nor its advisers accept liability for
any loss arising from the use of this document. Distribution of this
Plan is restricted to persons contemplated in section 96(1) of the
Companies Act 71 of 2008. By accepting this document, the recipient
agrees to maintain its confidentiality.

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 Nexora Capital (Pty) Ltd.