Nexora Capital — Business Model & Revenue Architecture
The revenue architecture and the yield coherence check underpinning Nexora.
Section 9 · Business Plan
Business Model & Revenue Architecture
The revenue architecture and the yield coherence check underpinning Nexora.
Nexora monetises across seven streams, deliberately blending
balance-sheet income (lending) with capital-light fee income (banking,
payments, SaaS, API). The mix shifts from 72% lending in FY2027 to 52%
by FY2031, a diversification that is both a strategic choice and, as
flagged in the analyst findings, a mathematical necessity for the
sponsor revenue projections to cohere with NCA yield caps.
| Revenue stream | Mechanism | FY2031 share |
|---|---|---|
| Lending interest & fees | Interest and initiation/service fees on FlexFund, Advance and asset finance | 52% |
| Banking & transaction revenue | Account fees, card interchange, treasury margins | 15% |
| Payments & collections | Merchant collection fees, supplier-payment processing | 12% |
| Invoice & procurement finance | Discount margins on receivables and approved purchase orders | 13% |
| SaaS & API subscriptions | Nexora Flow tiers, ERP/e-commerce API integration fees | 8% |
Yield Coherence Check
Total revenue equates to 92% of the average book in FY2027,
declining to 46% by FY2031. As a pure lending yield this would
be implausible; decomposed, it implies a blended lending yield of
roughly 24–28% on average advances (within NCA caps for unsecured
business credit of this tenor) plus the fee streams above. The FY2027
outlier reflects revenue recognised on high-velocity, short-tenor
advances against a small average book, a pattern consistent with
merchant-cash-advance economics, and normalises as the book seasons.
Blended ARPU declines from approximately R9,200 in FY2027 to R5,400
by FY2031 as the customer base broadens beyond borrowers to banking-only
and analytics-only users, a deliberate land-and-expand posture in which
lower-ARPU users are acquired cheaply and upgraded into credit
relationships as their transaction history accumulates.
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.