Nexora Capital — Implementation Roadmap
The critical path and dependencies underpinning Nexora's implementation roadmap.
Section 20 · Business Plan
Implementation Roadmap
The critical path and dependencies underpinning Nexora’s implementation roadmap.
The 60-month roadmap sequences licensing, build, funding and market
entry with explicit dependencies. Three gates govern capital deployment:
Gate 1 (pilot performance at M16) releases the commercial-launch
marketing budget; Gate 2 (vintage performance and covenant compliance at
M22) triggers warehouse tranche 2; Gate 3 (Phase-2 unit economics at
M46) releases East-African entry and the tranche-3 upsize.
Critical Path and Dependencies
| Milestone | Target | Depends on |
|---|---|---|
| Financial close (equity tranche 1) | M6 | Term sheet, DD, NCR application lodged |
| NCR & FSCA licences granted | M9 | Applications M3–M4; compliance build |
| Sponsor-bank/BaaS agreement signed | M9 | Dual-track negotiation from M3 |
| Platform MVP complete | M12 | Core vendor selection M2; engineering hiring |
| Warehouse tranche 1 (R750m) available | M13 | Licences; first-loss equity in escrow; rating-agency pre-read |
| Pilot cohort (500 SMEs) complete | M16 | MVP; tranche 1; credit engine v1 |
| Commercial launch (3 provinces) | M18 | Gate 1 pass |
| Warehouse tranche 2 (to R1.6bn) | M28 | Gate 2: vintage & covenant performance |
| Series B / mezzanine (first-loss gap) | M40 | FY2029 audited results; book >R1.2bn |
| Regional entry (Botswana, Namibia, Zambia) | M48 | Series B; local licences |
| Warehouse tranche 3 (to R4.4bn) + rated notes | M54 | Portfolio seasoning; agency rating |
| IPO-readiness complete | M60 | Three-year audited track record |
most
(1) Warehouse tranche 1 gates everything: no senior facility, no
lending at scale, regardless of platform readiness. Term-sheet
engagement with two competing warehouse providers must begin at M6, not
after launch. (2) The M40 Series B is on the critical path for the
FY2030–31 book: without the additional first-loss capital, the
advance-rate arithmetic caps the book at roughly R4.1bn and FY2031
revenue and EBITDA underperform sponsor projections materially. Both
dependencies are surfaced in the funding section and priced into the
downside scenario.
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.