Two things about this plan are unusually candid, and both belong on the front page.
The first is the routing idea itself: card acceptance and capped-fee account-to-account settlement sit behind one
merchant relationship, and each payment goes to whichever rail prices it correctly — that decision is the
product, not the payment terminal. The second is the disclosure. Net revenue reaches R190.2 million by FY2031
on payment volume that rises 68-fold to R33.9 billion, and the blended take rate compresses every year from 64
basis points to 56 while it does. The plan then states on its own cover that a further 18.3 basis points of card
compression eliminates the terminal-year profit entirely. Four loss-making years precede that profit, the deficit
deepening to R16.7 million in FY2029, and the R85 million Series A is described as required rather than
optional.

Financial snapshot

Four charts from the plan. The full set of twenty-four appears throughout the sections below.