This section presents the full five-year financial plan: the modelling philosophy and assumptions, the revenue build, and the three primary statements — projected profit and loss, balance sheet and cash flow — together with unit economics, capital structure and debt coverage. All figures are in South African Rand millions unless stated.

15.1 Modelling philosophy and assumptions

Sponsor operating targets — revenue, EBITDA, merchants and GPV — are preserved exactly as furnished. Everything below EBITDA has been independently re-derived by the analyst, so that the plan reflects the true, fully-loaded economics rather than a headline. Specifically, the model applies full depreciation of placed terminals and amortisation of capitalised software; the full cash cost of both the senior venture/DFI debt and the lending warehouse; and South African corporate tax at 27% with proper assessed-loss carry-forward. The three statements are fully articulated — the balance sheet ties to zero in every year — and the cash flow reconciles opening to closing cash.

15.2 Revenue build

Revenue compounds at roughly 137% per annum over the plan, driven by merchant-base and GPV growth rather than by pricing. The composition rotates from a payments-and-hardware mix towards payments-at-scale and embedded lending, as set out in Section 6.

15.3 Projected profit & loss

The income statement below carries the preserved revenue and EBITDA lines through to a fully-loaded net result. The key analytical message is the gap between EBITDA and net income in the ramp years: heavy platform amortisation and the cash cost of funding the lending book mean the business is not net-profitable until FY2030, two years after EBITDA turns positive.

15.4 Projected balance sheet

The balance sheet is dominated over time by two assets — cash and the net lending book — and funded by equity, senior debt and the lending warehouse. It articulates fully and ties to zero in every year.

15.5 Projected cash flow

The cash-flow statement shows the business consuming cash through the ramp years — funded by the raise — and reaching self-sustaining operating cash generation as EBITDA scales. Warehouse draws fund the lending-book growth within financing activities; the payments business itself becomes operating-cash-flow positive as it matures.

15.6 Unit economics

The plan’s viability rests on healthy and improving merchant unit economics. Customer-acquisition cost falls as digital and referral channels scale, while lifetime value rises as merchants are cross-sold higher-margin software and credit. The resulting LTV-to-CAC ratio expands from a solid level to a strong one over the plan.

15.7 Capital structure, funding & coverage

The R450 million raise comprises approximately R330 million of growth equity and R120 million of senior venture/DFI debt. Layered on top — and outside the headline — is the lending warehouse, which grows with the book. The total funded capital stack at FY2031 scale is therefore materially larger than the headline raise.

Debt-service coverage on the senior facility is thin in the early ramp and strengthens rapidly thereafter. The analyst flags a coverage shortfall in FY2028 that requires deliberate structuring.

15.8 Year-1 monthly phasing

Because the first year sets the trajectory for the entire plan, the FY2027 ramp is modelled monthly. Revenue builds through the year as the merchant base compounds and the first lending cohorts season; the funded loss is concentrated in the first three quarters before the exit-run-rate approaches breakeven.

The monthly view underscores why committed (not merely pledged) tranche-1 equity is essential at close: the business is at its most cash-hungry in the first two quarters, before revenue and the platform are proven. Any gap in first-tranche funding in this window would be existential rather than merely inconvenient.