Keo Capital (KEOC) Investor Update summary

Transaction overview

• Business combination to acquire WorKEO and key technology assets, adding local-currency BNPL alongside the GTC Program.

• USD 35M equity raise; 141M shares issued, with up to 49M earnout shares contingent on revenue exceeding USD 50M within two years.

• Transaction spans the US, Puerto Rico, Mexico, Canada, and Brazil, and is subject to board, regulatory, and shareholder approvals.

• Maha Capital signed a share purchase agreement to acquire KEO World’s entire credit operations.

Product and market positioning

• GTC provides USD-denominated B2B and T&E payment solutions, with terms up to 120 days and AI-driven insights.

• WorKEO offers local-currency BNPL and credit in CAD, MXN, and BRL, with flexible terms and supplier receivables advances.

• Both platforms generate revenue from interchange fees and interest; suppliers can advance receivables, with financial costs shared between buyers and merchants.

Financial performance and projections

• USD 42M in credit lines approved: USD 14M for GTC at a 13% annual yield and USD 28M for WorKEO at 21%; combined average yield is 18%.

• The approved lines support USD 250M in annual transaction volume; net cash at closing is expected to exceed USD 140M.

• Theoretical combined annual billings capacity exceeds USD 10B, with potential annual revenue of USD 250–300M and net income of USD 100–140M.