Maha Capital-From Barrels to Billings-05/13/2026

Research evidence excerpt

Maha Capital-From Barrels to Billings-05/13/2026

is structurally capital-light over time, with

the ability to grow beyond the current balance sheet via senior funding, structured credit,

and partnerships, with senior funding being a key component for rapid growth.

… together with structural demand in underserved markets

LATAM remains underbanked compared to the U.S. and Europe, particularly in the SME

segment, where access to credit is constrained, and payment cycles are extended (30-90+

days). Despite improvements, domestic credit penetration (52% of GDP) remains

significantly below developed markets, highlighting a persistent financing gap. KEO’s

embedded finance model directly addresses this inefficiency by combining payments, data

and credit underwriting within a single solution. Precedence Research estimates the LATAM

B2B payments market at USD 798bn, while Mastercard projects cross-border B2B payment

flows to grow from USD 0.7tn in 2024 to USD 1.4tn by 2030.

KEO acquisition finalised and strengthened capital base

The acquisition of KEO World was completed in April 2026, with the transaction funded

through the issuance of ~141m shares, with an additional ~49m shares linked to earn-out

conditions, aligning incentives with future performance. In parallel, Maha raised USD 27m

at SEK 16 per share to support initial credit expansion and platform scaling. With a pro forma

net cash position of USD 93m in Q4’25, the company is well-capitalised to fund near-term

growth, build a track record and progressively introduce external funding to enhance

leverage and returns. Additionally, the potential (LOI) SPAC transaction with BWIV could act

as a fast-track to a U.S. listing and access to ~130m of capital before potential shareholder

redemptions.