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C2C industry is predicted to grow between 2023 and 2030

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Growing demand for fast, affordable, and transparent payment services (ex3, page 10)

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Not uncommon to double revenue in a year

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Acquisition

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Customer price sensitive / price elasticity

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Consumer demand is growing for fast, affordable and transparent payment services

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C2C worth $1.8 trillion

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Customers driven by low price and high quality of service

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Price aware customers

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Proposal to offshore part of support function to India

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Revenue

EBITDA (2024 and 2027)

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Trend towards consolidation is increasing 

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Trend towards consolidation is increasing 

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The World Bank estimates remittance flows to low and middle income countries is at c. US$ 656 billion per year (c. 36% of C2C transfers)

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Invested in social media marketing and SEO in 2023 - may attract a younger audience

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Invested in social media marketing and SEO in 2023 - may attract a younger audience

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Wave of mergers and acquisitions (ex3, page 10)

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Forecast admin expenses to increase by 10% p.a

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Increase in remittances driven by global migration

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36% of all C2C transactions to low/middle income countries

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New corridors with emerging markets (African Continental Fee Trade Area and Chinas belt and road initiative) - Pg 10

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EBITDA 2024 target 77,576

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Cash advances below or equal to 2 days (forecast)

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Cash advances below or equal to 2 days (forecast)

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Cor expected to go down as wmp gets bigger 

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Cor expected to go down as wmp gets bigger 

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Positive cash flow (ex6, page 24)

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Revenue target: 173,883

COR Target: (44,354)

Admin Exp : (51,952)

EBITDA: 77,577

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Valuation exit based on EBITDA, priority

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Valuation exit based on EBITDA, priority

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Other expenses expected to grow slower than revenue

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Other expenses expected to grow slower than revenue

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Increase in immigration has increased remittance

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Client expectations learning towards fast, affordable and transparent payment services, mobile access has increased 

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Client expectations learning towards fast, affordable and transparent payment services, mobile access has increased 

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EBITDA forecasted to be £77,577k in 2024 - unlikely, might impact valuation of WMP

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EBITDA forecasted to be £77,577k in 2024 - unlikely, might impact valuation of WMP

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Valuation multiples range: 15x - 19x based on 2024 actual acquisitions

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Valuation multiples range: 15x - 19x based on 2024 actual acquisitions

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Targets - Rev 173,833 K / Rev per transaction 9.84

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Targets - Rev 173,833 K / Rev per transaction 9.84

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Ye 2023- ebitda turned positive for the first time but still was behind target 

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Ye 2023- ebitda turned positive for the first time but still was behind target 

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EBITDA needs to reach at least £14,982k to break even on sale based off 14.6x multiple.