Name: Empréstimos ao Consumidor (Copy)
Brand: 8LENDS
Price: 35000 USDC
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Empréstimos ao Consumidor (Copy) #764 — 23.1% APR, 7mo | 8LENDS

1,519USDC

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Prazo7 meses

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A licensed digital lender with three credit lines

Westlip Credit is a CBK-licensed Kenyan digital lender. It is raising €4.05M in 14 tranches to fund new consumer, SME and factoring loans — all proceeds go into the loan book, repaid from its own cash flow.

1,519USDC

2.17% de 70,000 USDC

Nota de risco: A7 meses23.10 %

A Westlip Credit Ltd é uma instituição financeira queniana não bancária que atua no segmento de crédito digital do mercado queniano em três linhas de empréstimo — empréstimos individuais (consumo), empréstimos empresariais (PME) e factoring — sob uma única estrutura regulatória e plataforma operacional. Incorporada em Nairobi em 15 de julho de 2025 (número de registro PVT-JZUAL2QE) e licenciada pelo Banco Central do Quênia como Provedora de Crédito Digital em 24 de dezembro de 2025 (Licença nº CBK/DCP/2025/194), a empresa iniciou suas operações de empréstimo após o licenciamento e possui seis meses de dados operacionais reais — dezembro de 2025 a maio de 2026 — na data deste memorando. Ela iniciou a operação com uma autorização regulatória concluída, frameworks documentados de crédito, conformidade e proteção de dados, um sistema proprietário de gestão de empréstimos adquirido integralmente, e um balanço patrimonial financiado inteiramente pelo capital do proprietário, sem dívidas externas. A empresa está posicionada como uma credora digital não bancária licenciada e independente entre os produtos de crédito móvel de bancos e telecomunicações que dominam o varejo de crédito queniano por volume, e o grande e fragmentado campo de pequenos credores digitais licenciados, abordando em paralelo um segmento de pequenas empresas que os bancos comerciais subservem e um mercado de factoring que ainda é nascente no Quênia.

A empresa opera em Nairobi com uma equipe enxuta e gerenciada pelo proprietário, liderada pela fundadora e única diretora Caroline Wanjiku Chuchu, e é nativa digitalmente: originação, pontuação, desembolso, monitoramento de pagamentos e cobrança são realizados através do próprio sistema de gestão de empréstimos da empresa, com provedores terceirizados integrados para pagamentos via mobile-money, acesso ao Bureau de Crédito, verificação de identidade e autenticação por senha única. Os empréstimos são conduzidos inteiramente através de canais móveis — um aplicativo para smartphone e um código USSD — e financiados e coletados via mobile-money, de modo que a empresa opera sem uma rede de agências. A Westlip avalia com base em dados do tomador, e não em garantias: a linha individual é pontuada com base em dados do Bureau de Crédito e histórico de transações via mobile-money através de um processo amplamente automatizado com uma etapa de validação humana, enquanto as linhas de empréstimo empresarial e factoring são avaliadas através de uma revisão manual de due diligence. A proposta de valor se baseia em três escolhas estruturais feitas desde o início: um status regulatório licenciado e supervisionado desde o início dos empréstimos, em vez de conformidade adaptada posteriormente; uma plataforma proprietária e integralmente detida, dando à empresa controle sobre sua lógica de pontuação, regras de produto e jornada do cliente, sem uma dependência de licenciamento por transação; e preços transparentes, com o custo total do crédito divulgado antes do desembolso e dados de pagamento reportados aos Bureaus de Crédito.

Identificadores Corporativos

País	Quênia
Número de Registro	PVT-JZUAL2QE
Número de Identificação Fiscal (VAT)	—
Data de Incorporação	15.07.2025
Forma Jurídica	Sociedade Limitada Privada
Endereço Registrado	Ninety Eight Riverside Drive, Merchant Square, Riverside Drive, Chiromo, Westlands, Nairobi (P.O. Box 30564 G.P.O., Nairobi)
Website	westlipgroup.com
Status Regulatório	Provedor de Crédito Digital Licenciado pelo Banco Central do Quênia (Licença Nº CBK/DCP/2025/194); Controlador de Dados Registrado, Escritório do Comissário de Proteção de Dados (Registro Nº 167-926A-81C0)
Capital Social Integralizado	KES 1.000.000 (aproximadamente EUR 6.680)

Propriedade, Liderança e Governança

A Westlip Credit Ltd é de propriedade integral de um único indivíduo: Caroline Wanjiku Chuchu detém 100,0% do capital social e é também a única diretora da empresa. Ela detém as funções executivas da empresa — comercial, operações, risco, supervisão de conformidade e relatórios financeiros — dentro de um modelo de governança gerenciado pelo proprietário, apoiada por uma equipe principal de até quinze pessoas e a terceirização da maioria das funções não essenciais. A principal fonte de garantia para uma entidade que ainda não possui um histórico operacional institucional é sua autorização regulatória concluída e sua estrutura operacional documentada: o processo de licenciamento do Banco Central do Quênia revisa o modelo de negócios, a política de crédito, o código de conduta e o modelo de preços, e a adequação e idoneidade da propriedade e da gestão, e a empresa mantém procedimentos documentados de crédito, conformidade, cobrança e proteção de dados sob essa licença. A experiência profissional e a formação educacional da diretora apoiam os requisitos da função. A estrutura gerenciada pelo proprietário proporciona clareza e rapidez decisórias durante a fase de lançamento e escalonamento, ao custo de uma dependência de pessoa-chave que é explicitamente reconhecida e parcialmente mitigada — através da equipe principal em todas as funções-chave, dos procedimentos documentados e da plataforma de propriedade da empresa que codifica a lógica operacional em artefatos não dependentes de um único indivíduo — mas não eliminada.

Modelo de Negócios e Mecânica de Receita

A Westlip opera um modelo de concessão de crédito no balanço patrimonial, alocando capital em três linhas sob uma única estrutura regulatória e uma plataforma unificada e própria da empresa. O empréstimo individual (consumidor) oferece empréstimos não garantidos de curto prazo de aproximadamente EUR 3–334 (KES 500–50.000) por prazos de 7 a 90 dias a uma taxa mensal na faixa de 18,0–23,0%, originados por meio de um processo amplamente automatizado com uma etapa de validação humana. O empréstimo empresarial (PME) oferece empréstimos não garantidos de capital de giro e crescimento de aproximadamente EUR 1.002–10.020 (KES 150.000–1.500.000), e mais em casos individuais, por prazos de 1 a 12 meses a uma taxa mensal de aproximadamente 4,0–8,0%, subscritos por meio de um processo manual de due diligence. O factoring é um produto de factoring comercial de recurso padrão: a empresa compra recebíveis comerciais com desconto, adianta uma proporção do valor de face na cessão e cobra do devedor no vencimento, com o cliente vendedor permanecendo responsável se o devedor não pagar. A receita é gerada como receita de juros nos livros individuais e empresariais e receita de desconto em recebíveis fatorados; a margem líquida é a receita bruta de juros menos os custos operacionais de funcionamento da carteira de empréstimos, perdas de crédito em exposições inadimplentes e o custo de qualquer financiamento externo. A linha individual apresenta o spread mais amplo com a taxa mensal mais alta, enquanto as linhas empresariais e de factoring obtêm spreads mais apertados em exposições maiores, de taxas mais baixas ou de menor duração.

O período de incorporação em 15 de julho de 2025 até o licenciamento em 24 de dezembro de 2025 foi uma fase preparatória — constituição corporativa, autorização regulatória e construção operacional — financiada inteiramente pelo capital do proprietário, sem empréstimos e sem dívida externa. A empresa entrou em sua fase operacional no licenciamento com uma posição de caixa inicial de EUR 234.182, compreendendo o capital social integralizado de aproximadamente EUR 6.680 (KES 1.000.000) e fundos adicionais contribuídos pelo proprietário e tratados como capital próprio, e não como um empréstimo de acionista, e nenhuma dívida externa — um lançamento limpo e sem ônus. Durante seus primeiros seis meses de empréstimo (dezembro de 2025 a maio de 2026), a empresa originou 6.153 empréstimos para um desembolso total de EUR 1.103.720, gerando receita de EUR 163.973 e encerrando o período com um prejuízo antes de impostos de apenas EUR 11.912 (aproximadamente 7% da receita), no ponto ou próximo ao equilíbrio operacional, com taxas de inadimplência contidas por linha de aproximadamente 4,5% na linha individual e abaixo de 1,0% na linha empresarial. O modelo financeiro da empresa, abrangendo dezembro de 2025 a dezembro de 2028, projeta uma emissão total escalando de EUR 1,1 milhão nos primeiros seis meses para EUR 10,7 milhões em 2026 e aproximadamente EUR 17,5 milhões em cada um dos anos de 2027 e 2028, com lucro operacional em cada ano previsto — EUR 491.679 em 2026, EUR 1.306.357 em 2027 e EUR 177.584 em 2028. O crescimento é financiado pelo programa externo de EUR 4.050.000 avaliado neste memorando, o qual — diferentemente de uma linha de crédito continuamente refinanciada — é sacado durante 2026 e reembolsado integralmente a partir da própria geração de caixa da empresa até meados de 2027, após o que a empresa opera sem dívida.

Portfólio de Produtos e Alcance Geográfico

O portfólio compreende três linhas operadas a partir de uma única plataforma: empréstimos individuais de pequeno valor e curto prazo (aproximadamente EUR 3–334 / KES 500–50.000 em 7 a 90 dias), empréstimos empresariais de maior valor e prazo mais longo (aproximadamente EUR 1.002–10.020 / KES 150.000–1.500.000 em 1 a 12 meses) e factoring contra recebíveis comerciais com recurso. As três linhas funcionam no mesmo sistema proprietário de gestão de empréstimos, na mesma infraestrutura de pontuação e no mesmo framework de combate à lavagem de dinheiro e 'conheça seu cliente', integrados com os Bureaus de Crédito licenciados, a rede M-Pesa de mobile-money, verificação de identidade e autenticação por senha única, com a profundidade da análise de risco escalonada com o tamanho da exposição. As operações são realizadas exclusivamente no Quênia como um negócio de jurisdição única, sobre trilhos de mobile-money quase universais, o que remove a complexidade regulatória transfronteiriça e suporta a originação e cobrança totalmente digitais sem uma rede de agências. A economia da empresa é denominada em shillings quenianos e convertida para euro a uma única taxa fixa assumida de aproximadamente KES 149,7 por euro; como o shilling flutua em relação ao euro, os equivalentes em euro carregam uma sensibilidade à conversão cambial para um investidor baseado em euro que não afeta a economia denominada em shilling da carteira de empréstimos.

Principais Clientes, Público-alvo e Estratégia de Mercado

A base de tomadores de crédito-alvo é estruturada por linha. A linha individual atende a tomadores de varejo em um mercado de crédito formal subpenetrado; a linha empresarial aborda pequenas empresas que os bancos comerciais subatendem, contra uma lacuna de financiamento de MSMEs quenianas estimada em aproximadamente EUR 17,8 bilhões (USD 19,3 bilhões); e o factoring atende a clientes de pequenas empresas com necessidade de capital de giro, abrindo relacionamentos que podem crescer por meio dos produtos de empréstimo empresarial. O modelo de entrada no mercado é construído sobre uma distribuição de baixo custo, nativa de mobile-money, em vez de marketing pago em larga escala, priorizando canais cujo custo é incorrido apenas em um empréstimo concluído ou que não acarretam custo externo. No lado do consumidor, isso inclui um mecanismo de indicação de tomadores que combina custo de aquisição próximo de zero com um grau de pré-seleção social, plataformas agregadoras e comparadoras de empréstimos pagas por empréstimo concluído, e tráfego orgânico através do próprio aplicativo da empresa, código USSD e website, com marketing digital pago mantido enxuto como um canal secundário de preenchimento de capacidade. No lado empresarial, a originação é baseada em relacionamento, através de redes de relacionamento e parceiros de PMEs e alcance direto a setores definidos, complementada por indicação cruzada de tomadores entre as linhas na plataforma unificada. Os gastos com marketing e aquisição são mantidos em uma pequena parcela da emissão ao longo da projeção.

Estrutura Organizacional

A empresa opera com uma equipe central enxuta de até quinze pessoas, estruturada para escalar com o volume de originação, e não para precedê-lo. As funções internas cobrem a análise de crédito e gestão de riscos — incluindo a due diligence manual realizada em exposições empresariais e de factoring — juntamente com a operação e manutenção da plataforma própria da empresa, a cobrança e o suporte ao cliente, e os procedimentos de conformidade, combate à lavagem de dinheiro e ‘conheça seu cliente’; a contabilidade e escrituração fiscal, o assessoramento jurídico, a auditoria estatutária, os serviços externos de dados e verificação dos quais o empréstimo depende, e a cobrança em estágio avançado são terceirizados. A principal mudança operacional planejada para a fase de crescimento é a automação da linha de negócios atualmente manual, o que eleva o teto de capacidade do analista em empréstimos de maior valor e permite que a originação escale sem um aumento proporcional no número de funcionários. Não está prevista nenhuma injeção adicional de capital próprio: a construção do portfólio de 2026 é financiada pelo programa externo e reembolsada a partir do fluxo de caixa operacional, e a dependência de pessoa-chave inerente à estrutura de diretor único é parcialmente mitigada através dos procedimentos documentados, do quadro regulatório e da plataforma própria da empresa.

Resumo

A Westlip Credit Ltd é uma credora digital não bancária queniana licenciada, recentemente incorporada, que opera um modelo coerente e totalmente digital em linhas de crédito individuais, empresariais e de factoring em uma plataforma proprietária de sua propriedade integral. Sua credibilidade baseia-se em três características que se reforçam mutuamente: uma atividade licenciada e regulamentada com estruturas documentadas de crédito, conformidade e proteção de dados sob supervisão contínua do Banco Central do Quênia; seis meses de dados operacionais reais — 6.153 empréstimos, EUR 1.103.720 de desembolso e um resultado no ponto ou próximo ao equilíbrio operacional — que mostram inadimplências contidas por linha, em vez de apenas uma projeção de lançamento; e um modelo projetado para ser lucrativo em cada ano previsto com economias unitárias positivas, com a linha de crédito avaliada reembolsada a partir do próprio fluxo de caixa da empresa, em vez de refinanciar, e um perfil de alavancagem moderado e autoextinguível. As principais limitações são reais e reconhecidas: a ausência de um histórico institucional estabelecido além de seis meses, com as coortes de negócios e factoring de prazo mais longo ainda não maduras; uma concentração de pessoa-chave na estrutura de diretor único; diversidade limitada de acionistas; uma base de capital fina dependente de financiamento do proprietário; empréstimos sem garantia cuja recuperação depende do esforço de cobrança e da listagem no Bureau de Crédito, em vez de garantias; e uma taxa de perda projetada elevada e crescente em um mercado de alta inadimplência, juntamente com a sensibilidade à tradução para o euro de um retorno denominado em xelim. Estes são riscos de execução e crédito em estágio de lançamento para um credor não bancário regulamentado com este perfil, a serem abordados por meio de monitoramento ativo e desempenho demonstrado da carteira, em vez de desafios estruturais ao modelo de negócios que exigiriam uma reavaliação fundamental do caso de investimento.

Garantia de Empréstimo

Visão Geral da Estrutura da Garantia

Para garantir a linha de crédito proposta de EUR 4.050.000, a Westlip Credit Ltd oferece um pacote de garantia de camada única: um penhor de primeira linha sobre os recebíveis de empréstimos presentes e futuros da empresa, apoiado por um acordo de controle de conta contingente sobre a conta de cobrança. O penhor é construído em torno de recebíveis, e não de ativos fixos, porque a empresa, como Provedor de Crédito Digital licenciado, não possui ativos fixos materiais, equipamentos ou imóveis de valor penhorável — sua base de ativos produtivos é a própria carteira de empréstimos. Sob o controle de conta contingente, o credor obtém acesso direto à conta de cobrança através da qual os pagamentos do portfólio fluem mediante eventos de gatilho definidos (inadimplência de pagamento, quebra de convênio, mudança material adversa). O pacote não depende do capital próprio ou dos saldos de caixa da empresa como garantia, e a linha de crédito integral é implantada em recebíveis penhoráveis na origem, sem alocação para despesas operacionais, equipamentos ou qualquer categoria não relacionada a empréstimos.

Os recebíveis são apresentados em dois níveis de avaliação: valor base, o principal em aberto dos empréstimos garantidos, e um valor de liquidação conservador, sendo o valor base menos uma retenção de 15,0% reservada para perdas de crédito esperadas e para custos de cobrança e execução. A retenção de 15,0% é estabelecida em relação ao ambiente de perdas elevado no qual a empresa opera, cobrindo a perda projetada do modelo na emissão de 6,0–10,5% com margem e absorvendo diferenças de tempo entre a inadimplência e a recuperação. A análise de cobertura abaixo está ancorada no ponto estruturalmente mais apertado da vida do financiamento — o ponto de saque total no sétimo período, quando todo o EUR 4.050.000 foi sacado e o pool garantido está em seu maior volume, EUR 3.626.605, que é também o ponto de exposição máxima do financiamento.

Métrica de Cobertura	Valor
Pool prometido — valor base	EUR 3.626.605
Pool prometido — valor de liquidação (após retenção de 15,0%)	EUR 3.082.614
Valor base vs. saldo devedor máximo (EUR 3.700.000)	98,0%
Valor de liquidação vs. saldo devedor máximo (EUR 3.700.000)	83,3%
Valor base vs. programa total (EUR 4.050.000)	89,5%
Valor de liquidação vs. programa total (EUR 4.050.000)	76,1%

A garantia é um penhor de primeira linha sobre os créditos de empréstimo da empresa, com cada empréstimo identificável através do sistema proprietário de gestão de empréstimos da empresa ao nível do mutuário e principal em aberto, status de pagamento e envelhecimento disponíveis sob demanda. O curto prazo do pool — empréstimos individuais que duram dias a alguns meses e empréstimos empresariais por um a doze meses — significa que o empréstimo típico completa substancialmente sua amortização dentro do período do contrato, retornando o principal que se recicla em novas origens prometidas, de modo que o pool prometido é continuamente reabastecido em vez de estático. Dois pontos de referência enquadram a cobertura: o saldo devedor máximo de EUR 3.700.000, o principal máximo em aberto a qualquer momento, uma vez que a primeira parcela vence à medida que a última é sacada; e o programa total de EUR 4.050.000 sacado ao longo do cronograma. O pacote não inclui o capital próprio da empresa ou saldos de caixa como garantia; a posição de alavancagem da empresa é tratada separadamente na seção Desempenho Financeiro deste Resumo Executivo.

Métricas de Cobertura e Perfil LTV

Métrica LTV	Cálculo	Coeficiente
Máximo pendente / garantia (valor base)	3.700.000 / 3.626.605	1.02
Máximo pendente / garantia (valor de liquidação) — métrica de trabalho	3.700.000 / 3.082.614	1.20
Programa total / garantia (valor base)	4.050.000 / 3.626.605	1.12
Programa total / garantia (valor de liquidação)	4.050.000 / 3.082.614	1.31
Reembolso total / garantia (valor de liquidação)	4.474.725 / 3.082.614	1.45

A taxa de empréstimo sobre valor excede 1,0 em todas as bases, o que significa que os recebíveis garantidos não cobrem totalmente a linha de crédito. A métrica de trabalho – o saldo máximo pendente em relação ao valor de liquidação da garantia – é de 1,20, e em relação ao programa total em base de liquidação é de 1,31. Isso reflete a natureza da linha de crédito, que é primariamente atendida pelo fluxo de caixa, e não garantida pela liquidação de ativos: a lacuna entre o empréstimo e a garantia é preenchida pela fonte principal de pagamento – amortização contínua da carteira e fluxo de caixa operacional, conforme estabelecido nas seções Desempenho Financeiro e Descrição do Empréstimo – com os recebíveis garantidos proporcionando proteção parcial contra perdas. Não há uma porção não penhorável da linha de crédito: 100% dos recursos são aplicados em recebíveis penhoráveis, de modo que a deficiência em relação à cobertura total reflete a conservadora retenção de liquidação de 15,0% e o ambiente de perdas elevado, em vez de qualquer desvio de recursos para usos não-colaterais.

A principal fonte de pagamento para o financiamento, conforme estabelecido na seção Descrição do Empréstimo, é a própria geração de caixa da empresa — amortização contínua do portfólio, lucro operacional e uma posição de caixa que permanece positiva em todo o período — em vez de refinanciamento; o pacote de garantia oferece proteção tangível contra perdas em cenários de estresse onde essas fontes operacionais são interrompidas, e o mecanismo prático de execução é o controle de conta contingente, que, em caso de evento de gatilho, dá ao credor acesso direto às cobranças provenientes do portfólio garantido, em vez de exigir uma venda forçada da carteira de empréstimos. A cobertura não se fortalece materialmente ao longo da vida do financiamento, pois o pool garantido é continuamente reabastecido à medida que os empréstimos financiados pagam e reciclam, em vez de se expandir com saques cumulativos. A combinação de um empréstimo-a-valor de trabalho de 1,20 em base de liquidação, um Provedor de Crédito Digital licenciado sob supervisão do Banco Central do Quênia e uma classificação de crédito de 8/10 com uma avaliação de risco final de A reflete um financiamento cuja segurança é parcial e cujo pagamento depende primariamente da geração de caixa demonstrada da empresa, em vez da liquidação da carteira garantida.

Westlip Credit Ltd foi fundada15 de jul. de 2025

Início da operação ativa/produção1 de ago. de 2025

Meta mín.35,000 USDC

Investidores2

Pagamentos de jurosmensal

Pagamentos do principalno vencimento

Pagamentos totais7 meses

Detalhes

Financial Performance

Westlip Credit Ltd presents an early-stage financial profile that combines six months of actual operating data with a model-driven projection through 2028. The preparatory pre-launch period from incorporation on 15 July 2025 to licensing on 24 December 2025 was funded entirely from the owner's capital, with no lending, no loan portfolio and no external debt, and the company entered its operational phase at licensing with a starting cash position of EUR 234,182. Its first six months of lending (December 2025 to May 2026) produced 6,153 loans, EUR 1,103,720 of disbursement and EUR 163,973 of revenue, closing at a pre-tax loss of only EUR 11,912 — approximately 7% of revenue — at or near operating breakeven within six months of launch, with realized defaults equivalent to approximately 2.8% of disbursement. The financial model then projects an operating profit in every forecast year — EUR 491,679 in 2026, EUR 1,306,357 in 2027 and EUR 177,584 in 2028 — as the loan book scales to a peak of EUR 3.63 million at end-2026 on the EUR 4,050,000 external programme and then contracts as that programme is repaid. Interest income rises from EUR 1,890,302 in 2026 to EUR 4,815,201 in 2027 — a 2.5× increase — before easing to EUR 3,841,920 in 2028 as the funded book is wound down.

All figures are presented in EUR. The company operates in Kenyan shillings, converted to euro at a single fixed assumed rate of approximately KES 149.7 per euro applied uniformly to all periods, so that no inter-period exchange-rate movement affects the euro series; because the shilling floats against the euro, the euro equivalents carry a currency-translation sensitivity for a euro-based investor that does not affect the shilling-denominated economics of the loan book. Kenyan corporate income tax of 30.0% is applied to positive taxable profit, with no tax accrued in loss-making periods. The starting cash position of EUR 234,182 at licensing comprises the paid-in share capital of approximately EUR 6,680 (KES 1,000,000) and additional funds contributed by the owner and treated as equity rather than as a shareholder loan. The forecast horizon (June 2026 to December 2028) reflects launch-stage assumptions for pricing, default behaviour, portfolio scaling and external debt drawing; the six months of actual data allow the model's early assumptions to be compared against initial operating experience, but not yet against a full seasoned cycle, as cohort default performance will emerge only over subsequent quarters.

Pre-launch period (July–December 2025)

The period from incorporation on 15 July 2025 to licensing on 24 December 2025 was a preparatory phase in which the company obtained the necessary approvals and registrations, developed its credit, compliance and data-protection policies, and built and tested its lending platform. The regulatory milestones were sequential: approval of the company name by the Central Bank of Kenya in July 2025, registration as a data controller with the Office of the Data Protection Commissioner in November 2025, and the grant of the Digital Credit Provider licence in December 2025. No loan portfolio or external debt existed during this period, and the limited set-up costs incurred are not separately reported in the company's accounts; the build-out was funded entirely from the owner's capital. Ahead of the licence being granted, the company pre-positioned a pipeline of borrowers and prepared the associated documentation so that lending could begin without delay, and the operational phase accordingly commences with licensing in December 2025 from an unencumbered starting position.

Current actuals (December 2025 – May 2026)

Line	Number of loans	Volume (EUR)	Avg ticket (EUR)	Share of volume
Individual (consumer)	6,061	659,491	~108	59.8%
Business (SME)	84	402,510	~4,800	36.5%
Factoring	8	41,719	~5,200	3.8%
Total	6,153	1,103,720	~179	100.0%

The individual line accounts for 6,061 of 6,153 loans by number — 98.5% — but for 59.8% of disbursement by value, reflecting its small average ticket of approximately EUR 100, while the business and factoring lines carry materially larger average tickets of approximately EUR 4,700 and EUR 5,550. Over the six months the company recorded revenue of EUR 163,973, against direct lending costs of EUR 30,895, operating expenses of EUR 114,351 and realized loan defaults of EUR 30,639. The defaults are actual losses crystallised over the period rather than provisions recognised at origination, equivalent to approximately 2.8% of disbursement; given the short tenor of the individual line, much of that book had already run to maturity within the period, while the longer-tenor business and factoring exposures had not fully seasoned. The period closed with a pre-tax loss of EUR 11,912 — approximately 7% of revenue — and, after a tax charge of EUR 3,829 arising from the monthly application of tax in profitable months, a net loss of EUR 15,741. The loan book closed May 2026 at EUR 211,916, well below cumulative disbursement, reflecting the rapid turnover of the short-tenor individual line. These six months constitute the company's only operating history and should not be linearly extrapolated, as the portfolio remains in its formation phase and the longer-tenor cohorts have not yet seasoned.

Forecast income statement (June 2026 – December 2028)

Indicator (EUR)	2026F	2027F	2028F
Interest income (revenue)	1,890,302	4,815,201	3,841,920
Cost of external funding	(255,571)	(169,154)	–
Net interest income	1,634,731	4,646,047	3,841,920
Projected credit losses (defaults)	(639,338)	(1,852,748)	(1,733,155)
Risk-adjusted net interest income	995,393	2,793,299	2,108,765
Direct lending costs	(192,313)	(668,942)	(923,182)
Operating expenses	(311,400)	(818,000)	(1,008,000)
Operating profit (pre-tax)	491,679	1,306,357	177,584
Tax (corporate income tax, 30.0%)	(142,898)	(391,907)	(53,275)
Net profit	348,781	914,450	124,309

Metric	2026F	2027F	2028F
Pre-tax margin (operating profit / revenue)	26.0%	27.1%	4.6%
Net margin (net profit / revenue)	18.5%	19.0%	3.2%
Cost-to-income (operating expenses / revenue)	16.5%	17.0%	26.2%
Direct-cost ratio (direct costs / revenue)	10.2%	13.9%	24.0%
Loss-on-issuance (credit losses / disbursement)	6.0%	10.5%	10.0%
Debt-to-equity (year-end)	6.7×	0.0×	0.0×
Closing outstanding portfolio (EUR)	3,626,605	1,354,100	1,498,178
Closing cash (EUR)	626,490	113,444	93,675

Because the short-tenor individual book turns over many times a year, a conventional yield on average outstanding portfolio would not be representative; the operating metrics above are expressed against revenue, issuance and the year-end balance sheet. The company is projected to be profitable at the full-year level from its first operating year, in contrast to the launch-year losses typical of the sector, with the early-month losses in the actual data outweighed by a strongly scaling second half of 2026. Revenue rises to 2027 on portfolio scaling supported by external funding and then declines into 2028, as the external debt is repaid in full by the end of 2027 and the funded loan book contracts, reducing interest income even as new issuance continues at a high level. Total issuance scales from EUR 10.7 million in 2026 to approximately EUR 17.5 million in each of 2027 and 2028, with the mix shifting markedly toward the individual line — its share of issuance rising from 25.8% to 63.4% as the business share falls from 53.9% to 33.5% and factoring from 20.2% to 3.2%. The outstanding book peaks at EUR 3.63 million at end-2026 and then contracts to EUR 1.35 million and EUR 1.50 million at end-2027 and end-2028, as the longer-tenor business and factoring exposures (business closing EUR 2.41 million, factoring EUR 0.92 million at end-2026) are wound down to a level supported by the company's own capital.

Direct lending costs and operating expenses both grow with activity — direct costs from EUR 192,313 to EUR 923,182 and operating expenses from EUR 311,400 to EUR 1,008,000 — reflecting acquisition, transaction and servicing costs that scale with disbursement volume. The cost-to-income ratio is contained at 16.5% and 17.0% in 2026 and 2027, rising to 26.2% in 2028 only because revenue declines rather than because the cost base expands disproportionately; the direct-cost ratio rises from 10.2% to 24.0% across the forecast on the same basis. Projected loss-on-issuance rises from 6.0% in 2026 to 10.5% in 2027 and 10.0% in 2028 — above the 2.8% realized over the first six months and well above bank benchmarks — reflecting the high-risk individual segment and an elevated system non-performing-loan environment; the model adopts this conservative, non-improving loss assumption rather than relying on an assumed improvement in scoring to deliver its profitability.

Leverage is modest and self-extinguishing. The debt-to-equity ratio peaks at approximately 8.8× during the 2026 drawdown and stands at 6.7× at end-2026 — external debt of EUR 3,700,000 over equity of approximately EUR 552,000 — before falling to nil in 2027 as the debt is repaid in full. The equity base is small, at EUR 234,182 at launch and approximately EUR 0.55 million at end-2026, which limits the capacity to absorb adverse credit or liquidity outcomes, and no further equity injection is assumed over the forecast; the company funds the 2026 build from the external programme and repays it from operating cash flow rather than from a fresh capital injection. The year-end cash position remains positive throughout — EUR 626,490 at end-2026, EUR 113,444 at end-2027 and EUR 93,675 at end-2028 — with lower intra-year troughs. Kenyan corporate tax of 30.0% applies on positive profit, at an effective rate of approximately 29.1% in 2026, reflecting the monthly application of tax in the launch year, and 30.0% thereafter.

External funding stack

Indicator (EUR)	2026F	2027F	2028F
Opening external debt balance	0	3,700,000	0
New external debt drawn	4,050,000	0	0
External debt repaid	(350,000)	(3,700,000)	0
Closing external debt balance	3,700,000	0	0
Cost of external funding (P&L)	255,571	169,154	0

The external funding comprises a programme of EUR 4,050,000 drawn in fourteen tranches during 2026, structured as seven-month bullets at two pricing bands — EUR 2,750,000 across seven tranches at 22.9% per annum and EUR 1,300,000 across seven tranches at 16.9% per annum, a weighted-average cost of approximately 21.0% per annum. This is an expensive cost of capital that consumes a significant share of the spread and would become a tighter constraint if portfolio economics weakened. The tranches are not refinanced on maturity: each is repaid as it falls due, so the stack is drawn in full during 2026 and amortises to nil by the end of 2027. Total interest over the life of the programme is EUR 424,725 — EUR 255,571 in 2026 and EUR 169,154 in 2027 — and repayments of EUR 350,000 in 2026 and EUR 3,700,000 in 2027 retire the facility in full, leaving the company debt-free from the end of 2027. This profile — modest leverage drawn to fund the 2026 portfolio build and then fully repaid — distinguishes the company's funding from a continuously refinanced debt stack, and is the principal reason both interest cost and the funded portfolio decline after 2026.

Loan serviceability — EUR 4,050,000 funding programme

The facility assessed in this memorandum is the company's entire external funding programme of EUR 4,050,000 rather than a single tranche. Interest on the programme totals EUR 424,725 and is comfortably covered by operating earnings in both periods in which it falls: earnings before interest and tax cover the cost of funding approximately 2.9 times in the June–December 2026 forecast period and 8.7 times in 2027. Interest is therefore serviced from operating profit rather than from cash reserves or new drawings — a position distinct from a launch-stage lender that must fund interest from capital during a loss-making ramp.

Principal amortises through the staggered seven-month maturities of the tranches — EUR 350,000 repaid in December 2026 and EUR 3,700,000 across January to June 2027 — with each tranche repaid from the company's own cash generation as it falls due. The model assumes no refinancing, and the external debt balance reaches nil by the end of June 2027; principal repayment accordingly does not depend on the availability of new debt or on rolling the facility, a structural distinction from a single bullet that must be refinanced at maturity.

The monthly cash-flow projection shows the cash position remaining positive throughout the drawdown and repayment period, with its tightest month-end point within the life of the programme at approximately EUR 36,771 in March 2027, during the repayment window, supported by portfolio collections projected at over EUR 1.0 million per month; the wider data series shows lower troughs of approximately EUR 6,525 in May 2026, before the programme is drawn, and EUR 12,925 in September 2027, after it is repaid. The investor's effective exposure is therefore to the company's delivery of the projected portfolio collections and loss rates over the June 2026 to June 2027 window, rather than to the availability of refinancing at maturity. The principal financial risks are launch-stage execution and credit risks — an elevated and rising projected loss rate, a short operating history, a small equity base, the euro-translation sensitivity of a shilling-denominated return, and the dependence of the stronger 2026 and 2027 results on leverage that is subsequently withdrawn — rather than structural business-model risks. If the model's loss, issuance and cost assumptions are delivered as projected, the facility is serviced on both interest and principal; a material deterioration in the loss trajectory or the issuance ramp would compress earnings and the margin of safety.

Growth Plan of Westlip Credit Limited

Strategic growth logic

Westlip Credit Ltd enters its growth phase from a position defined by completed regulatory authorisation and six months of operating data: incorporation on 15 July 2025, licensing by the Central Bank of Kenya as a Digital Credit Provider on 24 December 2025 (Licence No. CBK/DCP/2025/194), and lending from December 2025 funded entirely from the owner's capital. Over its first six months (December 2025 to May 2026) the company originated 6,153 loans for EUR 1,103,720 of disbursement, with contained line-level default rates of approximately 4.5% on the individual line and below 1.0% on the business line and an emerging repeat-borrower base — the first directional validation of the underwriting and retention model. The growth plan extends and scales this same operating model — three product lines, the same proprietary platform and the same underwriting — at materially higher volume, organised around two reinforcing directions: the individual (consumer) line (small-ticket, short-tenor, automated) and the combined business (SME) and factoring lines (larger-ticket, longer or revolving, manually underwritten). The strategic logic is depth of penetration in Kenya across the current product set, with the lower-risk business line prioritised in the first phase; the introduction of additional lending products within the company's existing licensed scope is treated as a subsequent option rather than a precondition for the plan.

The strategic timing is supported by three structural factors documented in the Market Assessment section — formal credit under-penetrated at approximately 31.6% of GDP (2023), an MSME finance gap of approximately EUR 17.8 billion (USD 19.3 billion), and a nascent factoring market against an identified potential of approximately EUR 26 billion (USD 28.7 billion) — combined with monetary easing, as the Central Bank rate was cut to 8.75% and private-sector credit returned to growth, and a tightening licensing regime that progressively favours a licensed, compliant operator as unlicensed lenders are excluded. The quantitative trajectory documented in the financial model: total issuance scales from EUR 1.1 million over the first six months through EUR 10.7 million in full-year 2026 to approximately EUR 17.5 million in each of 2027 and 2028; the outstanding portfolio peaks at EUR 3.63 million at end-2026 and then contracts to EUR 1.35 million and EUR 1.50 million at end-2027 and end-2028 as the debt-funded book is wound down to own-capital scale; and the operating result is a profit in every forecast year — EUR 491,679 in 2026, EUR 1,306,357 in 2027 and EUR 177,584 in 2028.

Business line growth

The business (SME) and factoring lines are prioritised in the first phase and form the larger contributor to 2026 issuance — business issuance of EUR 5.79 million (53.9% of the total) growing to EUR 7.32 million in 2027 before easing to EUR 5.81 million in 2028, and factoring of EUR 2.17 million (20.2%) declining to EUR 0.55 million by 2028 — carrying the lower default rate (below 1.0%) and the more predictable cash flow, with the business book reaching EUR 2.41 million outstanding at end-2026. The central operational change is the automation of the currently manual business line, using mobile-money transaction and Credit Reference Bureau data while retaining manual due diligence for larger exposures, which lifts the analyst-capacity ceiling that bounds business-line throughput; factoring is held at a deliberately modest, declining scale for its low risk and the SME relationships it opens. The individual line is the faster-scaling vector — issuance rising from EUR 2.77 million in 2026 (25.8%) to EUR 8.96 million in 2027 and EUR 11.01 million in 2028, lifting its share of issuance to 63.4% — scaled more cautiously through tighter entry rules for new borrowers, a graduated starting limit that rises only as a clean repayment record is established, and continuous scoring recalibration, alongside growth of the repeat-borrower base (currently approximately 15% of the line) through higher limits, faster approval, preferential pricing, completion bonuses and payment-deferral flexibility. Marketing and acquisition spend is held to a small share of issuance throughout, consistent with a channel mix weighted toward referral and relationship channels that carry low cost and a degree of borrower pre-selection.

Investment allocation — use of loan proceeds

The proposed facility of EUR 4,050,000 is allocated in its entirety to portfolio formation — the funding of new loan originations across the three lending lines — and is not used for operating expenses, technology development, equipment or any non-lending purpose. The split weights the lower-risk business and factoring lines in the early growth phase while funding the expansion of the individual line, with flexibility to adjust within the envelope as demand develops. The programme's seven-month tranche structure broadly aligns with the tenor of the funded book — individual loans running for days to a few months and business loans for one to twelve months — so that the loans funded by each tranche substantially complete their cycle within the tranche's life; the constraint removed is a rolling working-capital constraint, as funded loans mature and repay and the same capital recycles into new originations within the limits of the programme.

Allocation category	Amount (EUR)	% of total	Growth constraint removed
Business and factoring portfolio formation	2,430,000	60.0%	Working-capital limit on SME and factoring origination — the priority, lower-risk lines in the early growth phase, where the binding constraint is the capital available to fund the loan book.
Individual portfolio formation	1,620,000	40.0%	Working-capital limit on individual-line origination — funds growth of the high-volume consumer book under the company's risk-control discipline.
Total	4,050,000	100.0%	100% to portfolio formation; no allocation to operating expenses, equipment or any non-lending purpose.

Acquisition channels

The acquisition strategy is built on a deliberate avoidance of large-scale paid marketing as a primary growth lever, replaced by a portfolio of low-cost, mobile-money-native channels — reflecting two structural choices: customer-acquisition cost is a sensitive variable for a lender operating on a finite spread, so the company prioritises channels whose cost is incurred only on a completed loan or which carry no external cost at all; and the channel mix is chosen to improve borrower quality at the point of acquisition, as referral and relationship channels bring borrowers with a degree of pre-selection that paid channels do not. Around eight in ten loans in Kenya are originated through digital channels, so a licensed digital lender can acquire and serve customers without a branch network, adding more scalable but higher-cost channels as the lowest-cost channels approach their capacity limits.

Channel	Primary line	Cost profile	Volume role
App-store and direct digital (app, USSD, website)	Individual	Low; organic	Primary discovery and onboarding channel for individual borrowers
Referral programme	Individual; business secondary	Near-zero, on conversion	Compounding word-of-mouth acquisition with social pre-selection
Loan aggregators and comparison platforms	Individual	Per-loan commission	Scalable structural distribution into the price-comparison segment
Digital performance marketing	Individual	Paid, kept lean	Capacity-filling reach where low-cost channels are limited
SME relationship and partner networks	Business and factoring	Relationship-based	Quality-led origination into the SME population
Direct sector outreach	Business	Sales-team time	Targeted relationship development within defined sectors
Cross-segment internal referral	Business ↔ individual	Zero external cost	Lifetime-value multiplier on the existing borrower base

Capital structure and leverage profile

The growth plan does not provide for a further increase in paid-in capital: the company funds its launch and early operations from the owner's equity contribution of EUR 234,182 and funds the 2026 portfolio build from the external programme of EUR 4,050,000, with no planned equity injection over the forecast period. The leverage this produces is contained and temporary — the company is unlevered before the programme is drawn and after it is repaid, and within the active period the debt-to-equity ratio begins at approximately 1.8× when the first tranche is drawn in June 2026, rises to a peak of approximately 8.8× in October 2026 as the tranches accumulate faster than retained earnings, stands at 6.7× at end-2026 (external debt of EUR 3,700,000 over equity of approximately EUR 552,000), and then declines through the repayment period to approximately 0.5× by May 2027 and to nil from June 2027 once the programme is fully repaid.

Reference point	Debt-to-equity
First drawdown, June 2026 (external debt EUR 350,000)	1.8×
Peak leverage, October 2026 (external debt EUR 2,750,000)	8.8×
Year-end 2026 (external debt EUR 3,700,000)	6.7×
May 2027 (programme substantially repaid)	0.5×
June 2027 onward (fully repaid)	0.0×

This is a moderate leverage profile for a non-bank lender, and its defining feature is that the peak is transient and self-extinguishing: unlike a continuously refinanced debt stack, which holds leverage elevated for as long as the facility is rolled, the company's leverage rises only to fund the 2026 portfolio build and is then repaid in full from operating cash flow, leaving the company debt-free from mid-2027. The decision not to raise further equity preserves the existing ownership and reflects the model's demonstration that the programme is serviced and repaid from operating cash flow rather than requiring a capital buffer to support it; the company retains the option to raise equity in future against demonstrated performance, but the forecast does not depend on it.

Conclusion

The growth plan of Westlip Credit Ltd scales an operating model already proven on a small scale — three lending lines on a proprietary platform, an underwriting-led non-bank digital lender position, and six months of operating data showing contained line-level defaults — at a transaction volume that takes total issuance from EUR 10.7 million in 2026 to approximately EUR 17.5 million in each of 2027 and 2028, with the outstanding portfolio peaking at EUR 3.63 million at end-2026 before contracting to a level supported by the company's own capital as the external programme is repaid. The plan does not depend on new geographies or institutional restructuring; it depends on the orderly scaling of documented unit economics through low-cost distribution channels, operating against an under-penetrated Kenyan credit market with favourable structural drivers — a large MSME finance gap, a nascent factoring market, monetary easing and a licensing regime that favours compliant operators. A single financing instrument carries the plan: the EUR 4,050,000 programme, allocated 60% to the business and factoring lines and 40% to the individual line, funds the 2026 portfolio build and is repaid in full from operating cash flow by mid-2027, with no equity injection required and a transient peak leverage of approximately 8.8× that fully unwinds. The principal risks are execution and credit risks rather than structural risks — delivering individual-line default control at scale, executing the business-line automation, and meeting the projected origination and collection schedule through the funded window — partially mitigated by the granular monthly model, the sequencing of growth behind the lower-risk business line, the short tenor of the individual book that limits at-risk balances, and the diversification across three lines.

Description of the Loan

To fund the formation of the company's loan portfolio across the individual, business and factoring lines documented earlier in this Executive Summary, Westlip Credit Ltd intends to obtain a EUR 4,050,000 term-loan facility structured as a series of fixed bullet tranches at two fixed annual interest rates — EUR 2,750,000 at 23.1% per annum and EUR 1,300,000 at 16.9% per annum, a weighted-average cost of approximately 20.0%. The facility is drawn on a fixed schedule of fourteen tranches over seven consecutive periods — two tranches in each period, one in each of the two pricing bands — with each drawn tranche carrying an independent seven-month bullet maturity and monthly interest-only servicing. Interest accrues only on amounts actually drawn, so the monthly interest obligation grows in line with cumulative drawdowns rather than reaching its maximum at facility inception, which protects both lender and borrower from carry cost on capital not yet deployed into the loan portfolio. The facility is not used for operating expenses, technology development, equipment or any non-lending purpose — 100% of drawn capital is deployed to portfolio formation across the three lines, split 60% to the business and factoring lines and 40% to the individual line — and, unlike a continuously refinanced facility, its principal is repaid from the company's own cash generation rather than rolled at maturity.

Indicative facility terms

Parameter	Value
Total facility	EUR 4,050,000
Drawdown structure	Fourteen fixed tranches over seven consecutive periods (two per period)
Pricing	EUR 2,750,000 at 23.1% per annum; EUR 1,300,000 at 16.9% per annum (both fixed; weighted average ~20.0%)
Tenor per tranche	Seven months from each tranche's drawdown
Servicing	Monthly interest-only on drawn principal
Principal repayment	Bullet at each tranche's maturity (seven months after its drawdown)
Total interest cost (full schedule)	EUR 427,475
Total repayment (principal and interest)	EUR 4,424,475
Use of proceeds	100% to portfolio formation (loan originations across the three lines); 60% business and factoring, 40% individual; no operating-expense, equipment or non-lending use

Drawdown structure

The facility is drawn on a fixed schedule of fourteen tranches across seven consecutive periods, two tranches in each period — one at 23.1% per annum and one at 16.9% per annum. The schedule is set out below.

Period	At 23.1% (EUR)	At 16.9% (EUR)	Period total (EUR)	Cumulative (EUR)
First	250,000	100,000	350,000	350,000
Second	350,000	200,000	550,000	900,000
Third	350,000	200,000	550,000	1,450,000
Fourth	450,000	200,000	650,000	2,100,000
Fifth	450,000	200,000	650,000	2,750,000
Sixth	450,000	200,000	650,000	3,400,000
Seventh	450,000	200,000	650,000	4,050,000
Total	2,750,000	1,300,000	4,050,000

The tranches are drawn as portfolio formation proceeds, so that capital is deployed into new originations rather than held idle: the period drawdown rises from EUR 350,000 in the first period to EUR 650,000 in each of the fourth to seventh periods, and cumulative drawings reach the full EUR 4,050,000 by the seventh period. Each tranche begins its own seven-month maturity clock from its drawdown, producing a staggered repayment profile rather than a single concentrated bullet; the monthly interest obligation builds to a peak of EUR 64,608 in the seventh period — on a maximum outstanding balance of EUR 3,700,000, since the first-period tranche matures as the final tranches are drawn — and unwinds to nil by the thirteenth period, for total interest of EUR 427,475 over the life of the programme. Interest is comfortably covered by operating earnings, with earnings before interest and tax covering the cost of funding approximately 2.9 times in 2026 and 8.7 times in 2027, and principal is repaid from the company's own cash generation — continuous portfolio amortisation, operating profit and a cash position that remains positive throughout — rather than from refinancing. The seven-month tranche tenor accordingly aligns asset-side cash returns with liability-side repayment obligations, and the investor's effective exposure is to the delivery of the projected portfolio collections rather than to the availability of refinancing at maturity.

Pontuação de risco

Pontuação de risco totalA

Dívida sobre patrimônio1.80

LTV120%

Histórico de crédito9 / 10

Tipo de garantiaCapital Social

Rating A (the third tier) rests on a licensed, supervised activity under the Central Bank of Kenya, six months of actual lending with contained defaults, and a model that is profitable in every forecast year, with the facility repaid from the company’s own cash flow rather than by refinancing.

D/E (Debt-to-equity) of 1.8 is moderate for a lender; it peaks at about 8.8× during the 2026 drawdown and falls to nil once the programme is repaid in 2027;
LTV of 120% means the pledged receivables at liquidation value cover 83.3% of the peak balance — repayment rests mainly on collections;
Credit history score of 9/10.

Keep in mind:

the operating history is only six months, and business and factoring loans have not yet seasoned;
the founder is the sole owner and director;
lending is unsecured in a high-default market, with projected losses rising to 10.5% of issuance in 2027;
the equity base is thin, and the shilling-denominated book carries euro translation risk.

Risks and mitigants

The principal limitations are real and acknowledged:

no established institutional track record beyond six months, with the longer-tenor business and factoring cohorts not yet seasoned;
a key-person concentration in the sole-director structure and limited shareholder diversity;
a thin capital base reliant on owner funding — equity of EUR 234,182 at launch and approximately EUR 0.55 million at end-2026 limits the capacity to absorb adverse credit or liquidity outcomes;
unsecured lending whose recovery depends on collection effort and Credit Reference Bureau listing rather than on collateral;
an elevated, rising projected loss rate in a high-default market, alongside the euro-translation sensitivity of a shilling-denominated return;
an expensive cost of external capital that consumes a significant share of the spread, and stronger 2026 and 2027 results that depend on leverage subsequently withdrawn.

These are launch-stage execution and credit risks for a regulated non-bank lender of this profile rather than structural challenges to the business model. They are partially mitigated by the granular monthly model, the sequencing of growth behind the lower-risk business line, the short tenor of the individual book that limits at-risk balances, and the diversification across three lines. The model adopts a conservative, non-improving loss assumption rather than relying on better scoring to deliver its profitability. If the loss, issuance and cost assumptions are delivered as projected, the facility is serviced on both interest and principal; a material deterioration in the loss trajectory or the issuance ramp would compress earnings and the margin of safety.

Dados financeiros

Disbursed, first 6 months€1.1M

Interest income 2027F€4.82M

Operating profit 2027F€1.31M

Loss-on-issuance 2027F10.5%

€ milhões

€1.89 mi*1.89*

€4.82 mi*4.82*

€3.84 mi*3.84*

2026F2027F2028F

* 2026–2028 are management forecasts; the book contracts in 2028 as the external programme is repaid

Westlip began lending in December 2025. Its projections combine six months of actual data with a model through 2028, in which the funded loan book peaks at the end of 2026 and contracts as the external programme is repaid.

Fast-scaling issuance

6,153 loans and €1.1M disbursed in the first six months.
Total issuance is forecast at €10.7M in 2026 and about €17.5M in each of 2027 and 2028.
The outstanding book peaks at €3.63M at the end of 2026, then settles at €1.35M–€1.50M on the company’s own capital.

Profitable from the first year

The first six months closed at a pre-tax loss of only €11,912, about 7% of revenue — close to breakeven.
Operating profit is forecast at €491,679 in 2026, €1,306,357 in 2027 and €177,584 in 2028.
Interest income rises 2.5× from 2026 to 2027 as the funded book scales.

Contained costs, conservative losses

Operating expenses stay at 16.5–17.0% of revenue in 2026–2027.
Realised defaults were about 2.8% of disbursement, while the model assumes 6.0–10.5%.

Market

Kenya is one of the world’s most developed mobile-credit markets: Fuliza alone disbursed about €9.8B in the year to March 2026, and the Central Bank has licensed 227 Digital Credit Providers. Formal credit is only about 31.6% of GDP, the MSME finance gap is about €17.8B and factoring is nascent against a €26B potential. The main risk is credit quality, with the banking NPL ratio at 15.5% in January 2026.

Financial performance

Westlip presents an early-stage financial profile that combines six months of actual operating data with a model-driven projection through 2028. The financial model projects an operating profit in every forecast year — EUR 491,679 in 2026, EUR 1,306,357 in 2027 and EUR 177,584 in 2028 — as the loan book scales to a peak of EUR 3.63 million at end-2026 on the EUR 4,050,000 external programme and then contracts as that programme is repaid. Interest income rises from EUR 1,890,302 in 2026 to EUR 4,815,201 in 2027 — a 2.5× increase — before easing to EUR 3,841,920 in 2028 as the funded book is wound down.

All figures are presented in EUR, converted from Kenyan shillings at a single fixed rate of approximately KES 149.7 per euro applied to all periods, so no inter-period exchange-rate movement affects the euro series. Kenyan corporate income tax of 30.0% is applied to positive taxable profit. The forecast (June 2026 to December 2028) reflects launch-stage assumptions for pricing, default behaviour, portfolio scaling and external debt drawing; the six months of actual data allow early assumptions to be compared against initial experience, but not yet against a full seasoned cycle.

Pre-launch period (July–December 2025)

From incorporation to licensing the company obtained the necessary approvals and registrations, developed its credit, compliance and data-protection policies, and built and tested its lending platform. The milestones were sequential: approval of the company name by the Central Bank of Kenya in July 2025, registration as a data controller with the Office of the Data Protection Commissioner in November 2025, and the Digital Credit Provider licence in December 2025. No loan portfolio or external debt existed during this period. Ahead of the licence, the company pre-positioned a pipeline of borrowers and prepared the documentation so that lending could begin without delay.

Current actuals, December 2025 – May 2026

Line	Number of loans	Volume (EUR)	Avg ticket (EUR)	Share of volume
Individual (consumer)	6,061	659,491	~108	59.8%
Business (SME)	84	402,510	~4,800	36.5%
Factoring	8	41,719	~5,200	3.8%
Total	6,153	1,103,720	~179	100.0%

The period closed with a pre-tax loss of EUR 11,912 — approximately 7% of revenue, at or near operating breakeven — and, after a tax charge of EUR 3,829 from the monthly application of tax in profitable months, a net loss of EUR 15,741. The loan book closed May 2026 at EUR 211,916, well below cumulative disbursement, reflecting the rapid turnover of the individual line. These six months are the company’s only operating history and should not be linearly extrapolated.

Forecast 2026F–2028F

Indicator (EUR)	2026F	2027F	2028F
Interest income (revenue)	1,890,302	4,815,201	3,841,920
Cost of external funding	(255,571)	(169,154)	—
Net interest income	1,634,731	4,646,047	3,841,920
Projected credit losses (defaults)	(639,338)	(1,852,748)	(1,733,155)
Risk-adjusted net interest income	995,393	2,793,299	2,108,765
Direct lending costs	(192,313)	(668,942)	(923,182)
Operating expenses	(311,400)	(818,000)	(1,008,000)
Operating profit (pre-tax)	491,679	1,306,357	177,584
Tax (corporate income tax, 30.0%)	(142,898)	(391,907)	(53,275)
Net profit	348,781	914,450	124,309

Key ratios

Metric	2026F	2027F	2028F
Pre-tax margin (operating profit / revenue)	26.0%	27.1%	4.6%
Net margin (net profit / revenue)	18.5%	19.0%	3.2%
Cost-to-income (operating expenses / revenue)	16.5%	17.0%	26.2%
Direct-cost ratio (direct costs / revenue)	10.2%	13.9%	24.0%
Loss-on-issuance (credit losses / disbursement)	6.0%	10.5%	10.0%
Debt-to-equity (year-end)	6.7×	0.0×	0.0×
Closing outstanding portfolio (EUR)	3,626,605	1,354,100	1,498,178
Closing cash (EUR)	626,490	113,444	93,675

Because the short-tenor individual book turns over many times a year, a conventional yield on average portfolio would not be representative; the metrics are expressed against revenue, issuance and the year-end balance sheet. The company is projected to be profitable at full-year level from its first operating year, in contrast to the launch-year losses typical of the sector. Revenue rises to 2027 on portfolio scaling supported by external funding and declines into 2028 as the external debt is repaid and the funded book contracts, even as new issuance continues at a high level.

Total issuance scales from EUR 10.7 million in 2026 to approximately EUR 17.5 million in each of 2027 and 2028, with the mix shifting toward the individual line — its share rising from 25.8% to 63.4% as the business share falls from 53.9% to 33.5% and factoring from 20.2% to 3.2%. The outstanding book peaks at EUR 3.63 million at end-2026 (business EUR 2.41 million, factoring EUR 0.92 million) and then contracts to EUR 1.35 million and EUR 1.50 million at end-2027 and end-2028, wound down to a level supported by the company’s own capital.

Direct lending costs grow from EUR 192,313 to EUR 923,182 and operating expenses from EUR 311,400 to EUR 1,008,000, scaling with disbursement volume. The cost-to-income ratio is contained at 16.5% and 17.0% in 2026 and 2027, rising to 26.2% in 2028 only because revenue declines. Projected loss-on-issuance rises from 6.0% in 2026 to 10.5% in 2027 and 10.0% in 2028 — above the 2.8% realised in the first six months and well above bank benchmarks — reflecting the high-risk individual segment and an elevated system non-performing-loan environment. Tax runs at an effective rate of approximately 29.1% in 2026, from the monthly application of tax in the launch year, and 30.0% thereafter.

External funding and loan serviceability

Indicator (EUR)	2026F	2027F
Opening external debt balance	0	3,700,000
New external debt drawn	4,050,000	0
External debt repaid	(350,000)	(3,700,000)
Closing external debt balance	3,700,000	0
Cost of external funding (P&L)	255,571	169,154

The external funding is a programme of EUR 4,050,000 drawn in fourteen tranches during 2026, structured as seven-month bullets at two pricing bands — EUR 2,750,000 across seven tranches at 22.9% per annum and EUR 1,300,000 across seven tranches at 16.9% per annum, a weighted-average cost of approximately 21.0% per annum. The tranches are not refinanced on maturity: each is repaid as it falls due, so the stack is drawn in full during 2026 and amortises to nil by the end of 2027. Total interest over the life of the programme is EUR 424,725 — EUR 255,571 in 2026 and EUR 169,154 in 2027 — and repayments of EUR 350,000 in 2026 and EUR 3,700,000 in 2027 retire the facility in full, leaving the company debt-free. This is an expensive cost of capital that consumes a significant share of the spread and would become a tighter constraint if portfolio economics weakened.

Interest is comfortably covered by operating earnings in both periods in which it falls: earnings before interest and tax cover the cost of funding approximately 2.9 times in the June–December 2026 forecast period and 8.7 times in 2027. Principal amortises through the staggered seven-month maturities — EUR 350,000 repaid in December 2026 and EUR 3,700,000 across January to June 2027 — each tranche repaid from the company’s own cash generation. The model assumes no refinancing, so principal repayment does not depend on the availability of new debt.

The monthly cash-flow projection keeps the cash position positive throughout the drawdown and repayment period, with its tightest month-end point within the life of the programme at approximately EUR 36,771 in March 2027, supported by portfolio collections projected at over EUR 1.0 million per month; the wider series shows lower troughs of approximately EUR 6,525 in May 2026, before the programme is drawn, and EUR 12,925 in September 2027, after it is repaid. The investor’s effective exposure is to the delivery of the projected collections and loss rates over the June 2026 to June 2027 window, not to the availability of refinancing at maturity.

Growth plan

The growth plan extends the same operating model — three product lines, the same proprietary platform and the same underwriting — at materially higher volume, organised around two directions: the individual line (small-ticket, short-tenor, automated) and the combined business and factoring lines (larger-ticket, longer or revolving, manually underwritten). The strategic logic is depth of penetration in Kenya across the current product set, with the lower-risk business line prioritised in the first phase; new products within the existing licensed scope are a later option, not a precondition.

The timing is supported by formal credit at approximately 31.6% of GDP (2023), an MSME finance gap of approximately EUR 17.8 billion, and a nascent factoring market against an identified potential of approximately EUR 26 billion — combined with monetary easing, as the Central Bank rate was cut to 8.75% and private-sector credit returned to growth, and a tightening licensing regime that favours a compliant operator as unlicensed lenders are excluded.

Business and factoring lines

The business and factoring lines are the larger contributor to 2026 issuance: business issuance of EUR 5.79 million (53.9% of the total) grows to EUR 7.32 million in 2027 before easing to EUR 5.81 million in 2028, and factoring of EUR 2.17 million (20.2%) declines to EUR 0.55 million by 2028. They carry the lower default rate (below 1.0%) and more predictable cash flow. The central operational change is automation of the business line using mobile-money transaction and Credit Reference Bureau data, keeping manual due diligence for larger exposures; factoring is held at a deliberately modest, declining scale for its low risk and the SME relationships it opens.

Individual line

The individual line is the faster-scaling vector — issuance rising from EUR 2.77 million in 2026 (25.8%) to EUR 8.96 million in 2027 and EUR 11.01 million in 2028, lifting its share of issuance to 63.4%. It is scaled cautiously through tighter entry rules for new borrowers, a graduated starting limit that rises only with a clean repayment record, and continuous scoring recalibration, alongside growth of the repeat-borrower base (currently approximately 15% of the line) through higher limits, faster approval, preferential pricing, completion bonuses and payment-deferral flexibility.

Capital structure and leverage

The plan provides for no further increase in paid-in capital: launch and early operations are funded from the owner’s equity contribution of EUR 234,182 and the 2026 portfolio build from the external programme. The leverage this produces is contained and temporary — the company is unlevered before the programme is drawn and after it is repaid.

Reference point	Debt-to-equity
First drawdown, June 2026 (external debt EUR 350,000)	1.8×
Peak leverage, October 2026 (external debt EUR 2,750,000)	8.8×
Year-end 2026 (external debt EUR 3,700,000 over equity of approximately EUR 552,000)	6.7×
May 2027 (programme substantially repaid)	0.5×
June 2027 onward (fully repaid)	0.0×

Unlike a continuously refinanced debt stack, which holds leverage elevated for as long as the facility is rolled, the company’s leverage rises only to fund the 2026 portfolio build and is then repaid in full from operating cash flow, leaving it debt-free from mid-2027. The decision not to raise further equity preserves the existing ownership; the company retains the option to raise equity later against demonstrated performance, but the forecast does not depend on it.

Market assessment

Westlip operates in three Kenyan financial-services markets — individual digital lending, business lending and factoring — that share a regulatory framework, platform and capital base but differ materially in size, maturity, competitive structure and regulatory exposure. Kenya is the company’s sole operating jurisdiction.

Individual (consumer) digital lending

Kenya is among the most developed mobile-credit markets in the world, built on near-universal mobile-money penetration through Safaricom’s M-Pesa. Bank-and-telco mobile credit dominates by volume — Fuliza, the M-Pesa overdraft offered by Safaricom with NCBA and KCB, disbursed approximately EUR 9.8 billion (KES 1.46 trillion) in the year to March 2026, up 49.3% year-on-year, to around 7.9 million active users; KCB’s mobile loan book disbursed approximately EUR 3.6 billion (KES 544 billion) in 2025; and NCBA’s digital ecosystem approximately EUR 6.7 billion (KES 1.0 trillion) in 2024. The licensed digital-credit-provider segment is large and fragmented: the Central Bank had licensed 227 Digital Credit Providers by April 2026 from more than 800 applications since March 2022, and licensed providers had cumulatively disbursed approximately EUR 892 million (KES 133.5 billion) across 7.5 million loans by February 2026. Formal credit remains under-penetrated — domestic credit to the private sector stood at approximately 31.6% of GDP in 2023, and a 2025 TransUnion survey found nearly seven in ten potential borrowers refrained from applying on cost grounds — while three licensed Credit Reference Bureaus (TransUnion, Metropol and Creditinfo) provide the data foundation for alternative-data underwriting.

The market has three tiers: bank-and-telco products (Fuliza, M-Shwari, KCB M-Pesa and Timiza) embedded in the M-Pesa menu; large independent digital lenders such as Tala, Branch and Zenka; and the broader population of licensed providers, within which Westlip competes on access, speed and licensed, transparent conduct. Its positioning rests on its licensed status, its three-product range — most third-tier providers offer individual loans only — and credit-reference-based lending; its principal challenge is scale and brand awareness.

Business (SME) lending

MSMEs account for over 90% of Kenyan businesses, an estimated 33–40% of GDP and most employment outside small-scale agriculture, and are materially underserved by formal credit. FSD Kenya estimates the MSME finance gap at approximately EUR 17.8 billion (USD 19.3 billion) against around five million small businesses, most of them informal. Kenyan banks disbursed approximately EUR 1.0 billion (KES 153 billion) to MSMEs in 2025, and the state-backed Kenya Credit Guarantee Company has been established to de-risk SME lending. Mobile-money and digital payment records let lenders underwrite from observed cash flow rather than formal statements — the approach Westlip applies. Commercial banks (KCB, Equity, Co-operative Bank, NCBA) dominate by value but concentrate on larger, collateralised tickets; development-backed providers and microfinance institutions serve parts of the segment with longer onboarding; fintechs such as Zanifu and Pezesha target merchant working capital. Westlip competes at the smaller-ticket end; its challenge is the manual, analyst-bound nature of its current business-lending process.

Factoring

African factoring turnover reached approximately EUR 50 billion (USD 58 billion) in 2024, more than double the EUR 21.6 billion recorded in 2017, with nearly 200 factoring companies on the continent, though South Africa accounts for over 80% of the total; Afreximbank targets at least EUR 240 billion against an African SME financing gap of approximately EUR 276 billion (USD 300 billion). Kenya’s market is early-stage: an International Finance Corporation study identified factoring and supply-chain-finance potential of approximately EUR 26 billion (USD 28.7 billion) against very limited current activity. Formal factoring is offered mainly by a few banks’ trade-finance divisions and emerging invoice-finance fintechs; dedicated independent providers are rare. Westlip’s challenges are low awareness of factoring as a working-capital tool and its small scale relative to bank trade-finance desks.

Regulatory and macroeconomic environment

The Central Bank of Kenya (Amendment) Act 2021 and the Digital Credit Providers Regulations 2022 brought previously unregulated digital lenders under CBK supervision in response to predatory pricing, opaque charges and aggressive collection. Licensed providers must submit their credit policy, code of conduct and pricing model, disclose the full cost of credit, notify borrowers before negative bureau reporting and meet fit-and-proper and data-protection standards. In August 2025 the CBK issued draft Non-Deposit-Taking Credit Providers regulations proposing full licences for providers with at least KES 20 million of paid-up capital, alongside annual charges of up to KES 500,000. The macro backdrop is supportive — the benchmark rate fell from 13.0% in August 2024 to 8.75% by February 2026 with inflation at 4.4% in January 2026, private-sector credit grew approximately 5% year-on-year by September 2025, and real GDP, approximately 4.9% in 2025, is projected at 5.5% in 2026 and 5.6% in 2027 — though the banking system’s gross NPL ratio stood at an elevated 15.5% in January 2026 (down from 17.6% in August 2025), and the principal macro risks are fiscal, with a deficit of around 4.8–5.9% of GDP and a high assessed risk of debt distress.

Opportunities

Under-penetrated formal credit. Private-sector credit at approximately 31.6% of GDP and a large population without formal credit access leave structural headroom, with credit growth returning and policy easing through 2026.
Mobile-money rails lower the cost to serve. Near-universal M-Pesa penetration gives instant, low-cost disbursement and collection without physical infrastructure.
Licensing as a differentiator. With CBK licensing now the entry standard, a licensed, transparent provider sits in the part of the market regulation favours.
A large SME financing gap. The limited reach of banks into smaller, uncollateralised tickets creates room for transaction-data-based SME lending.
Nascent factoring. An identified potential of approximately EUR 26 billion gives an early licensed independent provider room to develop the segment.
Credit-reference infrastructure. Mandatory reporting to three bureaus lets the company build borrower histories and reward repeat performance.

Challenges

Volume dominance of bank-and-telco incumbents. Fuliza alone disbursed approximately EUR 9.8 billion in the year to March 2026; a small independent competes for attention against deeply entrenched products.
A crowded licensed field. With 227 licensed providers and more applications pending, pricing power is constrained and acquisition cost rises.
Elevated system credit risk. A 15.5% banking NPL ratio and affordability-constrained demand point to a high-default environment, to which an unsecured short-tenor book is exposed.
Prospective minimum-capital regulation. A KES 20 million paid-up-capital threshold and higher annual charges could raise the bar for a thinly capitalised provider.
Pricing and conduct constraints. CBK pricing review, full-cost disclosure and collection-conduct rules limit pricing flexibility and the recoverability of charges on overdue loans.
Brand-awareness gap. Tala, Branch and the bank-telco products have national recognition; a new entrant faces borrowers who default to established names.

Composição da garantia

Pledged loan receivables (at full drawdown) · €3.6M

Pledged loan receivables (at full drawdown)€3,626,605

Total empenhado€3,626,605Outstanding principal of the pledged loans at full drawdown; €3,082,614 after the 15.0% liquidation retention.

The €4.05M programme is secured by a first-ranking pledge over Westlip’s present and future loan receivables. As a digital lender, the company has no material fixed assets: its loan book is its productive asset.

1. Pledged loan portfolio — €3.63M

All of the facility is lent out: 100% of proceeds becomes pledgeable receivables, none goes to operating costs or equipment.
Each loan is identifiable at borrower level in the company’s own system, with principal, status and ageing available on demand.
Short tenors keep the pool replenished as loans repay and the money is lent again.

2. Springing account control

On a payment default, covenant breach or material adverse change, the lender gets direct access to the collection account.
Enforcement runs through the collections, not a forced sale of the loan book.

After a 15.0% retention for credit losses and collection costs, the pledged pool still covers:

83.3% of the €3.7M peak outstanding balance
76.1% of the €4.05M total programme

Coverage is partial by design. The facility is serviced from cash flow — portfolio repayments and operating profit — and the receivables provide downside protection.

Loan collateral

To secure the EUR 4,050,000 facility, Westlip offers a single-layer collateral package: a first-ranking pledge over the company’s present and future loan receivables, supported by a springing account control arrangement over the collection account. The pledge is built around receivables rather than fixed assets because a licensed Digital Credit Provider holds no material fixed assets of pledgeable value — its productive asset base is the loan portfolio itself. Upon defined trigger events (payment default, breach of covenant, material adverse change) the lender obtains direct access to the collection account through which the portfolio’s repayments flow. The package does not rely on the company’s equity capital or cash balances, and the full facility deploys into pledgeable receivables on origination.

The receivables are presented at base value, the outstanding principal of the pledged loans, and at a conservative liquidation value — base value less a 15.0% retention for expected credit losses and collection and enforcement costs, set against the model’s projected loss-on-issuance of 6.0–10.5%. Coverage is measured at the tightest point in the facility life: full drawdown in the seventh period, when the pledged pool is at its largest, EUR 3,626,605, and facility exposure at its maximum.

Coverage metric	Value
Pledged pool — base value	EUR 3,626,605
Pledged pool — liquidation value (after 15.0% retention)	EUR 3,082,614
Base value vs peak outstanding (EUR 3,700,000)	98.0%
Liquidation value vs peak outstanding (EUR 3,700,000)	83.3%
Base value vs total programme (EUR 4,050,000)	89.5%
Liquidation value vs total programme (EUR 4,050,000)	76.1%

Each loan is identifiable in the company’s loan management system at borrower level, with outstanding principal, payment status and ageing available on demand. The short tenor of the pool means the typical loan substantially amortises within the facility period and its principal recycles into new pledged originations, so the pool is continuously replenished rather than static. The peak outstanding balance of EUR 3,700,000 is below the total programme because the first tranche matures as the last is drawn.

LTV profile

LTV metric	Calculation	Coefficient
Peak outstanding / collateral (base value)	3,700,000 / 3,626,605	1.02
Peak outstanding / collateral (liquidation value) — working metric	3,700,000 / 3,082,614	1.20
Total programme / collateral (base value)	4,050,000 / 3,626,605	1.12
Total programme / collateral (liquidation value)	4,050,000 / 3,082,614	1.31
Total repayment / collateral (liquidation value)	4,474,725 / 3,082,614	1.45

The loan-to-value ratio exceeds 1.0 on every basis: the pledged receivables do not fully cover the facility. This reflects a facility that is primarily cash-flow-serviced rather than asset-liquidation-secured — the gap is bridged by continuous portfolio amortisation and operating cash flow, with the receivables providing partial downside protection. There is no non-pledgeable portion of the facility, so the shortfall reflects the conservative 15.0% retention and the elevated loss environment rather than any diversion of proceeds. The practical enforcement mechanism is the springing account control, which gives the lender the collections from the pledged portfolio rather than requiring a forced sale of the book. Coverage does not strengthen materially over the facility life, because the pool is replenished as loans repay rather than expanding with cumulative drawings.

Use of proceeds

The EUR 4,050,000 facility is allocated in its entirety to portfolio formation — funding new loan originations across the three lines — and is not used for operating expenses, technology development, equipment or any non-lending purpose. The split weights the lower-risk business and factoring lines in the early growth phase, with flexibility to adjust within the envelope as demand develops. The seven-month tranche structure broadly aligns with the tenor of the funded book, so the loans funded by each tranche substantially complete their cycle within the tranche’s life and the same capital recycles into new originations.

Allocation category	Amount (EUR)	% of total	Growth constraint removed
Business and factoring portfolio formation	2,430,000	60.0%	Working-capital limit on SME and factoring origination — the priority, lower-risk lines in the early growth phase.
Individual portfolio formation	1,620,000	40.0%	Working-capital limit on individual-line origination — funds growth of the high-volume consumer book under the company’s risk controls.
Total	4,050,000	100.0%	No allocation to operating expenses, equipment or any non-lending purpose.

Description of the loan

Westlip intends to obtain a EUR 4,050,000 term-loan facility structured as a series of fixed bullet tranches at two fixed annual rates — EUR 2,750,000 at 23.1% and EUR 1,300,000 at 16.9%, a weighted-average cost of approximately 20.0%. It is drawn on a fixed schedule of fourteen tranches over seven consecutive periods, two per period, one in each pricing band, with each tranche carrying an independent seven-month bullet maturity and monthly interest-only servicing. Interest accrues only on amounts actually drawn, so the monthly obligation grows with cumulative drawdowns rather than peaking at inception.

Indicative facility terms

Parameter	Value
Total facility	EUR 4,050,000
Drawdown structure	Fourteen fixed tranches over seven consecutive periods (two per period)
Pricing	EUR 2,750,000 at 23.1% per annum; EUR 1,300,000 at 16.9% per annum (both fixed; weighted average ~20.0%)
Tenor per tranche	Seven months from each tranche’s drawdown
Servicing	Monthly interest-only on drawn principal
Principal repayment	Bullet at each tranche’s maturity
Total interest cost (full schedule)	EUR 427,475
Use of proceeds	100% to portfolio formation; 60% business and factoring, 40% individual

Drawdown schedule, EUR

Period	At 23.1%	At 16.9%	Period total	Cumulative
First	250,000	100,000	350,000	350,000
Second	350,000	200,000	550,000	900,000
Third	350,000	200,000	550,000	1,450,000
Fourth	450,000	200,000	650,000	2,100,000
Fifth	450,000	200,000	650,000	2,750,000
Sixth	450,000	200,000	650,000	3,400,000
Seventh	450,000	200,000	650,000	4,050,000
Total	2,750,000	1,300,000	4,050,000

The tranches are drawn as portfolio formation proceeds, so capital goes into new originations rather than sitting idle. Each tranche starts its own seven-month maturity clock, producing a staggered repayment profile rather than a single concentrated bullet; the monthly interest obligation builds to a peak of EUR 64,608 in the seventh period — on a maximum outstanding balance of EUR 3,700,000 — and unwinds to nil by the thirteenth period. The seven-month tenor aligns asset-side cash returns with liability-side repayments, and principal is repaid from the company’s own cash generation rather than from refinancing.

Como o empréstimo é pago

Seu investimento de USDC funciona como um título de 7 meses: juros mensais e o principal devolvido no mês .

Data	Juros	Capital	Total

Lucro líquido+ USDC

Retorno total USDC

Tomador

Westlip Credit LtdNairobi, Quênia · fundada em 2025

A Westlip Credit Ltd é uma instituição de crédito não bancária queniana que atua no segmento de crédito digital do mercado queniano, oferecendo três linhas de empréstimo — empréstimo individual (consumidor), empréstimo empresarial (PME) e factoring — sob uma única estrutura regulatória e plataforma operacional. Incorporada em Nairobi em 15 de julho de 2025 (número de registro PVT-JZUAL2QE) e licenciada pelo Banco Central do Quênia como Provedora de Crédito Digital em 24 de dezembro de 2025 (Licença Nº CBK/DCP/2025/194), a empresa iniciou suas operações de empréstimo após a licença e possui seis meses de dados operacionais reais — de dezembro de 2025 a maio de 2026 — até a data deste memorando. Ela entrou em operação com uma autorização regulatória completa, estruturas documentadas de crédito, conformidade e proteção de dados, um sistema próprio de gerenciamento de empréstimos adquirido integralmente, e um balanço patrimonial financiado inteiramente pelo capital do proprietário, sem dívidas externas. A empresa se posiciona como uma credora digital não bancária independente e licenciada, entre os produtos de crédito móvel bancários e de telecomunicações que dominam o mercado de crédito varejista queniano por volume e o grande e fragmentado campo de pequenos credores digitais licenciados, abordando em paralelo um segmento de pequenas empresas que os bancos comerciais sub atendem e um mercado de factoring que ainda é nascente no Quênia.

Nº de registro: PVT-JZUAL2QEwestlipgroup.com

About the company

Westlip Credit Ltd is a Kenyan non-bank lender operating in the digital-credit segment of the Kenyan market across three lending lines — individual (consumer) lending, business (SME) lending and factoring — under a single regulatory framework and operating platform. Incorporated in Nairobi on 15 July 2025 and licensed by the Central Bank of Kenya as a Digital Credit Provider on 24 December 2025, the company commenced lending following licensing and has six months of actual operating data, December 2025 to May 2026. It entered operation with a completed regulatory authorisation, documented credit, compliance and data-protection frameworks, a proprietary loan management system acquired outright, and a balance sheet funded entirely from the owner’s capital with no external debt.

The company is digitally native: origination, scoring, disbursement, repayment monitoring and collection run through its own loan management system, with third-party providers integrated for mobile-money payments, Credit Reference Bureau access, identity verification and one-time-password authentication. Lending runs entirely through mobile channels — a smartphone application and a USSD code — and is funded and collected through mobile money, so the company operates without a branch network. The value proposition rests on three structural choices made at the outset: a licensed, supervised status from the start of lending rather than retro-fitted compliance; a proprietary platform owned outright, giving control over scoring logic, product rules and the customer journey without a per-transaction licensing dependency; and transparent pricing, with the full cost of credit disclosed before drawdown and repayment data reported to the Credit Reference Bureaus.

Corporate identifiers

Parameter	Value
Country	Kenya
Registration number	PVT-JZUAL2QE
Incorporation date	15.07.2025
Legal form	Private limited company
Registered address	Ninety Eight Riverside Drive, Merchant Square, Riverside Drive, Chiromo, Westlands, Nairobi (P.O. Box 30564 G.P.O., Nairobi)
Website	westlipgroup.com
Regulatory status	Licensed Central Bank of Kenya Digital Credit Provider (Licence No. CBK/DCP/2025/194); registered data controller, Office of the Data Protection Commissioner (Registration No. 167-926A-81C0)
Paid-in share capital	KES 1,000,000 (approximately EUR 6,680)

Ownership, leadership and governance

Westlip Credit Ltd is wholly owned by a single individual: Caroline Wanjiku Chuchu holds 100.0% of the share capital and is also the company’s sole director. She holds the executive functions of the business — commercial, operations, risk, compliance oversight and financial reporting — within an owner-managed governance model, supported by a core team of up to fifteen people and the outsourcing of most non-core functions.

For an entity without an institutional operating track record, the principal source of assurance is its completed regulatory authorisation and documented operating framework: the Central Bank of Kenya’s licensing process reviews the business model, credit policy, code of conduct and pricing model, and the fitness and propriety of ownership and management. The owner-managed structure gives decisional clarity and speed during the launch and scaling phase, at the cost of a key-person dependency that is recognised explicitly and partially mitigated — through the core team, the documented procedures and the company-owned platform that encodes the operating logic — but not eliminated.

Business model and revenue mechanics

Westlip operates an on-balance-sheet lending model, deploying capital into three lines under a single regulatory framework and a unified, company-owned platform:

Individual (consumer) lending — unsecured short-term loans of approximately EUR 3–334 (KES 500–50,000) over 7 to 90 days at a monthly rate in the region of 18.0–23.0%, originated through a largely automated process with a human validation step.
Business (SME) lending — unsecured working-capital and growth loans of approximately EUR 1,002–10,020 (KES 150,000–1,500,000), and higher in individual cases, over 1 to 12 months at a monthly rate of approximately 4.0–8.0%, underwritten through manual due diligence.
Factoring — a standard recourse commercial-factoring product: the company purchases trade receivables at a discount, advances a proportion of face value at assignment and collects from the debtor at maturity, with the selling client remaining liable if the debtor does not pay.

Revenue is interest income on the individual and business books and discount income on factored receivables; the net margin is gross interest income less the cost of running the book, credit losses and the cost of external funding. The individual line carries the widest spread at the highest monthly rate, while the business and factoring lines earn tighter spreads on larger, lower-rate or shorter-duration exposures.

The period from incorporation to licensing was a preparatory phase funded entirely from the owner’s capital, with no lending and no external debt. The company entered operation with a starting cash position of EUR 234,182 — the paid-in share capital plus further owner funds treated as equity rather than as a shareholder loan — a clean, unencumbered launch.

Product portfolio and geographic footprint

All three lines run on the same proprietary loan management system, the same scoring infrastructure and the same anti-money-laundering and know-your-customer framework, integrated with the licensed Credit Reference Bureaus, the M-Pesa mobile-money network, identity verification and one-time-password messaging, with the depth of underwriting scaling with exposure size.

Operations are conducted exclusively in Kenya as a single-jurisdiction business on near-universal mobile-money rails, which removes cross-border regulatory complexity and supports fully digital origination and collection. The company’s economics are denominated in Kenyan shillings and converted to euro at a single fixed assumed rate of approximately KES 149.7 per euro; because the shilling floats against the euro, the euro figures carry a currency-translation sensitivity for a euro-based investor that does not affect the shilling economics of the loan book.

Target audience and go-to-market

The individual line serves retail borrowers in an under-penetrated formal-credit market; the business line addresses small enterprises that commercial banks underserve, against a Kenyan MSME finance gap estimated at approximately EUR 17.8 billion (USD 19.3 billion); and factoring serves small-business clients with a working-capital need, while opening relationships that can grow into business lending.

The go-to-market model avoids large-scale paid marketing as a primary growth lever. Customer-acquisition cost is a sensitive variable for a lender on a finite spread, so the company prioritises channels whose cost is incurred only on a completed loan or that carry no external cost at all — and referral and relationship channels bring borrowers with a degree of pre-selection that paid channels do not. Around eight in ten loans in Kenya are originated through digital channels, so a licensed digital lender can acquire and serve customers without branches, adding higher-cost channels only as the cheapest approach their limits.

Channel	Primary line	Cost profile	Volume role
App-store and direct digital (app, USSD, website)	Individual	Low; organic	Primary discovery and onboarding channel for individual borrowers
Referral programme	Individual; business secondary	Near-zero, on conversion	Compounding word-of-mouth acquisition with social pre-selection
Loan aggregators and comparison platforms	Individual	Per-loan commission	Scalable distribution into the price-comparison segment
Digital performance marketing	Individual	Paid, kept lean	Capacity-filling reach where low-cost channels are limited
SME relationship and partner networks	Business and factoring	Relationship-based	Quality-led origination into the SME population
Direct sector outreach	Business	Sales-team time	Targeted relationship development within defined sectors
Cross-segment internal referral	Business ↔ individual	Zero external cost	Lifetime-value multiplier on the existing borrower base

Organisational structure

The company operates with a lean core team of up to fifteen people, structured to scale with origination volume rather than to precede it. In-house functions cover credit underwriting and risk management — including the manual due diligence on business and factoring exposures — operation and maintenance of the company-owned platform, collection and customer support, and compliance, anti-money-laundering and know-your-customer procedures. Bookkeeping and statutory accounting, legal advice, statutory audit, the external data and verification services on which lending depends, and late-stage collection are outsourced.

The principal operational change planned for the growth phase is the automation of the currently manual business line, which lifts the analyst-capacity ceiling on larger-ticket lending and lets origination scale without a proportionate increase in headcount. No further equity injection is planned.