Mkono Global — Conservative Exit Blueprint · Confidential

The $20M Exit
Roadmap ≈ KES 2,600,000,000

Built on the actual numbers — $20 average margin per transaction at the floor. Targeting the $5B+ Kenyan diaspora remittance market from the USA. Every projection here assumes the most conservative scenario.

7–8 yrs To exit-ready
$20 Floor margin / task
$20M Exit target (USD)
KES 2.6B Exit target (KES)
The Market — Why The USA First
$5B+ Annual Kenyan diaspora remittances (2025)
#1 USA — largest source of Kenyan remittances
430,000 Kenyans working abroad — and growing
Top FX Remittances now exceed tourism & tea exports
Growth milestones: $1B (2012) → $3B (2020) → $5B (2025). The market is not speculative — it is a proven, growing, structurally durable flow of money sent by people who already have the exact problem Mkono solves.
The Conservative Math

What it actually takes
to exit at $20M

Using the floor number of $20 net margin per transaction. No heroic assumptions. No inflated projections. This is the honest arithmetic of the exit.

Floor margin (the conservative case)
$20
Small errands, grocery runs, simple bill payments. This is what everything is modeled against. If the business works at $20, it definitely works at $50 or $100.
Mid margin (likely average)
$45
Hospital bills, school fees, document handling, shopping + delivery. This is what most tasks will realistically average once the service mix matures.
High margin (premium tasks)
$100+
Property inspection, legal representation, building materials, complex multi-step tasks. These pull the average up significantly and improve exit multiples.
The Exit Arithmetic — Built at $20 Floor
Your target exit value
$20,000,000 ≈ KES 2.6 Billion
Typical acquisition multiple (service/trust businesses)
6× – 10× Annual Net Revenue
At 6× The business needs $3.3M net revenue. At 10× The business needs $2M net revenue. The business should target 8× as the base case.
Net revenue needed for $20M exit at 8× multiple
$2,500,000/year ≈ KES 325M/yr
Transactions needed at $20 floor margin
125,000 tasks/year
That's 10,400 tasks per month, or ~346 tasks per day. Achievable across a vetted agent network by Year 6–7.
If average margin is $45 (realistic mix)
55,600 tasks/year
That's only 4,600 tasks per month — far more manageable. This is why growing the task mix matters.
Customers needed (at 12 tasks/customer/year)
4,600 – 10,400 active customers
In a market of 430,000+ Kenyans abroad (with the USA as the largest source), this is less than 3% market penetration.
The bottom line
The business needs roughly 5,000–10,000 loyal customers doing 1 task/month at a $20–$45 average margin to exit at $20M. That is a very achievable number in this market.
The 4-Phase Plan

2025 → 2032
Four clear stages

Click any phase card to see exactly what to build, measure, and do.

Phase 01
Prove It
Months 1–18 · 2025–2026
Get 500 paying customers. Prove $20+ margin per task. Build the proof-of-execution habit before building any technology.
Target: KES 1.3M–2.6M revenue
Phase 02
Build the Engine
Year 2–3 · 2027–2028
Platform. Subscriptions. Agent network formalized. First 2,000 active customers. Start attracting outside attention.
Target: KES 31M–65M ARR
Phase 03
Own the Category
Year 4–5 · 2029–2030
5,000+ active customers. UK and Canada expansion. Subscription revenue dominant. Acquirers are watching.
Target: KES 130M–200M ARR
Phase 04
Exit Ready
Year 6–8 · 2031–2033
$2.5M+ net revenue. Clean books. Competitive M&A process. $20M exit — approximately KES 2.6 billion.
Target: KES 325M+ → $20M exit
Phase 01 — Deep Dive
Prove It — Months 1 to 18
The initial goal: get 500 strangers to pay, and deliver proof so good they return. No app. No investors. Just task → proof → receipt → repeat.

What to Build

  • WhatsApp Business account as intake channel
  • Stripe or PayPal for USD payment collection
  • Simple Typeform for task requests
  • Proof template: photo + receipt + GPS screenshot + timestamp
  • 3–5 personally vetted agents in Nairobi
  • 5 fixed task categories with clear pricing

Revenue at $20 Floor

  • 100 tasks @ $20 margin = $2,000 (KES 260K)
  • 500 tasks @ $20 margin = $10,000 (KES 1.3M)
  • 500 tasks @ $45 avg margin = $22,500 (KES 2.9M)
  • Target: 500 completed tasks by Month 18
  • Service fee to client: $40–$120 per task
  • Your margin: $20–$60 after agent payout

How to Get Customers

  • Kenyan diaspora Facebook groups (search: "Kenyans in USA")
  • Kenyan churches in Atlanta, DC, Dallas, Houston, Minneapolis
  • Post the first 10 task completions publicly on LinkedIn
  • Offer a full refund guarantee if proof is unsatisfactory
  • Ask every happy customer for one referral before finishing their task
Phase 02 — Deep Dive
Build the Engine — Year 2 to 3
WhatsApp can't handle 2,000 customers. Build the platform now — with the discipline not to over-engineer it. Every feature should serve task completion and proof delivery.

Platform to Build

  • Web portal: client submits task, tracks status, views proof
  • Agent mobile app: receive task, upload GPS + photos + receipt
  • Escrow payment: client pays upfront, released on proof approval
  • Agent scoring system: on-time rate, proof quality, client rating
  • Automated proof delivery email with attachments

Revenue Milestones (KES)

  • Year 2: 2,000 tasks/month @ $30 avg = $720K/yr (KES 94M)
  • Year 3: 4,000 tasks/month @ $35 avg = $1.68M/yr (KES 218M)
  • Launch "Mkono Family Plan": KES 6,500/month subscription
  • Target: 300 subscribers by end of Year 3
  • Subscription revenue = most valuable revenue for exit

Operations to Build

  • Expand to Mombasa, Kisumu, Nakuru
  • Hire a Kenya Operations Manager (equity + salary)
  • Formal agent vetting: ID, background check, 3-task trial
  • Build SLA: 24-hour task completion for standard tasks
  • Document every process — critical for eventual due diligence
Phase 03 — Deep Dive
Own the Category — Year 4 to 5
This is when Mkono becomes a brand, not just a service. The goal is for Kenyans in the US to say "just Mkono it" — the way people say "just Google it."

Growth Moves

  • Launch in UK (large Kenyan community in London, Leicester)
  • Launch in Canada (Toronto, Ottawa Kenyan communities)
  • Add Uganda, Tanzania — same agent model
  • Corporate tier: diaspora employee family support packages
  • Partner with African student unions at US universities

Revenue Milestones (KES)

  • Year 4: KES 130M–160M net revenue ($1M–$1.2M USD)
  • Year 5: KES 170M–210M net revenue ($1.3M–$1.6M USD)
  • 1,000+ active subscribers at KES 6,500–13,000/month
  • Average task margin rising toward $45 as mix improves
  • Revenue from subscriptions should exceed 40% of total

Build for Acquirers

  • Start attending fintech conferences — be seen
  • File patents on Proof-of-Execution Protocol
  • Get press: TechCrunch Africa, Rest of World, Quartz Africa
  • Begin light conversations with M&A teams — no pressure, just relationships
  • Trademark "Execution-as-a-Service" in USA and Kenya
Phase 04 — Deep Dive
Exit Ready — Year 6 to 8
This phase packages 6–7 years of trust, data, and operations into something a buyer's board will approve without hesitation. Clean. Documented. Auditable.

Financial Cleanup

  • 3 years of audited financials (mandatory for any M&A over $5M)
  • Clean cap table — no messy investor disputes
  • Documented unit economics: CAC, LTV, task margin by category
  • 40%+ gross margin on service revenue
  • Clear 12-month path to profitability if not already there

Operational Proof

  • $2.5M+ net revenue (KES 325M) with 40%+ subscription component
  • 200+ verified agents across 3+ countries
  • NPS score 70+ (exceptional for financial services)
  • Proof-of-Execution Protocol documented as proprietary IP
  • Management team that runs without the founder day-to-day

Running the M&A Process

  • Hire an M&A advisor 18 months before target close date
  • Build the Confidential Information Memorandum (CIM)
  • Approach minimum 4–5 strategic buyers simultaneously
  • Target 8× net revenue multiple = $20M on $2.5M revenue
  • Negotiate: earn-outs, retention for the Kenya operations team
7-Year Financial Projection

$20 floor margin.
Conservative all the way.

Every number here uses the $20 floor margin per task. Column shows both USD and KES. The exit math works even in the most conservative scenario.

Year Phase Monthly Tasks Avg Margin/Task Annual Net Revenue (USD) Annual Net Revenue (KES) Active Customers Key Milestone
2025
(Y1)		 Prove It 30–80 $20 $7,200–$19,200 KES 936K–2.5M 50–100 First 50 paying customers; proof template built
2026
(Y2)		 Prove It 200–400 $22 $52,800–$105,600 KES 6.9M–13.7M 300–500 500 total tasks; launch Family Plan subscription
2027
(Y3)		 Build Engine 800–1,200 $28 $268,800–$403,200 KES 35M–52M 1,000–1,500 Platform launched; 100+ subscribers
2028
(Y4)		 Build Engine 2,000–3,000 $33 $792,000–$1,188,000 KES 103M–154M 2,500–3,500 $1M net revenue crossed; 300+ subscribers
2029
(Y5)		 Own Category 3,500–5,000 $38 $1,596,000–$2,280,000 KES 207M–296M 4,000–6,000 UK/Canada expansion; $1.5M net revenue
2030
(Y6)		 Own Category 5,000–7,000 $40 $2,400,000–$3,360,000 KES 312M–437M 6,000–8,000 $2.5M+ net revenue; M&A advisor engaged
2031
(Y7)		 Exit Ready 6,000–8,500 $42 $3,024,000–$4,284,000 KES 393M–557M 7,000–10,000 Audited 3-yr financials; CIM drafted; buyer outreach
2032
(Y8)		 EXIT 7,000–10,000 $42+ $3.5M–$5M net revenue KES 455M–650M 8,000–12,000 $20M acquisition · ≈ KES 2.6 Billion
The conservative math: At $2.5M net revenue × 8× multiple = $20M exit. If the average margin climbs from $20 to even $38 (still conservative given your $100+ ceiling), the business hit $2.5M with only 5,500 tasks/month — meaning about 6,000 active customers doing roughly 1 task/month. In a $5B remittance market with 430,000 Kenyans abroad, 6,000 customers is 1.4% market share.
What Acquirers Measure

The 6 metrics that
determine the price

Build for all six from Day 1. They compound — and they're what an acquirer's due diligence team will interrogate first.

Net Revenue (Your Key Number)
This is the actual margin kept after paying agents — the $20–$100 margin range. Buyers pay a multiple of this, not gross transaction value. Track this separately from Day 1. At 8× multiple, every $312,500 net revenue added = KES 325M in exit value.
$10K Year 1 (KES 1.3M)
$400K Year 3 (KES 52M)
$2.5M+ Exit (KES 325M+)
Customer Repeat Rate
What % of customers come back within 90 days? This single number tells a buyer whether the service is genuinely solving a problem or just filling a curiosity. Target 50%+ repeat within 90 days. High repeat rate = high LTV = high exit multiple.
35% Year 1 floor
50% Year 3 target
65%+ Exit target
Subscription Revenue %
Subscription revenue (your Family Plan) is worth 2–3× more than one-off task revenue to an acquirer because it's predictable and recurring. Even if subscriptions are only 30% of revenue at exit, they can justify a higher multiple across the whole business.
0% Year 1
20% Year 3 target
40%+ Exit target
Task Proof Completion Rate
The operational moat made auditable. What % of tasks were completed on time with full photographic + receipt proof? This number is the due diligence story. 98%+ tells a buyer: "This network is real, reliable, and scalable." Protect it aggressively.
92% Year 1 floor
96% Year 3
98%+ Exit standard
Average Margin Per Task
the $20 floor is the worst case. As the task mix grows to include more complex, higher-value tasks (property inspection, medical advocacy, legal representation), the average margin rises — dramatically improving the exit math without needing more customers.
$20 Floor (conservative)
$38 Year 5 target
$45+ Exit target
Net Promoter Score (NPS)
The business sells peace of mind to people who are emotionally invested in their families back home. Customers who score 9–10 will refer every Kenyan they know. NPS 70+ is rare and signals to buyers that CAC will stay low even at scale — which protects margins.
60 Year 1 floor
72 Year 4 target
78+ Exit target
Exit Strategy

Who buys Mkono
at $20M — and why

At $20M this is an attractive bolt-on acquisition — large enough to be meaningful, small enough to close quickly. These are the six most realistic buyers.

Most Likely
Remitly / Sendwave
Moving $5B+ in Kenyan remittances annually but earning nothing from what happens after money arrives. Mkono is the "last mile" product they cannot build. At $20M they get an established network, proven tech, and the brand trust they'd spend 10× more trying to build themselves.
Target: 8–10× net revenue · ~$20–25M
High Probability
Flutterwave / Chipper Cash
African fintech unicorns broadening their product suite beyond payments. Mkono adds a non-payment revenue stream, deepens diaspora relationships, and adds an operationally defensible business that is extremely hard to replicate organically.
Target: 7–9× net revenue · ~$17–22M
Strategic Wildcard
Safaricom / M-Pesa Africa
Safaricom is expanding internationally and needs a diaspora-facing product. Mkono's proof-of-execution is built on the exact M-Pesa infrastructure Safaricom owns. Natural fit. They might also acquire to block a competitor from doing so first.
Target: 9–12× net revenue · ~$22–30M
PE Buyout
Africa-Focused Private Equity
Firms like TLcom Capital, Partech Africa, or Helios buy profitable, defensible African businesses. At $2.5M net revenue with 40%+ margins, a PE firm buys a majority stake at $15–20M, then grows it to a larger exit. the team continues running it.
Target: 6–8× net revenue · ~$15–20M
Diaspora Platform
WorldRemit / Mukuru
Mid-tier remittance companies specifically focused on Africa and East Africa. They actively seek to differentiate from Sendwave/Remitly and Mkono represents exactly the kind of "beyond payments" product that wins them loyal diaspora customers.
Target: 7–9× net revenue · ~$17–22M
HR / Benefits Tech
Deel / Remote.com
Global employer-of-record companies building comprehensive expat and diaspora support products. Mkono's family support service is a natural employee benefit for global workers. They'd pay to bundle it into their enterprise HR platform.
Target: 8–10× net revenue · ~$20–25M
Your Unfair Advantages

Why a buyer pays a premium
instead of building it

🧠
Proof-of-Execution Data
Years of GPS-verified, timestamped task completion records. No one can buy this history. It validates reliability claims in due diligence — and it's a training dataset for trust worth more than revenue.
Builds from Day 1
👥
Vetted Agent Network
200+ background-checked, trained, scored agents across multiple Kenyan cities. Takes 3–4 years to build with real reliability data. A new entrant starts at zero. The agents are the moat.
3–4 years to replicate
❤️
Diaspora Community Trust
Trust in tight Kenyan networks travels through relationships, not advertising. Word-of-mouth compounds every year. By Year 5, "Mkono" is a verb. No advertising budget can buy that — it must be earned.
Compounds every year
🔒
Proprietary IP
File patents on your Proof-of-Execution Protocol in Year 2. Trademark your methodology. These become hard assets in any M&A process — not just defensive protection, but valuation-boosting line items.
File in Year 2
🔄
Subscription Stickiness
A family paying KES 6,500/month for a Family Plan has emotional switching costs, not just financial ones. Churning means their mother doesn't get her medication picked up. That's near-zero churn — and the most valuable revenue The business can show a buyer.
Launch by Month 12
🌍
Multi-Country Operations
Being live in Kenya, Uganda, UK, and Canada by Year 5 means a buyer inherits an already-internationalized business. Organic international expansion is the hardest thing for acquirers to build — they consistently overpay for it.
Build Year 4–5
⚠ The Risks to the $20M exit
Start Now

the first 90 days.
Nothing abstract.

The KES 2.6 billion exit starts with the first 10 paid tasks. Here's exactly what the team does in the first three months.

Days 1–30
Infrastructure & First Customers
  • Register Mkono Global LLC in Delaware, USA
  • Open a US business bank account (Mercury or Relay — both free)
  • Set up WhatsApp Business + Stripe payment link
  • Build task intake form on Typeform (free tier)
  • Identify & personally vet 3 agents in Nairobi — people the business trust
  • Post in 3 Kenyan diaspora Facebook groups with a clear offer
  • Complete first 10 paid tasks with full photographic proof
Days 31–60
Learn, Refine, Document
  • Interview every customer after their task — record what they say
  • Find which task types have highest satisfaction + repeat rate
  • Build standard proof template: 3 photos minimum, receipt, GPS
  • Add 2 more agents — train them using first 10 task learnings
  • Ask every satisfied customer for one referral
  • Build a simple spreadsheet tracking: task type, margin, rating, repeat
  • Target: 40 total paid tasks, $800 total margin collected
Days 61–90
Prove the Subscription
  • Launch a simple landing page (not an app — just 1 page)
  • Soft-launch "Family Plan": 4 tasks/month for $80/month (~KES 10,400)
  • Offer your 10 most satisfied customers the Family Plan first
  • Document 3 customer stories for social media (with permission)
  • Present data to the team: revenue, margins, task types, repeat rate
  • Open a dedicated Mkono bank account — separate all revenue
  • Target: 100 total tasks, $2,000 total margin, 5 subscribers

KES 2.6 billion is not a fantasy. It is an arithmetic problem inside an execution challenge. The business needs 8,000 loyal customers, a vetted agent network across a few countries, $2.5M in annual net margin, and books clean enough that a buyer's board says yes.

The business already has the most expensive thing: a trusted team that has worked together for 6 years. Most startups spend 3 years and $500K trying to build that. the business starts with it. That is your real unfair advantage.

Start with 10 paid tasks at $20 margin each. That's $200. It's also the foundation of everything that comes after it.