Credit Engine buys LPG from AGOL, retains legal title, and consigns it to independent filling plants. Veriphy monitors every kilogram — and sweeps cash automatically through six banks and M-Pesa. Nine sites live. US$4 million rotating monthly.
Independent filling plants — roughly 70% of Kenya's LPG market — cannot be underwritten by banks because there is no real-time visibility into stock, sales and cash. Veriphy closes that information gap. Credit Engine puts capital through it.
Credit Engine purchases LPG directly from AGOL and retains legal title until the filling plant has paid. Recovery is a matter of recovering physical inventory, not pursuing an unsecured claim on a small operator with no hard collateral.
Veriphy captures unit-level stock, sales and cash at each plant in real time — with automated EPRA compliance and cash sweeps at the point of sale. Integrated with six commercial banks and M-Pesa.
Founders earn up to 20% of Veriphy equity against committed credit-facility milestones — 10% at $10M, a further 10% at $20M cumulative. Compensation is tied to what the platform actually finances, not what a forecast says it might.
Stock finance is live and rotating today. Cylinder finance and the EV Tuk Tuk last-mile network are the next two capital layers, riding the same Veriphy rails.
Credit Engine purchases from AGOL at KSh 118/kg, retains title, and consigns to filling plants at KSh 147/kg. Veriphy monitors stock and sweeps repayment at the point of sale.
The physical asset itself, financed on the same rails. Distributor and agent working-capital lines against monitored cylinder stock and rotational cash flows.
Deliberate female-driver programme. 600 kg per TT per day. Displaces ICE distribution journeys and extends each plant's catchment into households defaulting to wood and charcoal.
Every kilogram financed, every shilling swept, reconciled and displayed in real time. The nine plants below are the current operating network — the base against which the 20 / 50 / 100 rollout is being underwritten.
Throughput and repayment figures update live from the Veriphy platform. EPRA compliance is filed automatically.
→ Request the plant-by-plant reconciliation pack (PDF, 42 pp.)
Every kilogram sold contributes KSh 13 to CE-Veriphy after procurement, transport, platform fee and direct credit cost. On 3.5 million kg per month, that is KSh 546 million of annual net trading contribution before central OPEX.
The Base Case — KSh 147 sell, KSh 118 AGOL buy, KSh 10 transport, KSh 5 Veriphy fee, KSh 1 direct credit cost — yields KSh 13 per kilogram in net trading contribution.
The Bull Case reflects a KSh 101 procurement scenario currently under discussion with AGOL but not yet contractually confirmed. The Bear Case reflects a +KSh 10 upward AGOL move, absorbed rather than passed through.
Under the corrected pricing, Year 1 exit run-rate EBITDA is approximately US$6.0M. Full Year 1 actual EBITDA is approximately US$4.1M. Both are reconciled against monthly volume in the model.
→ Full landed-cost bridge and sensitivity table available in the data room.
Beyond stock finance: a CE-Veriphy owned electric three-wheeler fleet, delivering LPG cylinders last-mile — extending each plant's catchment into households currently defaulting to wood and charcoal. Kinetic Green / FCDO catalytic fit; Shell Foundation pilot proposal in discussion.
Each Tuk Tuk is proposed to carry two paid roles — a driver and an assistant — doubling the direct livelihoods per vehicle and adding a second point of stock verification per delivery run.
| Stage | Plants | Tuk Tuks | Jobs | Fleet margin / mo |
|---|---|---|---|---|
| Today | 9 | 90 | 180 | KSh 35.1M |
| Near-term | 20 | 200 | 400 | KSh 78.0M |
| 2028 target | 50 | 500 | 1,000 | KSh 195.0M |
| 2029 target | 100 | 1,000 | 2,000 | KSh 390.0M |
Base Case rollout from the July 2026 memorandum. Kenya has 65 licensed filling plants today and roughly 190 across the national market. Our near-term target is 100 — a little over half of the addressable footprint.
A strategic convertible for equity upside at a US$25M cap, and a short-duration debt facility for current yield against a title-retained, monitored inventory pool. Both intended for qualified investors.
The convertible structure gives investors price protection. The pilot debt is over-collateralised by title-retained inventory. The risks below are the ones we are actively working on, and the ones an independent review of our memorandum flagged.
Deep LPG-sector operating experience in Nairobi. Structured trade and inventory-finance experience in London. Bridged by an African credit-markets partner working DFI and private-capital networks.
If you're evaluating title-secured, technology-enabled inventory finance in African clean-cooking markets — we'd be glad to walk you through the data room and the plant-by-plant reconciliation.