Maha Capital

What Maha Capital does

Maha Capital AB, rebranded to KEO Capital AB in June 2026 following shareholder approval, is a Swedish publicly listed investment company on Nasdaq Stockholm (also traded OTCMKTS: MHEYF and Frankfurt: 7M7) headquartered in Stockholm. Following its April 2026 reverse triangular merger with KEO World, Inc. and subsequent corporate reorganization, the company operates through two independent divisions: a Fintech division under the KEO Capital brand providing B2B payments, supply chain financing, and corporate travel expense management; and an Energy division under the KEO Energy brand holding an indirect 24-40% equity stake in PetroUrdaneta, a Venezuelan oil and gas joint venture alongside state-owned PDVSA in the Maracaibo Basin. The company is included in the OMX Stockholm Benchmark Index effective June 1, 2026, and is pursuing a dual listing strategy targeting a US national securities exchange for the Energy division.

The Fintech division operates an AI-described B2B credit and payments platform serving mid-to-large enterprises and underserved SMEs across Latin America (Brazil, Colombia, Mexico, Peru), Canada, and Sweden. Its product suite comprises Local Supplier Solutions, Cross-Border Solutions, and Corporate Travel Solutions, delivered primarily through the Workeo American Express Card issued under license. The platform has grown approved credit lines to $64 million, processing approximately $330 million in transaction volumes with a reported 20% average annual yield. Brazilian credit services are facilitated through QI Sociedade de Cr\u00e9dito Direto S.A., a licensed direct credit society authorized by the Banco Central do Brasil. Canadian operations are supported by a MCAD 50 million revolving senior loan facility with a Big Six Canadian Bank to fund WorKEO Canada's loan portfolio.

The company generates revenue through interest income on extended B2B credit lines, transaction and interchange fees on card-based corporate travel and expense management, and one-time proceeds from directed capital raises and private placements. The Energy division targets US listing to access a more relevant investor base for its Venezuelan oil assets and plans to distribute Keo Energy shares to existing shareholders. A previously announced non-binding Letter of Intent with Blue Water Acquisition Corp. IV (BWAC IV, NYSE-listed SPAC) for a potential de-SPAC business combination at a reference valuation of approximately USD 490 million was mutually terminated on May 15, 2026, citing regulatory complexity and timing challenges.

Name

Maha Capital

Legal name

KEO Capital AB

Website

https://maha-capital.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

KEO Capital AB (formerly Maha Capital) is a Swedish-listed B2B fintech and energy holding company providing supplier payments, cross-border payments, and working capital solutions to enterprises and SMEs across Latin America, Canada, and Sweden.

Ownership category

akta.pro rank

Product category

B2B Payments and Working Capital

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Sales Financing (52222)

SIC

Short-Term Business Credit Institutions (6153), Finance Services (6199)

akta.pro primary industry

Corporate Cards & Spend Controls (FSAGAJAF)

akta.pro secondary industries

SME & Business Cross-Border Payments (B2B) (FSAMAIAB), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF), Payment Reconciliation, ERP/AP Integration & Data Enrichment (Level 2/3, eReceipts) (THACAJAE)

Keywords

• B2B payment solutions
• Supply chain financing
• Working capital credit
• Corporate card services
• Cross-border payments

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. B2B Supply Chain Financing / Credit: The company earns interest income on extended credit lines to B2B customers. The platform has grown approved credit lines to $64 million with a 20% average annual yield on $330 million in transaction volumes. Revenue is generated through interest on working capital loans and credit facilities extended to businesses.
2. Corporate Travel and Expense Management: Corporate travel payment solutions consolidating airfare and lodging expenses into a centralized travel payment structure, generating fees from card transactions and processing.
3. Capital Raise / Transaction Fees: The company raises capital through directed capital raises and private placements, generating proceeds to fund operations and expansion. Total capital raise of USD 27 million completed at SEK 16 per share.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

KEO Capital provides B2B payment and working capital solutions for mid-to-large enterprises and SMEs. The company delivers three purpose-built solutions—Local Supplier Solutions, Cross-Border Solutions, and Corporate Travel Solutions—through the Workeo American Express Card (issued under license from American Express). It extends transaction-level credit lines (approved credit lines of $64 million; ~$330 million in transaction volumes) with flexible 30, 60, 90, or 120-day repayment terms, operating across Brazil, Canada, Colombia, Mexico, Peru, Sweden, and the United States.

Product overview

Keo Capital (formerly Maha Capital) operates as a unified B2B payments and working capital platform with three core solutions: Local Supplier Solutions, Cross-Border Solutions, and Corporate Travel Solutions. These products are delivered through the Workeo American Express Card and leverage strategic infrastructure partnerships with American Express for the card network and QI Sociedade de Crédito Direto for Brazilian credit services. The company operates across the Americas (Brazil, Canada, Colombia, Mexico, Peru, Sweden, USA) and has reorganized into two divisions: the Fintech division under the Keo Capital brand and the Energy division under the Keo Energy brand.

Differentiator

Problem solved

Functional benefit

Brands

• Keo Energy: Energy division encompassing the company's Venezuelan oil and gas assets, including its indirect equity stake in PetroUrdaneta operating oil fields in Venezuela's Maracaibo Basin
• Workeo
• Keo Capital

Products and services

• Local Supplier Solutions Payment solution enabling businesses to pay suppliers immediately while benefiting from structured repayment terms (30, 60, 90, or 120-day terms) that preserve liquidity; for mid-to-large enterprises and SMEs with complex supplier ecosystems.
• Cross-Border Solutions International supplier payment solution with reduced FX exposure and centralized oversight, supporting local and USD payments across multiple markets and currencies; for businesses operating across borders in the Americas.
• Corporate Travel Solutions Solution consolidating airfare and lodging expenses into a centralized travel payment structure; for corporate clients managing distributed workforces and travel expense oversight.
• Workeo American Express Card Corporate card issued by KEO under license from American Express, enabling businesses to manage supplier payments, travel expenses, and operational spend through a unified platform leveraging American Express's global card network and blockchain infrastructure.

Quantifiable outcome

• 20% average annual yield on $330 million in transaction volumes
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Novonor Latinvest Energy S.à.r.lcoreStrategic or Co-development Partner · 8 June 2026Maha Capital signed a binding term sheet with Novonor Latinvest Energy S.à.r.l to acquire the remaining 40% stake in ODEBRECHT E&P España SL, increasing its indirect equity interest in Venezuelan oil company PetroUrdaneta from 24% to 40%. Total consideration is MUSD 37.5, consisting of MUSD 27.5 cash at closing and MUSD 10 deferred installment carrying SOFR + 5% interest payable within 24 months or upon a qualifying capital raise.
• Blue Water Acquisition Corp. IV (BWAC IV)minorStrategic or Co-development Partner · 28 April 2026BWAC IV, a publicly listed SPAC on NYSE with approximately USD 130 million in trust, entered into a non-binding Letter of Intent for a potential business combination with Maha Capital. The LOI was subsequently mutually terminated on May 15, 2026, citing evolving regulatory complexity and timing challenges. The proposed transaction would have created a combined entity with Venezuelan energy assets and AI-driven fintech operations.
• American ExpresscoreStrategic or Co-development PartnerKEO Capital issues the Workeo American Express Card under license from American Express. The corporate card solution enables businesses to manage supplier payments, travel expenses, and operational spend through American Express's global card network and blockchain infrastructure.
• QI Sociedade de Crédito Direto S.A.coreChannel Partner/ Reseller/ DistributorIn Brazil, KEO Capital's services facilitate financial products and services through QI Sociedade de Crédito Direto S.A., a direct credit society authorized by Brazil's Central Bank (Banco Central do Brasil). Credit services are offered by QI SCD, with KEO Capital operating as the technology facilitation platform.

Scale indicators10 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Tribal: Mexico- and Brazil-focused B2B credit and corporate card provider for SMEs and startups. Overlaps with KEO's working capital and SME B2B payments offering in the core LATAM geographies KEO serves.
• Brex: US-based B2B corporate card and spend management platform offering working capital, bill pay, and expense management. Highly comparable to KEO Capital's Workeo Amex card product set, although KEO focuses on LATAM and Canada rather than the US.
• Ramp: B2B corporate cards and spend management platform with bill pay, procurement, and treasury workflows. Directly analogous to KEO's product suite for mid-market enterprises, though Ramp is US-focused and self-issued rather than Amex-licensed.
• Kapital: Mexico-based B2B banking and working capital platform for SMEs offering corporate cards, credit lines, and treasury tools. Direct competitor to KEO in Mexican and broader LATAM SME B2B financial services.
• Jeeves: B2B payments and credit platform operating across Latin America, offering corporate cards, cross-border payments, and working capital. The closest direct competitor to KEO Capital in the LATAM SME B2B payments space.
• Bill.com: Public US B2B payments and AP automation platform serving SMBs and mid-market. Comparable functional overlap with KEO's supplier payments, cross-border, and corporate card solutions, though oriented primarily to US SMBs.
• Clara: Mexico- and Brazil-based B2B corporate card and spend management company. Direct competitor to KEO in the two largest LATAM markets, with a similar focus on SME working capital and supplier payments.
• Melio: B2B payments platform focused on SMBs in the US, offering bill pay, virtual cards, and working capital. Comparable to KEO in product architecture and SME target customer, though with a US rather than LATAM focus.

Broad incumbents

• Airwallex: Global cross-border B2B payments and corporate card platform operating across Asia, Europe, LATAM, and North America. Comparable to KEO on cross-border B2B payments and multi-currency spend, with broader geographic reach.
• Corpay: Global B2B cross-border payments and corporate cards provider serving enterprises. Comparable to KEO's cross-border payment and corporate travel expense solutions, but with a much larger, multi-product portfolio and US-listed public status.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maha Capital