KEO World a fintech innovator in embedded credit and B2B payments, has taken a major step forward by signing a binding agreement to merge its GTC business with MAHA Capital AB, a Nasdaq Stockholm-listed investment company. This partnership marks a new chapter in KEO’s journey strengthening its financial foundation and setting the stage for rapid global expansion.
Under the agreement, MAHA will bring more than USD 120 million in cash and liquid assets to the table, while KEO investors will add another USD 35 million. Together, the combined company will launch with about USD 155 million in equity fueling the growth of KEO’s GTC program and creating a strong platform for scaling operations worldwide. The company also plans to pursue a dual listing on Nasdaq in the U.S., opening the door to more investors, improving liquidity, and reinforcing its global presence.
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As part of the deal, KEO will transfer its GTC operations—including its SPV and Keo Puerto Rico LLC (holder of its American Express issuing license)—to MAHA. Once performance milestones are achieved, KEO will become the majority shareholder. Founder Paolo Fidanza is proposed as Chairman, and KEO will nominate directors, subject to approvals.
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The GTC program, launched in 2022, already helps multinational and offshore companies manage U.S. dollar expenses such as travel and lodging with better FX efficiencies and centralized financial control. With MAHA’s capital and infrastructure, KEO plans to expand these benefits across Latin America, the Caribbean, and Canada, supporting multi-billion-dollar transaction volumes annually.
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Looking forward, the combined company aims to secure up to USD 400 million in low-cost leverage, expand its technology with AI-powered financial tools, and strengthen its client portfolio. Staying true to its mission, KEO also plans to dedicate part of its profits to social and community initiatives ensuring that success is shared beyond shareholders.
This collaboration represents more than just a financial deal it’s a commitment to building smarter, more accessible financial solutions while making a positive impact worldwide.
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