The deal ecosystem behind a payroll-backed mobility platform
A back-to-back capital structure that pairs a 5-year deferred LC with payroll-collected receivables — Anrong vehicles, BaaS recurring revenue, blended DFI capital, and a target $214M+ equity value at scale.
Six stacked revenue streams
One-time margins on the left, recurring and long-duration value on the right.
LIVAN deferred LC — how cash moves
Cash flows mirror the 5-yr deferred LC against 5-yr payroll terms. Risk is engineered down to near zero.
Who sits around the table
Each counterparty plugs into a distinct part of the back-to-back structure.
- Geely Group OEM
- 5-yr deferred LC agreed
- SINOSURE covers their risk
- LC issuance (local bank)
- DFI confirmation layer
- Union banks → payroll loans
- Ethiopian Airlines anchor
- 25% bulk deposit upfront
- Payroll deduction guarantee
- Monthly salary deduction
- EV + BaaS subscription
- Near-zero default risk
- Afreximbank · IFC · Proparco
- Confirm LC to Anrong
- Buy insured receivables @ 1.3×
- Payroll book credit wrap
- Battery fleet asset cover
- 8–10% BaaS preferred return
- Fleet & employer schemes
- Predictable · budgetable OPEX
- Anchor revenue for receivables
- Drivers & individuals
- Cash margin per swap
- Captures non-anchor demand
CFAO Group — partner or competitor?
Toyota Tsusho-owned · 34 African countries · 260+ dealerships · active Green Infra & E-mobility division.
Resolution: exclusivity from LIVAN + structured CFAO revenue share = they profit from FRC's success, not against it.
Customer segment breakdown
Stations vs. vehicles — the unit math
Roughly one swap station per 200 vehicles. Density compounds the BaaS moat.
Anchor employer + Addis core
Multi-city density build
Switching cost compounds
Swap stations — live footage
Reference clips from the LIVAN / Anrong demo — sub-3-minute swap, modular cabinet design.
