1.
Investor
Presentation
April 21
Private & Confidential

2.
02
Executive
Summary
Zvilo aims to become the first major
challenger bank in the Balkans &
for Balkan people living in the UK
and EEA.
Countries of focus are Kosovo, Albania,
North Macedonia, Montenegro, Bosnia &
Hercegovina, Serbia and Croatia.

3.
Zvilo plans to disrupt the outdated Balkan banking sector, offering digital financial
solutions based on cost-saving, convenience, connectivity and accessibility.
03 Opportunity
A rapidly growing sector and an untapped market…
● The global challenger bank industry is set to grow 2,209% by 2027
● The Balkans are poised to become the next major growth market
● Incumbent banks charge high fees and offer poor user experience
● Significant unbanked population: 38.7% (vs. 4.7% unbanked in the EEA)
● The 5.6m diaspora in the EEA send home ~€14bn p.a. & are subjected to excessive transfer fees
Zvilo plans to drive the digital transformation…
● Our user friendly app will include simple account setup and offer wide functionality (e.g. rewards)
● We plan to offer an estimated >85% saving on transfer and other banking fees
● Immediate monetisation through business lending & thereafter consumer banking
● Through a strategic partnership with a local retailer, we have designing a pilot program which will enable:
- Business lending to 600+ SMEs – opportunity to disburse c. €12m
- Promotion of our consumer banking to 45,000+ consumers – opportunity to lend c. €3m

4.
04 Balkan Statistics
According to a study by Cambridge university, banks in the Balkans tend to only compete on margin &
interest and not on user experience, forcing customers to accept cumbersome banking processes…
and a large population, with
increasing smartphone
penetration…
Population: 21.6m
(6.3m under 24yo)
Avg. GDP Per Capita per person
€7,594
Number of smart phones:
13.2m
with very high remittance
activity levels….
Inbound remittance:
€14.2bn (2019)
Diaspora population in globally
6.3m
but paying very high fees on transfers and
day-to-day banking
Avg. Individual and Business Fee per Month*:
Bank Account: € 1.61 and € 4.36
Online Banking: € 0.43 and € 0.71
Bank App: € 0.27 and € 0.27
Avg. Individual and Business Outgoing
International Bank Fees*: €15 and €16
A sizeable banking sector
with lots of potential…
Aggregate bank assets (loans)
€106bn
Average deposit/ savings
size per person
€3,464
Avg. NPL :
5.1%
# of credit and debit cards:
24m
Avg credit card balance:
€182
Smart phone penetration:
60.80%
Avg. Money Transfer Agent Fees*:
EEA  Sending: € 12.33 - Receiving: € 9.88
Regional Sending € 9.83 - Receiving: €12.18
Avg. Local Bank Transfer Fee
for Individual and Business*:
Via Branch: € 2.46 and € 2.89
Via Online Banking/app: € 0.80 and € 1.50
* Kosovo Market / Banks surveyed & based on €200 transfer amount. Proxy also for other Balkan markets.
Avg. Individual and Business Incoming
International Bank Fees*: €10 and €11
Avg. Intermediate Bank Fees*: €20
Number / penetration of
mobile phones:
20.7m / 107%
% of Internet Penetration / %
Social Media Users
78%/ 53%
Diaspora population in EEA
5.6m
Unbanked % of population:
38.7%
Remittance as % of GDP:
9.7%

5.
05
Market
Opportunity
In the EU, the top 50 fintech companies are
collectively valued at over $92bn. Yet, there
are signs that the market is heading
towards maturity.
Challenger banks are present in most of
Western Europe. However, the Balkans have
been overlooked and are poised to become
the next major growth market in Europe.
With a population of >21m and rapid growth
in card and digital payments, we believe
there is an opportunity for Zvilo to become
the first major challenger bank in this
unpenetrated region.

6.
06 Technology & Partners
We have been working hard to identify and select
the best technology & card program partners.
● Through a strategic partnership with a local retailer, we are
designing a pilot program to:
- Offer business lending (via supply chain finance) to a
network of over 200 suppliers and over 600 SME buyers
- Promote our consumer banking offering to 45,000+
customers
● Selected Mastercard (“MC”) as the card scheme – having
built a strong working relationship, MC is also expressing
interest in offering support in our launch.
● Initiated licensing application with the Central Bank of
Kosovo
● Engaged leading technology & KYC/AML enablers (see
below/right). We conducted comprehensive analysis &
financial modelling of their propositions.
-Tech enablers engaged include: Railsbanks, Modulr, Transact Payments, Paymentology, i2C, TransferWise,
Currencycloud, Wallet Factory, PPS etc.
-KYC/AML leaders engaged include: Comply Advantage, RDC, Sum & Substance, Shufti Pro and Lexis Nexis.

7.
FINTECH FUTURES
07 Industry News Revolut and N26 both
announced expansion
plans amid the
coronavirus pandemic
May 6, 2020
N26 finally lands
licence to
operate in Brazil
Monese Announces
Next Step in Global
Expansion
Starling plans to
launch in other
European countries
CAMBRIDGE JBS
Fintech Innovation
in the Western
Balkans
BUSINESS INSIDER
BUSINESS INSIDER
BUSINESS MONEY
As many challenger banks expand
into other markets (large and
developed countries), all of them
ignore smaller countries and key
emerging markets such as SSE, CIS,
Central Asia, Africa etc.
January 7, 2021
February 14, 2021 May 3, 2020
Croatia’s Burgeoning
Fintech Scene Blazes
Trail For Western
Balkans
BALKAN INSIGHT
August 20, 2020
April, 2020

8.
08 Monetisation
Zvilo’s business model aims to monetise customers off the
bat, through several streams:
● Consumer lending (post-licensing) – following the freemium model, we
plan to earn interest on overdraft and microloans issued on the back of
a debit card.
What sets us apart…
● Business lending (post-licensing) – We will form strategic partnerships
with corporate retailers (“Buyers”), which enable:
I. Lending to the retailers & their SME suppliers (“Suppliers”) by
providing short-term working capital facilities (“Supply Chain
Finance” or “SCF”).
II. Promoting our consumer banking service to their customers,
thereby lowering our customer acquisition costs.
This will give us a direct path to revenue generation. Our pilot program
is one such example.
● Money transfer service (powered by P2P tech) - est. to offer >85% savings
in transaction fees. Since the Balkans have some of the highest inbound
remittance volumes in Europe (~€14bn p.a), we expect this to be an
integral solution for incumbent bank users.
● Lending from day 1 (post-licensing) - this enables us to combine growth
and profitability in the early stages of business.
Zvilo
Product Offering
Liquidity across the
value chain, Quick
Payment, Savings,
Digital Innovation,
Consumer Banking.
Customers
Product Target
Digital Wallet, Debit
Card, Overdraft, 12month
line of credit for POS
purchases, P2P transfers,
local and international
payments, FX, ATM
withdrawal, loyalty
program, cashback,
notifications.
Suppliers
Product Target
Invoice Financing,
Working Capital,
FX, SWIFT
Payment, Debit
Card, Digital
Wallet.
Retailer
Product Target
Supply Chain
Finance, Invoice
Financing, Loyalty
Program
Management.

9.
09
Product Platform
Summary
Zvilo’s goals is to anchor around the retailer (i.e. buyer) and build a product that creates
value for all stakeholders across their value chain. This involves:
• Providing liquidity across the value chain; from buyer to suppliers, to end customers
by providing working capital facilities.
• Offering savings compared to local banks (e.g. transfer fees), etc.
• Delivering efficiencies in banking processes and access to credit, through a cutting-
edge platform.
*SCF- Supply Chain Finance, Invoice Financing, Working Capital
** Credit - Overdraft and Micro Installment Loans
ASSET GENERATION ZVILO APP
SCF* CREDIT** LOYALTY
PROGRAM /
CASHBACK
ACCOUNT &
CARD
SAVE MULTIY
CURRENCY
TRANSFER
& FX
PAYMENTS QR CODE
CUSTOMER X        
RETAILER  x x      
SUPPLIER         

10.
Main Screen Loyalty & Cash Back FX Transfers
10 App Demo

11.
11
Supply Chain Finance
Product Summary
SCF is Zvilo’s key offering to ‘anchor’ clients:
the local retailers (i.e. the buyers).
By anchoring around the retailer, we are able to access the entire value chain (the
retailer themselves, but also their suppliers and customers).
The product provides a win-win scenario for all
stakeholders.
We provide liquidity to retailers and suppliers by unlocking working capital
trapped in unpaid invoices, while providing more buying power (i.e. liquidity) to
their end customers through overdrafts and other microloan facilities.
All the while, it allows Zvilo to quickly scale its asset book
and generate sustainable returns.
SCF funding are short in tenor and can be continually reinvested, which helps
Zvilo grow its asset book rapidly. SCF gives Zvilo access to a multitude of new
suppliers each time a new buyer is onboarded as a client.
Zvilo
Through SCF, Zvilo makes a higher return from the same buyer
risk; by turning the same exposure from a term loan into a
Supply Chain Finance. Zvilo also benefits from accessing and
funding the suppliers (who trade with the retailer). Zvilo is able
to build a direct business relationship with them, while
benefiting from limited retailer corporate risk.
Retailers
Retailers are able to extend their payment
terms without subjecting their supplier base to
a longer wait. E.g. a retailer is able to delay 30
to 60 days, while at the same time provide its
supplier base the comfort of receiving
payment within 3 day from delivery.
As the supplier pays the cost of funding, the
retailer is saving money from what they would
have otherwise paid the funder if they had
borrowed the funds directly (via term loan).
Suppliers
Waiting time for invoice payment can
drop from a 30-90 day term down to just
3 days from delivery.
For SME suppliers who may not ordinarily
be able to readily access credit directly
from local banks, SCF provides them the
invaluable opportunity to unlock their
working capital and invest in the growth
of their business.

12.
12
Supply Chain Finance
Transaction Summary
SFC works in batches of invoices,
enabling quick payment with marginal
effort and cost.
The reliability over when the invoice
gets paid, is of utmost importance.
It builds trust and dependency
between suppliers and the buyer.
Retailer
Uploads confirmed invoices
(accounts payable) to
the Zvilo Platform.
Retailer
Pays Zvilo upon the
maturity of the invoices
(full amount).
Supplier
Receives a notification on their app,
prompting them to approve the invoices.
They now have the option to cash the
invoices at the click of a button.
Supplier
Zvilo pays the supplier
immediately upon request via
the app (less a discount fee).

13.
APP ACTIVATION AND USE
COMMUNICATION
Zvilo, in partnership with retailer, sends
SMS to retail customers with link to
download the App and instructions on
how to use.
RETAILER
Cashier informs customer on
Zvilo Card benefits and instructs
user how to install and use App.
APP ACTIVATION
1.Accept the terms and conditions
2.Enter the KYC info
3. Receive verification code
4. Insert PIN number
APP ACCESS
1. Access Loyalty Program
2.Access Digital Wallet
3. Receive Zvilo Card
OVERDRAFT /
MICRO LOANS
TRADITIONAL
MARKETING
Targeted traditional marketing campaign,
showcasing benefits and giving instructions on
installation and App use.
DIGITAL MARKETING
Targeted digital marketing campaign,
showcasing benefits and giving instructions
on installation and App use.
RECOMMENDATIONS
Customer referrals and incentives
13
User Generation

14.
LOCAL BANKS
14 Transfer Fees: Case Study- Germany to Kosovo
€955
Received in Kosovo
€965
received in Kosovo
€988
Received in Kosovo
€997
received in Kosovo
Below is an illustrative example of the cost saving Zvilo will provide on a €1,000 transfer from Germany to Kosovo. Similar fees are
representative of transfers from UK or any EEA countries into Kosovo, Albania, North Macedonia, Serbia, BiH and Montenegro.
Zvilo offers >
c.85% saving on
average
compared other
available
money transfer
channels
Intermediary bank
fee: €20.00
Intermediary bank
fee: €20.00
Intermediary bank
fee: N/A
Intermediary bank
fee: N/A
Zvilo fee:
€3.00
Sending bank
fee: N/A
TW fee:
€0.41
Sending bank fee
(Deutsche Bank):
€10.00
Receiving bank
fee: €15.00
Receiving bank
fee: €15.00
Receiving bank
fee: €0.00
Receiving agent
fee: €11.90
PAYMENT INSTITUTIONS
(E.G. WESTERN UNION)
TRANSFERWISE
€1,000 SENT FROM GERMANY €1,000 SENT FROM GERMANY
€35.41
Total
Fees
€45.00
Total
Fees
€1,000 SENT FROM GERMANY €1,000 SENT FROM GERMANY
€11.90
Total
Fees
€3.00
Total
Fees

15.
15 Use of Funds
Our initial fundraising plan will consist of two stages:
Stage 1 – £200k (Apr’21)
● Formalise our application for SCF licensing in Kosovo
● Execute the strategic partnership agreement with our
Kosovar partner retailer, enabling us to launch business
lending services
● Begin preparations for a second round of fundraising
Stage 2 - £1,300k (Oct’21)
The second round of fundraising will be used for the E-money
licensing, while we ramp up card launch preparations.
Between the launch of our business lending and E-money
license, we will also obtain our Mastercard license for the
Kosovo market. During this time, we also plan to formalise our
partnerships with:
● A Banking as a Service (“BaaS”) provider in the UK and EU.
● Other technology partners for issuing cards and current
accounts to the Kosovar community, and later to other
Balkan community who live and work in UK and EEA.
THE ASK
£200k
70%
Regulatory license
€150k regulatory capital for SCF + and
associated application fees. As soon as
licensing is granted, the regulatory capital
will be deployed into our pilot SCF program
and begin generating revenue.
EQUITY OFFERED
2.3%
PRE MONEY VALUATION*
£8.5m
20%
HR and Admin
Employee costs associated
with launch of pilot,
strategic management,
back-office activities, etc.
10%
Marketing & fundraising
Product & investor marketing

16.
16 Financials
Income Statement Year 1 Year 2 Year 3 Year 4 Year 5
SCF revenue € 24,864 € 888,335 € 2,139,725 € 3,944,142 € 7,021,160
Consumer banking interest revenue € 0 € 1,480,482 € 5,748,016 € 11,277,495 € 22,369,623
Money transfer revenue € 0 € 1,302,966 € 4,980,888 € 9,644,092 € 19,165,215
Interchange & other fees € 0 € 1,262,929 € 4,928,851 € 9,270,677 € 17,855,716
Total Revenues € 24,864 € 4,934,713 € 17,797,480 € 34,136,405 € 66,411,715
Interest expense € 0 € 467,708 € 1,575,000 € 5,490,000 € 9,740,000
Provision for credit losses € 1,601 € 371,814 € 1,355,314 € 2,673,323 € 5,167,306
Fee and commission expenses € 0 € 2,623,098 € 8,765,641 € 15,577,146 € 30,191,783
Net Revenues € 23,264 € 1,472,092 € 6,101,526 € 10,395,936 € 21,312,625
Administrative expenses € 198,150 € 579,720 € 889,720 € 1,797,220 € 1,842,220
Salary and contractor expenses € 634,155 € 1,443,004 € 1,728,334 € 2,183,664 € 2,869,654
EBITDA -€ 809,041 -€ 82,923 € 5,058,472 € 11,905,052 € 26,340,751
D&A € 3,321 € 8,000 € 15,929 € 23,857 € 37,357
EBIT -€ 812,362 -€ 90,923 € 5,042,543 € 11,881,195 € 26,303,394
Interest expense € 0 € 467,708 € 1,575,000 € 5,490,000 € 9,740,000
EBT -€ 812,362 -€ 558,632 € 3,467,543 € 6,391,195 € 16,563,394
Tax expense € 0 € 0 € 209,655 € 639,119 € 1,656,339
Net Income -€ 812,362 -€ 558,632 € 3,257,888 € 5,752,075 € 14,907,055
Zvilo aims to achieve growth and profitability simultaneously through
a novel approach of combining SCF and consumer banking…

17.
17 Financials
-
55
172
309
623
- 100 200 300 400 500 600 700
Year 1
Year 2
Year 3
Year 4
Year 5
No. of cards (thousands)
Number of active cards
€ 627 € 476 € -
€ 16,892
€ 6,143 € 9,905
€ 37,871
€ 12,626
€ 30,984
€ 69,718
€ 23,379
€ 55,597
€ 122,506
€ 38,728
€ 112,102
€ -
€ 20,000
€ 40,000
€ 60,000
€ 80,000
€ 100,000
€ 120,000
€ 140,000
SCF assets originated (disbursements) SCF assets outstanding Consumer loan assets outstanding
EUR'k
Lending asset portfolio
Year 1
Year 2
Year 3
Year 4
Year 5
SCF terms range between 30 to 90 days. Customer repayments are therefore constantly re-disbursed into new
invoices (see graph to the left). At year end, the outstanding balance of receivables is c.€39m.
The average overdraft balance is €180 with
an assumed repayment term of 12 months.
Although the SCF offering is proportionally the smallest revenue stream, it plays a pivotal
strategic role to enable promotion of digital banking to retail customers and suppliers.
100%
18%
12% 12% 11%
30%
32% 33% 34%
26% 28% 28% 29%
26% 28% 27% 27%
0%
20%
40%
60%
80%
100%
120%
Year 1 Year 2 Year 3 Year 4 Year 5
Revenue Mix
SCF revenue Consumer banking interest revenue
Money transfer revenue Interchange & other transaction revenue

18.
18 The Board
COO of Banking at C. Hoare &
Co Bank
Expertise: Banking, Challenger Banks, Cards
Experience: Tandem Bank, GE MoneyBank, Borneo Dream
Sdn BhD (Barclays),and BarclaycardInternational.
Ron Boddy
Head of Trade and Supply Chain
Finance at CDC Group
Expertise: Trade and Supply Chain Finance, Asset Based
Lending, SME Lending, Asset Management, Start-ups
Experience: CDC Group, Advance Global Capital, CFE Finance,
Raiffeisen Bank, Merrill Lynch (BAO), Sterling Bank
Admir Imami
Valuation Senior Executive at EY
Expertise: Valuations & Auditing
Experience: EY Audit Services, EY Asset Valuations.
Chartered Accountant
Shahem Samain

19.
19 London, UK Team
Admir Imami
Director & Co-Founder
CDC Group, Advance Global Capital, CFE Finance,
Raiffeisen Bank, Merrill Lynch (BAO), Sterling Bank
Shahem Samain
NED – CFO
EY Audit Services, EY Asset Valuations. Chartered
Accountant
Mohammad Dabbas
Chief of Staff
EY Strategy & Operations.
Qualified Project Manager & Change Management
Expert
Ceri Reed
Communication and PR Consultant
BCW Global, Cohn & Wolfe, Fever PR, Pretty Green,
Golin Harris, Edelman, Sony, Orange
Khalil Halwani
Branding Consultant
Hunter Boots, British GQ, Headlines, Creative Review, Tank
Magazine, L’Officel Levant
Drilon Ferati
NED – CTO
ABN AMRO Bank, Sogeti Nederland
Alejandro Garcia – Monterde
CRO
RAKBANK,EmiratesIslamic,Deloitte, Zeb Consulting and
Bearing Point, Raiffeisen Bank, Blackwraith Capital
Njomza Qerimi
Corp Secretary
Alzheimer’s Society, Care International UK, USAID,
ASPEKT

20.
20 Pristina, Kosovo Team
Executive Director &
Co-Founder
AGC Factors, Advance Global Capital,
CFE Finance
Ahmet Morina
Head of Operations
AGC Faktor, MFI’s Association in
Kosovo, World Health Organization,
Procredit Bank.
Edona Xhambazi
Accounting Manager
AI Global Advisors, AGC Factors, Kosovo
Tax Authority, Certified Accountant.
Elona Osmani
Sr Developer Consultant
Apex, EU Election Observation Mission, epay Tech,
Advance Global Capital, Banka Ekonomike
Marketing & Design
PollenBee, DON Primus, SM Design, Pulse
Aleksandar Ichkov
Besnik Belegu

21.
21 Advisors
Global Head of Retail Lending at
ING Bank
Expertise: Retail Banking and Lending
Experience: Raiffeisen Bank International, GMAC-RFC
Tarik Tawfik
CAO at HSBC
COO & Digital Transformation
Expertise: Banking, Insurance
Experience: Barclays, Citi Bank
.
Senior Director at Visa
Expertise: Cards, Payments
Experience: Barclayscards, Citi Cards, Citi Bank
Ami Patel
Senior Client Partner at
Chaberton Partners
Expertise:Recruitment
Experience:ACTOR,Rising TideEurope, TradeLab,
Transearch and Signium International.
Paola Maria Caburlotto
Lorena Russell
CEO Green Pen Associates
Expertise: Treasury, Financial Control & Audit
Experience: Bank of New York Mellon, Deutsche Bank,
Bank of America Merrill Lynch & Company and KPMG
Stephen Alexis

22.
contact@zvilo.com
115 Mare St, Hackney, London, E8 4RU
www.zvilo.com
First Challenger Bank in the Balkans and for the Balkans in Western Europe