Jamaican insurer and Bajan entrepreneur buy 40% of Carilend
Carilend Caribbean Holdings Ltd. has announced that Victoria Mutual Investments Ltd. of Jamaica and Barbadian entrepreneur Kailash Pardasani have acquired separate stakes in the business.
A 30% stake was acquired by Victoria Mutual (VMIL), which is a subsidiary of the Victoria Mutual Building Society, the largest building society in Jamaica. A 10% stake was acquired by Kailash Pardasani, the founder and CEO of Promotech Business Solutions and an investor in the Barbados Tridents cricket team.
Carilend introduced Peer to Peer Lending in Barbados in 2017. Peer to Peer Lending connects people who have money to lend with people who want to borrow money in a secure online marketplace.
Co-founder Mark Young said the partnership between Victoria Mutual Investments and Carilend was the first step in expanding Carilend’s fintech capabilities across the region, adding the company would launch its fintech platform in Jamaica later this year and expand further in the Caribbean in 2020.
In its first two years of operation in Barbados, Carilend said it had approved over 1,200 loans for over Bds$19 million for Barbadian consumers. It is currently paying its Lenders average returns of 8.15% on loans in their portfolios, which range in size from Bds$2,500 to over Bds$900,000.
Photo caption: (From left) Peter Reid, senior vice-president and COO, Victoria Mutual; Kailash Pardasani, CEO, Promotech: and Cariend's Mark Young.
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