Business

Stake in CARILEND Caribbean sold

The first peer to peer lending company in the Caribbean, CARILEND has announced the sale of a 40 percent stake in the business.

Victoria Mutual Investments Limited of Jamaica has taken a thirty percent share, while a further minority stake was acquired by Kailash Pardasani, the Barbados based, and successful serial entrepreneur.

CARILEND is the first of its kind in the region, providing a fully integrated end-to-end online lending experience via its state-of-the-art electronic exchange platform. Its first success was the introduction of a peer to peer lending service in Barbados.

Peer to peer lending is a billion-dollar industry in the UK, US and Canada which was successfully introduced to Barbados in 2017.

It connects people who have money to lend, with people who want to borrow money in a secure online marketplace.

In its first two years of operation in Barbados, CARILEND approved over twelve hundred loans worth more than nineteen million dollars for Barbadian consumers.

It is currently paying its lenders average returns of 8.15 percent on loans in their portfolios.


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