Madiston’s lending technology used in Carilend expansion
Caribbean-based peer-to-peer lending platform Carilend has chosen to use Madiston’s lending technology to fuel its expansion across the region.
Carilend is set to launch into a third country, Trinidad & Tobago. It is already operational in Barbados and Jamaica. The Trinidad & Tobago expansion will see the platform’s Instaloan product rolled out across the islands in partnership with Massy Finance.
“We have worked with Madiston for over six years now and they have provided the digital lending technology on which the whole Carilend Group operates, from customer onboarding through loan servicing,” said Mark Young, chief executive of Carilend.
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“It is a robust and highly flexible platform which has enabled us to keep our operational costs down, add new products as we grew and expand geographically. Madiston’s customer service is frankly second to none.”
Carilend began online lending in Barbados in 2017. In the absence of local regulation, Carilend chose to partner with Madiston’s Financial Conduct Authority regulated platform. The two platforms have continued to work together since then, updating the technology to suit Carilend’s new markets.
To date, Carilend has managed more than $50m in loans.
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“We always set out to be more than a technology provider, we wanted to help Carilend deliver their ambitious plans at each step of the way,” said Tim Simon, chief executive of Madiston.
“Their digital lending growth on our technology enabled them to attract key strategic partners like the VM Group and Massy Finance, which is testimony to their achievements to date.
“We look forward to continuing to support Carilend, wherever their expansion plans go next.”
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