Business Barbados

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 in 2017. Peer to Peer Lending is a billion- dollar industry in the UK, US and Canada, and now a multimillion- dollar business in the Caribbean. Peer to Peer Lending connects people who have money to lend with people who want to borrow money in a secure online marketplace. In this way, it brings Lenders’ money, currently sitting idly in financial institutions, back into circulation via the Borrowers spending those funds and thereby stimulating growth in the economy. Carilend was founded in 2015 by two seasoned executives, Mark Linehan and Mark Young. Young, the CEO of the business, has a 25-year track record as a regional senior executive with Barclays and CIBC in the Caribbean. Since inception, Carilend has approved over B$20,000,000 in loans for over 1300 Barbadian consumers and has already seen over B$6,500,000 in successful repayments from their clients. Over 400 Barbadian Lenders have invested over B$15,000,000 in loans via Carilend. Investors come from all walks of life and invest in various amounts ranging from B$2,500 to over B$900,000, and they are currently earning 8.17% on the outstanding loans. Carilend recently announced that Victoria Mutual Investments Limited and Kailash Pardasani have acquired stakes in the business. A 30% stake was acquired by Victoria Mutual Investments Limited (VMIL) of Jamaica. VMIL is an 80% owned subsidiary of the Victoria Mutual Building Society (VMBS), the largest building society in Jamaica. VMBS has been operating for over 140 years in Jamaica and has over 300,000 Jamaican clients. A further minority stake was acquired by Kailash Pardasani, the Barbados based, successful serial entrepreneur. The partnership between VMIL and Carilend draws on the similarities of the Peer to Peer Lending concept of Lenders and Borrowers helping each other and the mutual society model of members helping members. It represents the perfect match of a new agile fintech with a storied financial institution that has a clear vision for the future. These transactions are in preparation for the expansion of Carilend’s business to Jamaica and Trinidad in the near future. 58 / C Carilend BUSINESS BARBADOS PROFILE Mark Young, CEO & Co-Founder, Carilend