Massy Finance has partnered with Carilend, a leading fintech company based in Barbados, to offer 100% online personal loans up to USD 50,000 in the local market.
This is the company’s first foray into the fintech space and a significant expansion of the bank’s horizons under new chief executive Duane Hinkson.
The new online loan, known as InstaLoan, is an unsecured personal loan that promises a one-day turnaround on approvals and does not require borrowers to post collateral.
Additionally, as part of the loan terms, customers can avail loans between $5,000 and $50,000 with repayment terms of one to five years.
According to Hinkson, InstaLoan is an ideal option for borrowers looking for a quick, easy, and secure way to apply for credit to deal with expenses such as credit card debt, home renovations, auto repairs, and more. unforeseen emergencies – without the back and forth. associated with traditional brick-and-mortar lending.
Yet before InstaLoan, Massy Finance could have easily fit that description itself, with much of its other lending business built around the same paper-based loan origination practices you’d find at other banks.
Today, the economic model is changing. Leveraging proprietary technology from Carilend, the company is banking its future on becoming a digital bank. For Hinkson, who took the helm in August 2021, it’s all part of a broader strategy to improve customer experience and gain market share from big incumbents.
“We see this partnership as an opportunity to provide financing to more people while moving the bank towards digital maturity, so we’re particularly interested in customers who rely on their phones to do everything,” Hinkson said.
“InstaLoan would be a great option for this group.”
Mark Young, Managing Director of Carilend, believes now may be the right time to move to online lending, especially given the covid19 pandemic.
“After covid, the emerging picture is clearly one where people want to do everything online. Borrowing is no exception, so it’s the industry as a whole that needs to respond, and that’s what Carilend and Massy Finance are doing. Fast, easy and convenient is our business model,” Young said.
He has at least one other reason to be optimistic; This isn’t Carilend’s first rodeo.
In 2017, the fintech startup launched the first peer-to-peer lending service in Barbados. Three years later, they partnered with the VM Group in Jamaica to provide quick and easy online loans to Jamaicans. Realizing the potential of Carilend, VM Group took a 30% stake in the company in 2019 through its listed investment banking subsidiary VM Investments. The agreement also made Carilend an associated company of the VM group.
Together, the Carilend platform facilitated approximately $50 million in loans during the period. Now they are bringing the technology to consumers in Trinidad and Tobago with the powerful backing of Massy Finance.
Under the deal, which was finalized in May, Massy Finance and Carilend will leverage a mix of technologies and data inputs to reach more borrowers online. Young said Carilend has already opened a local office in anticipation of increased demand for InstaLoan, which borrowers can request at instaloan.massyfinance.com.
The official launch is scheduled for Thursday July 14 at the BRIX hotel.