Term Fi­nance, a dig­i­tal lender in the Caribbean, has en­tered in­to a nov­el arrange­ment with Ax­cel Fi­nance, a con­sumer cred­it provider op­er­at­ing in Bar­ba­dos, An­tigua, St. Lu­cia, and Grena­da.  

Un­der the new op­er­at­ing mod­el, Term Fi­nance has tak­en over cer­tain loan as­sets of Ax­cel Fi­nance.  

In a state­ment yes­ter­day, Term Fi­nance said the trans­ac­tion will ex­pand Ax­cel Fi­nance’s per­son­al cus­tomer ser­vice of­fer­ings to en­com­pass on­line lend­ing ca­pa­bil­i­ties, which will re­duce costs and ac­cel­er­ate ap­proval to the ben­e­fit of the pub­lic.  

Since 2011, it said Ax­cel Fi­nance has dis­bursed over US$85 mil­lion in loans to more than 28,000 cus­tomers, while Term Fi­nance has rev­o­lu­tionised dig­i­tal lend­ing across mul­ti­ple Caribbean mar­kets.  

The fi­nan­cial com­pa­ny said this ven­ture com­bines Ax­cel Fi­nance’s strong re­gion­al pres­ence with Term Fi­nance’s cut­ting-edge on­line plat­form to of­fer cus­tomers a faster, more at­trac­tive bor­row­ing ex­pe­ri­ence.

Com­ment­ing on the move, Samuel Rosen­berg, chair­man of Ax­cel Fi­nance said: “Since en­ter­ing the mi­cro­fi­nance sec­tor over 10 years ago, it is pleas­ing to wit­ness the growth of the mar­ket. Most re­ward­ing is the num­ber of en­tre­pre­neurs and fam­i­lies whose as­pi­ra­tions be­came a re­al­i­ty through our unique of­fer­ings. We look for­ward to the new syn­er­gies with Term Fi­nance which will in­tro­duce in­no­v­a­tive on­line ca­pa­bil­i­ties for the ben­e­fit of the clients.  

Al­so speak­ing about this move was Oliv­er Sab­ga, CEO of Term Fi­nance, who said: “We are ex­cit­ed to en­gage with Ax­cel cus­tomers and wel­come them to the Term Fi­nance fam­i­ly. Ax­cel will con­tin­ue to op­er­ate in­de­pen­dent­ly of our oth­er fran­chis­es but will cer­tain­ly ben­e­fit from our tech stack and op­er­a­tional ef­fi­cien­cies. This deal ex­pands Term Fi­nance’s reach to serve new seg­ments of the con­sumer and SME cred­it mar­ket in An­tigua, Bar­ba­dos, St. Lu­cia, and Grena­da.”

In Sep­tem­ber 2024, Term Fi­nance (Grena­da) ob­tained reg­u­la­to­ry clear­ance to ac­quire the as­sets and lend­ing op­er­a­tions of My Fi­nance Grena­da (Ltd), which is called My­FI.

My­Fi is the largest lender to mi­cro, small, and medi­um-size (MSMEs) busi­ness­es in Grena­da. Since it was li­censed to op­er­ate six years ago, My­Fi has dis­bursed over EC$15 mil­lion in loans to MSMEs, over 80 per cent of which are as­set-backed.