Madiston plc's marketplace lending software platform has been deployed by Carilend Ltd, the first Peer to Peer Lending (P2PL) business to launch in the Caribbean region.
With billions sitting idle in commercial banks across the Caribbean, Carilend will enable investors to earn higher returns, and borrowers to access credit more conveniently, thereby fuelling economic growth in the region. Initially Carilend is offering unsecured personal loans to creditworthy borrowers, with funds sourced from lenders looking for a better return on their investments.
The Madiston Platform was chosen because it is a configurable, global, digital lending platform which supports Carilend's whole P2PL process from loan origination and investment, through loan servicing and secondary market sales.
Mark Young, Carilend's CEO commented: "In selecting Madiston over other providers we felt they could deliver the Peer to Peer Lending functionality we needed to launch our platform. I am delighted to say Madiston has delivered a robust solution that has enabled us to bring new investing and borrowing options to consumers in the Caribbean. Madiston has a very flexible system and it is good to see it working well for Carilend."
Madiston's CEO, Tim Simon, added "Our technology is designed to enable businesses to implement their own required business model and add new flavours of online direct lending as they need it - loans for individuals, businesses, secured or unsecured and property lending. We can offer UK and international businesses greater reach too with multi-currency and multi-lingual features. The Caribbean is another growth area for Peer to Peer Lending and we look forward to helping Carilend progress throughout the region."
For Carilend, the Madiston Platform is deployed with Carilend's proprietary origination scorecard and business rules via Madiston's Risk Analysis Decision Engine, RADE. The Platform was integrated by Madiston and Carilend with the local payment and banking systems, state of the art ID and KYC verification tools and local credit referencing bureaux. The Carilend system has multi-currency and multi-country facilities to enable expansion under their exclusive license from Madiston across the Caribbean.