Technology : Institutional Direct Lending

Carilend Institutional Balance Sheet Lending

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Madiston plc provides Carilend, the first Peer to Peer Lending firm in the Caribbean, with the technology to support all its lending operations.
Following the success of its first 2 years in business, Carilend attracted the attention of Victoria Mutual Investments Limited (VMI) who, in September 2019, invested in the Barbados-based FinTech company.

Mark Young, CEO, Carilend

The Need

Before the investment was received from Victoria Mutual, Carilend had operated solely as a Peer to Peer Lender, where loans were funded by individuals looking for a better return on their money. With the new Victoria Mutual relationship, Carilend was able to use institutional funds from VMI to increase their lending pot. This required Carilend’s technology to manage institutional balance sheet lending as well as retail investors.

The Solution

The Madiston Platform had been designed from the outset to be as flexible as possible in adding new lending models and already had within it many features like “profiles” which enable a variety of user types, e.g. person, sole trader, company, high net worth individual, charity, etc. and processes accordingly. The Madiston team expanded those features, broadening the opportunity for different lending Funds to be used so multiple institutional allocations could be managed as separate Funds but work alongside the retail investors as required.

Settings, used extensively within the Madiston Platform to give granular control without the need for constant re-coding, enabled these Funds to be set up in accordance with local regulation, risk and reward parameters.

The use of different profiles enabled each user to login and be guided through the lending and/or borrowing processes based on their type, authorisations and associations within the system. For example, the Victoria Mutual eLoan was created for borrowers in Jamaica, powered by Carilend, working on The Madiston Platform. Access to these loans, is controlled by the login profile and other settings, open only to those who qualify.

Mark Young, CEO of Carilend, commented on Madiston’s software: “Victoria Mutual recognised the strength of our lending technology provided by Madiston. When we looked to extend the functionality to enable Balance Sheet Lending and Victoria Mutual specific products, Madiston again showed the strength of their development team, responding quickly, as ever, to our requests and delivering the result we needed.”

In 2022, in partnership with Massy Finance, Carilend expanded again, this time into Trinidad & Tobago where they are also using Madiston’s Platform for all their lending.

Balance Sheet Lending Technology
in The Madiston Platform

Tim Simon, CEO of Madiston: “The Madiston Platform offers comprehensive digital lending highly automated technology with time and cost saving methodologies, to enable new functionality to be added quickly. Firms like Carilend and VM Group and Massy Finance benefit from this because, having decided on their plan, they wanted to get on with launching their new balance sheet lending products and geographic territories. The Madiston Platform is the enabling technology.

Mark Young, CEO, Carilend

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