Term Finance (St. Lucia) Limited has obtained regulatory clearance to proceed with the acquisition of FastCash (St. Lucia) Limited.
FastCash (St. Lucia) Limited is a subsidiary of the FastCash Group (www.FastCashCaribbean.com), which has grown to become one of the largest unsecured consumer lenders in the Eastern Caribbean. Through its nine operating markets, it has disbursed approximately US$300MM in loans to over 100,000 customers since its inception almost two decades ago.
Existing FastCash customers would immediately benefit from access to Term Finance’s web-based suite of services (www.termfinance.com), including more flexible loan terms, attractive rates and an enhanced, fully digitized, customer experience.
This deal paves the way for Term Finance to expand its reach and technology solutions throughout the Eastern Caribbean. The combined entity will be positioned as one of the largest and most diversified unsecured consumer lenders in the Caribbean Region.
“I am very excited to bring these two businesses together. FastCash customers are about to receive an enhanced digital customer experience in addition to a suite of lending solutions designed to work for them,” said Term Finance Country Manager Jaden Charles.
Term Finance’s advisors are McNamara & Co., M. Hamel-Smith & Co. and Ernst &Young.