Term Finance, a leading digital lender in the Caribbean, has entered into a novel arrangement with Axcel Finance, a top consumer credit provider operating in Barbados, Antigua, St. Lucia, and Grenada. Under the new operating model, Term Finance has taken over certain loan portfolio assets of Axcel Finance. 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, Axcel Finance has disbursed over $85 million USD in loans to more than 28,000 customers, while Term Finance has revolutionized digital lending across multiple Caribbean markets. This creative 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.
“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,” said Samuel Rosenberg, Chairman of Axcel Finance.
Oliver Sabga, CEO of Term Finance, said, “We are excited to engage with Axcel customers and welcome them to the Term Finance family. Axcel will continue to operate independent to our other franchises but will certainly benefit from our technology and operational efficiencies. This deal expands Term Finance’s reach to serve new segments of the consumer and SME credit market in Antigua, Barbados, Saint Lucia and Grenada.”