software

Caribbean Carilend’s Choice of P2P Lending Software

wiseclerk

Carilend is a Caribbean p2p lending platform operating in Barbados, Jamaica and Trinidad. Carilend kicked-off their online lending in Barbados in 2017. In 2019, Carilend expanded into Jamaica, partnering with the VM Group and now adds Trinidad & Tobago alongside Massy Finance.  Carilend utilizes Madiston software to run the p2p lending platform.  The supplier stresses that this has been achieved on a single instance of Madiston’s lending technology with different currencies, different banking arrangements, different processes, all managed separately but operating within one platform.  Each country offers different lending products too, from institutional lending, peer to peer lending, Buy Now Pay Later loans to salary deducted loans.

The company claims that due to automation they have managed some 50 million USD loans with minimum staff,  and many of those were peer to peer loans which each have hundreds of micro-transactions to process. 

Mark Young, CEO of Carilend is quoted: ‘We have worked with Madiston for over six years now and they have provided the digital lending technology on which the whole Carilend Group operates, from customer onboarding through loan servicing.  It is a robust and highly flexible platform which has enabled us to keep our operational costs down, add new products as we grew and expand geographically.  ….  As we take our digital lending service into our third country, Trinidad & Tobago, launching the Instaloan in partnership with Massy Finance, we continue to use the reliable and innovative Madiston technology as our platform. …‘

carilend p2p
Screenshot from Carilend website

P2P Lending Technology – Make or Buy

wiseclerk 32 Comments

The core ingredient a new P2P Lending company needs is a platform to operate on. The importance of the quality of the software used for the success of the business is high. Not only does interaction with the customer nearly exclusively take place via the interface the website offers, but ideally most processes that are to be conducted are built into the software.

Examples for these are interfaces to external suppliers of credit ratings, accounting functionalities and interaction with necessary bank accounts, possibly document input and handling functions (e.g. income verification).

Unlike other web 2.0 startups p2p lending companies cannot launch on a rudimentally developed platform and eliminate bugs and improve functions on the fly in beta. Customer expectations regarding security, correctness and reporting functionalities are rightly high when it comes to handling their money. The expectations of the users are set by the trustworthiness of online banking services.
Another factor is – depending on market – the regulation authority that might require proof for the reliability of the platform/processes

The management team has the choice between:

  • Developing the software inhouse
  • Hiring an external contractor to program the platform according to specifications made
  • Buying a tested and proven source code and use that as start for future development
  • Outsource the task to a whitelabel provider who provides the technical platform and future release improvements

Developing the software inhouse

The advantage is that the software can very specifically reflect the ideas and needs of the company’s founders. The disadvantage is the high risk to miscalculate time or budget needed.

Costs when starting from scratch are high. It has taken the p2p lending companies on average a year to develop their platforms. The SEC filings of US p2p lending companies reveal figures on software development costs.

Furthermore quality and performance issues might be underestimated requiring rework. Continue reading →

Spanish Lubbus Announces Deployment of its P2P Lending Software in More Countries

wiseclerk

In yesterday’s newsletter Spanish p2p Lending service Lubbus (see earlier coverage) has announced that it succeeded in deploying it’s platform to 5 additional countries.

Nuestra apuesta por los préstamos sociales persona a persona (P2P) ha ampliado fronteras. lubbus mantiene contactos tanto en España como en otros Países (actualmente cinco) para implementar nuestra Plataforma y nuestra Filosofía en dichos Países. Como siempre hemos hecho, nos basamos en tus opiniones, sugerencias, recomendaciones, etc para avanzar.

No further details were available.

For Sale: P2P lending technology

P2Ptechforsale

Editor's note: This is a paid story (ad), written by a third party which I have agreed to publish, since I believe it fits the interests of the readership of this blog. I am not involved in the sale.

Company looks to sell all rights to its proprietary P2P lending technology. The company has been quietly in development for the past year, though has now decided to halt launch plans for undisclosed reasons.

The company has developed a complete P2P lending web application that will provide any aspiring P2P company with technology to support rapid deployment in any geographical market. It is based on the popular auction-style bidding format for lenders. The front end is fully branded, and sale can be made to include branding, or packaged as a white-labeled solution.

Terms of sale can be negotiated to include customization, enhancements, and project management / consulting.

This is an extremely rare opportunity to acquire the world's only out-of-the-box P2P lending system allowing the purchaser to enter the red-hot Person-to-Person Lending space.

All enquiries should be directed through the website at:
www.p2ptechforsale.com

Technical specifications, terms of sale, and all other questions will gladly be discussed under terms of a standard Non-Disclosure Agreement.

Serious enquiries only, please.