Axcel and Term Finance partner for digital lending

In an effort to expand online lending, Term Finance and Axcel Finance have entered into a novel arrangement to enhance customer-service offerings.

Under the agreement, Term Finance has taken over certain loan portfolio assets of Axcel Finance. This will expand Axcel Finance’s customer service to encompass online lending, which will reduce costs and accelerate approval to the benefit of the public.

A press release from Axcel Finance said since 2011 it has disbursed over US$85 million in loans to more than 28,000 customers. It also recognised Term Finance as having revolutionised digital lending across the region.

The release said this partnership combines Axcel Finance’s strong regional presence with Term Finance’s cutting-edge online platform to offer customers a faster, more attractive borrowing experience.

Chairman of Axcel Finance Samuel Rosenberg said, “Since entering the microfinance sector over ten 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.”

Term Finance CEO Oliver Sabga 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 tech-stack and operational efficiencies.

"This deal expands Term Finance’s reach to serve new segments of the consumer and SME credit market in Antigua, Barbados, St Lucia and Grenada.”