New Dolla Financial subsidiary targets high net-worth borrowers Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Microlending outfit Dolla Financial Services Limited (DFS) has obtained approval for its wholly-owned subsidiary, Ultra Financier Limited (UFL) and will be opening the doors to its targeted high-net-worth clients on November 1.

UFL will provide asset-based lending to high-net-worth individuals, Dolla said via a post on the Jamaica Stock Exchange’s website (JSE). Dolla believes catering to high-net-worth individuals will expand the company’s portfolio.

Dolla signalled its intention to tap this niche in June this year.

The new entity will be located in Barbican, Kingston and headed by the former Head of Business at Porsche Jamaica, David Henriques.

“Obviously, he knows and understands that clientele. He will be held to the mandate of building the business and the relationships with these high-net-worth individuals,” Dolla Financial CEO Kadeen Mairs told Loop News.

He said UFL will offer “a sense of privacy, urgency and confidentiality,” to its clientele.

“Individuals can go online, upload a picture of whatever asset they want to use as collateral, get a quote from us and [then] what we will do is physically hold on to the asset until the loan is repaid,” Mairs explained.

The focus will be on non-traditional, unorthodox assets that will be authenticated and insured. UFL also has business relationships with entities that will allow for the safekeeping of these assets, he said.

“If it is an antique car, we have arrangements with storage houses,” the CEO said.

DFS is also looking to cement its entry into St Lucia, Barbados and the Bahamas, having already opened a branch in Guyana.

“We are at the due diligence stage where lawyers are giving us the feedback on the regulatory frameworks [in these countries],” he said.

As for its recently touted attempt to acquire its competitor, Access Financials Limited, Mairs said the intention is not off the table and that the company is also looking at other acquisition prospects.

“We are still looking at any opportunity that might come up…they are not the only ones that might be for sale. We are in negotiations with other companies now so as soon as those are tied down, we will announce them,” he said.