23 August 2018
Carey Olsen advises Lendable on latest Kenyan securitisation
Carey Olsen's corporate team in the Cayman Islands has represented Lendable Inc, a tech-enabled finance platform, on its latest auto loan securitisation with Watu Credit, a Mombasa-based lender.
Lendable is mainstreaming off-balance sheet financing for alternative lenders whose customer base is small and micro businesses. Lendable’s risk engine, Maestro, digests and analyses individual monthly repayment data and alternative lender financials. It produces credit data and loan repayment forecasts that can meet the needs of global commercial lenders.
The transaction will enable Watu to grow its capacity across Kenya to finance the purchase of more 'boda bodas' (motorcycle taxis) on credit by more individuals. This latest transaction represents the ninth receivables financing deal done by Lendable in Kenya with Watu.
The Carey Olsen team was led by partner Nick Bullmore and included counsel Dylan Wiltermuth.
Mr Bullmore said: "Carey Olsen is delighted to have played a role in bringing this deal to fruition. We regard it as a perfect example of the fantastic solution offered by technology-enabled structured financing available to alternative lenders in emerging markets, particularly those who work with SME and micro businesses."