Fintech start-up Esther Finance Limited has secured $22.5 million in private equity through two early stage financing deals following its launch in August this year.

The company recently launched its peer-to-peer lending platform, Eve, and plans to invest proceeds from the new injection of capital into building out the technology as it prepares for two local acquisitions, according to Esther Finance CEO Javette Nixon.

“We are focused on building a strong peer-to-peer lending platform. That’s our focus. We have planned two acquisitions that will go directly into making customers better able to do peer-to-peer lending, but these acquisitions are strategic to the peer-to-peer lending process, and we will most likely raise additional capital to complete the larger of those acquisitions,” he told the Jamaica Observer, adding that a small portion has been allocated for marketing expenses.

At present, Esther Finance is in talks with the two companies, which, when acquired, will add impetus to the company’s growth strategy. With this in mind, Nixon identified the Bank of Jamaica’s digital currency project as an important piece of the company’s long-term plans for growth and acceleration of its peer-to-peer model.

When asked to clarify, the CEO explained that the company will be looking to develop a digital wallet “as soon as a framework for the application is outlined”. Following this, he said, Esther Finance will immediately apply for approval as a digital wallet provider.

“The Government’s recently launched digital currency represents an amazing opportunity for our technology. We are patient builders and we believe that a lot of value will come from future use of this technology,” Nixon emphasised.

With regard to the private equity investment, Esther Finance secured the funds from two investors — a local capital management firm and Dr Muhs, who previously invested funds in Nixon’s other company, Vein Centers of Jamaica.

Though the CEO declined to disclose how much both parties invested, he added that one investor can still exercise the option of investing up to US$100,000 more in the company.

The proceeds from the private equity deals brings Esther Finance’s valuation to US$2.5 million, the company stated.