A New Monolith: MFS' micro-finance subsidiary rebrands

 

 

Local private equity firm, MFS Capital Partners (MFS CAP), has announced that its subsidiary, Micro-Financing Solutions (MFS) Limited, has rebranded and will now operate as Monolith Financial Services (MFS) Limited.

Monolith Financial Services (MFS) Limited is a Kingston-based company that began operations in 2010 as a microlender. Since then, while it no longer offers microloans, the company has expanded its operations into other areas of finance, including FX trading, remittances, bill payment services, and private credit.

Monolith has also gone on to take equity positions in several other entities. The company currently operates from 3 locations in Kingston.

The microlender is a subsidiary of MFS Capital Partners which was  formerly known as SSL Ventures prior to a change of ownership. This company is private equity firm specialising in investments within the financial services and real estate sectors.

MFS’ first acquisition was  Micro-Finance Solutions Limited, now Monolith. MFS Capital completed the 100 per cent purchase of MFS Limited on March 29, 2024,  for $500 million.

The purchase grew MFS Capital’s total assets from $65 million to $864 million, and its book value from negative equity of $2.4 million to a positive $255 million at the time.

In its announcement on January 20, MFS stated, “This name change aligns with the company’s evolution and its current strategic focus on providing a diverse suite of financial solutions to meet the needs of a broad client base.

“Having begun operations in 2010, Monolith Financial Services has transitioned from its initial offerings of micro-loans to a comprehensive range of financial services, comprising FX trading, remittances, bill payment services, and private credit from its three locations across Kingston.”

 Monolith’s  CEO Tamar Webley said, "The name Monolith Financial Services more accurately reflects who we are today and our vision for the future. While micro-loans played a significant role in our early years, our focus has shifted to providing diverse and robust financial services that empower individuals and businesses alike."

The company aims to  build out its own portfolio of subsidiaries. Webley added, "This repositioning underscores our strategic commitment to delivering impactful financial solutions to our clients.”

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