WiPay, Caribbean’s largest digital payments company, has sold a five percent equity stake in its Jamaican subsidiary to a recently formed investment company “Roots Financial”, founded by Kevin Donaldson.
Last week, WiPay chose to sell to Roots Financial from the list of seven potential Jamaican investment companies because of an alignment of their visions to end the exclusion of the unbanked and underbanked in the Caribbean.
The CEO and Founder of WiPay, Aldwyn Wayne said, ‘’We have received a great deal of investment and partnership interest since our soft rollout of WiPay Jamaica in January. That interest heightened in March, when we rolled out our version one of our curfew platform called ENDS (E-commerce National Delivery System) and again in April when we launched Project 1000, which created a Guinness World Record for developing 1,000 websites for small and medium sized Jamaican businesses in one day.”
Wayne disclosed that Donaldson flew to Trinidad in 2018 to discuss WiPay and the possibilities and partnering or even acquiring the company. He added that “Roots Financial is headed by one of the leading investment minds in Jamaica and the value we will get from the partnership is worth way more to WiPay than the equity investment. Also Donaldson believed in the WiPay vision when it was less than one year old”.
In an interview with the Sunday Express, Donaldson said,
“Roots Financial will serve as WiPay’s advisor to help the company grow throughout the region. I will serve as a director on the board of WiPay Jamaica and will also be his partner in whatever he will be doing across the region. We are also looking to improve WiPay’s offerings, so that whenever you get a WiPay account, you do not need to go to anybody else. You would be able to transact all your financial business through that platform, which we think would lead to the democratization of wealth in the region by giving people more opportunities to build their own businesses.”