Delta Captial Group (Delta) will be taking over the credit card portion of Massy Barbados Limited. This deal has been in the works for some time and things are going in the right direction, especially given the fact that the deal received regulatory approval in September.
This deal was officially announced on October 5 at the Fintech Islands conference in Barbados.
Massy Barbados Ltd is a Barbados grassroot company which has been operating for approximately a century. It is a huge deal for Delta which is just two years old. Delta Capital was created by film producer Zachary Harding, who sits as executive chairman and is the majority shareholder in the company.
There are other notable names within the firm such as Ivan Carter, former CFO of Sagicor Jamaica who is now Delta Group CEO, and Anthony Dunn, who serves as Delta Group Chief Investment Officer.
A deal of this nature will Delta to get a current customer base of 30,000 Massy credit cards issued in Barbados with also a brand name behind it that took decades to create.
Harding states that a significant reason for such a purpose is to push Massy cards to the MasterCard platform and rebrand as DeltaPaay.
This can allow DeltaPaay customers who are initially Massy customers to access global financial services. This will further integrate with healthcare services via its telehealth platform, Delta Health, and wellness.
Harding is very optimistic about the prospects for such a deal, “For Caribbean finance, this is comparable to the shift from hand-delivered mail to email. DeltaPaay will enable a wider bracket of Caribbean people, including the unbanked, to take part in the modern digital economy, including paying for goods and services online. Most importantly, our people will have access to pay for online healthcare services through Delta’s telemedicine platform, even if they do not have a bank account.” He stated.
Overall, it’s an interesting acquisition, given that Delta Capital Group is just getting things started, it will be interesting to see how this company develops and morphs over time.
