Micro-finance company Dolla Financial Services has raised over $1 billion in a new round of funding in order to further accelerate the company’s overall business.
This latest bond offer comes approximately 6 months after the company went on the JSE. It’s a signal that the company is not resting on its laurels and instead expanding operations and taking advantage of key strategic opportunities.
Dolla’s CEO, Kadeen Mairs, stated at the recent listing ceremony the reasons for such a move, “Our balance sheet was healthy, so we said to Victoria Mutual Wealth Management, ‘We want to raise J$1 billion’. As our financial advisors, they undoubtedly reminded us of the current financial climate and how tough that would be.
We opened the bond on September 1, 2022, exercised the right to upsize on October 5, and closed on October 18, after we successfully raised J$1.17 billion. Now Dolla has the money to expand to The Bahamas, and to the Eastern Caribbean. We have been capitalized to fund Ultra Financier Limited, our asset-based lender, and are still able to reserve capital for acquisition opportunities.”, He said.
This is a great look for Dolla who is looking to capitalize on the different opportunities available for JSE companies to raise capital. At the pace that they are going, analysts are predicting that the opportunity for Dolla to be listed on the main market is just around the corner.
