Bahamas’ first equity crowdfunding platform to launch in three months

ArawakX is poised to be the first equity crowdfunding platform in The Bahamas, after more than 250 companies and more than 460 investors expressed interest in using the platform and as the Securities Commission of The Bahamas (SCB) completes the company’s final approvals.

ArawakX noted in a press statement that it carried out a “massive” public education campaign, starting in 2019, to garner interest in the crowdfunding platform.

The company’s Chief Technology Officer D’Arcy Rahming Jr. said in the statement that it has met all the conditions required by the SCB in order to begin operating, but said approval for the marketplace and clearing facility license has been an onerous process.

“This has been a labor of love, a very expensive and lengthy process,” said Rahming Jr.

“We know that thousands of people will be impacted positively by our ArawakX platform.

“We have full operational capabilities with world-class technology providers and world-class Bahamians running it.”

According to the 

statement, equity crowdfunding will allow small and medium-sized enterprises to raise capital for growth. The company expects to launch in three months and eventually allow Bahamians to invest in the companies on its platform for as little as $25.

Rahming Jr. noted that The Bahamas is making huge strides in the fintech space, opening up opportunities for young Bahamians. 

“In the past, young, talented Bahamians like myself would have to leave The Bahamas for places like New York, Chicago, London or San Francisco to do anything innovative,” he said.

“Now with the right team, the regulators are saying this is a place to innovate, this is a country that’s going to make an impact in the 21st century. This is a great time to be a Bahamian. As Bahamians now can innovate from home, hopefully we will see a meaningful reversal of the brain drain that has plagued our country “

ArawakX board members include Chairman D’Arcy Rahming Jr., who spent several years building a $100 million exchange in Chicago and was the first chief operations officer of the Bahamas International Securities Exchange; and Hilary Deveaux, a former executive director of the Securities Commission.

Rahming Jr. said the company will concentrate on innovative firms in The Bahamas that can attract US dollars. 

The statement explained that ArawakX is comprised of an all-Bahamian team. Rahming Jr. said the company expects to hire more than 200 Bahamians.

“If our listed companies meet their funding targets, thousands of new high-paying jobs will be created by those companies,” he said.

“We anticipate in later phases we will be expanding in the Caribbean. In this first phase, we intend to find Bahamian companies capital up to $5 million. Also, we will provide Bahamian investors with opportunities to participate, starting as low as $25.

“I am grateful to be working with regulators who understand the importance of Bahamian market participants and the role they play in capital markets. Obviously, our capital markets have some ways to go to be financially inclusive, so the granting of this license to qualified Bahamians indicates a readiness for us to embrace the fintech revolution and transform our jurisdiction.”

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source https://thenassauguardian.com/bahamas-first-equity-crowdfunding-platform-to-launch-in-three-months/