ArawakX approaches 700 investors three days after launching companies

ArawakX has created more than 650 investors in the three days since it introduced the first two companies that Bahamians would be able to invest in through its crowdfunding platform, the company said in a statement.

On Monday, ArawakX announced that Bahamians would be able to back Red Lobster / Pinnacle Brands and Bahama Myfi by purchasing shares starting at $25 and $16, respectively.

The company’s Chief Technology Officer D’Arcy Rahming Jr. said it is likely that smaller, first-time investors are cutting their teeth on the ArawakX crowdfunding platform.

“The interest we are seeing is exactly what we hoped for,” said Rahming. 

He said typically people who purchase shares through a crowdfund offering are those who patronize the business they buy into. 

“By all indications, this is a good indicator that Red Lobster and Bahama MyFi may have thousands of customers lined up already,” he said.

This platform is the first of its kind in The Bahamas and promises to make average Bahamians investors, as they can buy into companies for as little as $16, as shown by Bahama Myfi’s offer.

Rahming also explained that the technology is a big draw for first-time investors who may have no knowledge of how to begin the process of investing.

Once a potential investor submits their KYC (know your customer) documents, investing through the platform is as simple as a few window clicks.

The information on both Pinnacle and Bahama Myfi are on the ArawakX website.

“Momentum is being built as more and more investors are realizing that they can invest using their cellphones,” Rahming said.

“The technology was chosen and designed to be fast and flexible and easy to use. We also continue to work with the regulators which allows the rules to take into account the best use of technology.”

The statement explained that the ArawakX platform is built with proprietary Fintech (financial technology) developed in Silicon Valley. It added that the platform was designed to match The Bahamas’ financial regulations.

Rahming said he hopes ArawakX will help to reverse the brain drain in the country

“It’s a pleasure that we can finally come home and contribute in a meaningful way to the new financial services model.” he said. “As they say in Silicon Valley, we have a team of rock stars.”

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