Business
JM | Nov 14, 2020

Caribshopper partners with OFX Group to expand its online marketplace

/ Our Today

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To launch soon in Canadian, UK markets

Kadion Preston, co-founder and CEO of Caribshopper.

Jamaican-owned Miami-based start-up e-commerce outfit, Caribshopper is partnering with OFX Group Limited, which is regarded as one of the world’s leading international payments providers, to expand its online market place.

The partnership will see Caribshopper, through the use of the OFX international payment system, being able to help merchants across the Caribbean access American and international markets and get paid easily. This new development comes one week after Our Today reported that Caribeshopper, which was formed by Jamaican-born brothers, Kadion and Tennyson Preston this year was partially acquired by Jamaican equity outfit, Delta Capital Partners, which itself was formed in 2020.

Delta Capital purchased a 25 per cent shareholding in Caribshopper in return for the provision of seed funding amounting to US$1.4 million. Described as “the Amazon of the Caribbean” Caribshopper through its e-commerce platform enables Americans to purchase their favorite Caribbean products directly from merchants throughout the region.

In addition, Caribshopper provides Caribbean merchants and other business owners with an online marketplace, where they can expand their customer base by branching out to American shoppers, who can access their produce at the click of a button. With this partnership, Caribshopper can now focus on its central mission of building out its platform to help small businesses across the Caribbean, who are hurting from the global pandemic which has resulted in an economic downturn in many if not all Caribbean territories.

Alfred Nader, North America president of OFX.

Merchants in particularly have been hit hard with many of their regular local and overseas markets either closing or contracting because of COVID-19. Commenting on the partnership, Alfred Nader, North America president for OFX, said his company was thrilled to be able to support Caribshopper in building out its Caribbean online marketplace.

He pointed out that the mission of Caribshopper is closely aligned with that of OFX with the goal of supporting small businesses to grow both in America and further overseas. In concluding, Nadar reported that his team is excited to watch Caribshopper grow, while also making it easier for the Caribbean Diaspora in America, “who yearn for a taste of home to find their local flavours”.

For his part, Kadion Preston, co-founder and CEO of Caribshopper, points out that the partnership allows his company to transfer money the same day to the over 100 merchants on its platform to execute a sale via its e-commerce network. Preston praised OFX customer service, which he described as impressive, pointing to the company’s flexibility and willingness to support Caribshopper.

This he articulated is one of the reasons Caribshopper chose to partner with OFX.

He stated that Caribshopper was looking forward to continued growth with OFX, particularly with its launch in the Canadian and United Kingdom markets.

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