NASSAU, Bahamas — ArawakX’s Chairman and Chief Executive Officer D’Arcy Rahming Sr. revealed yesterday that the company’s executive team hopes to take the company public, The Nassau Guardian reported on Thursday, July 28, in an article written by Chester Robards.
Rahming said the crowdfunding platform was built to improve financial inclusion in the country and therefore wants more Bahamians to have a stake in the financial institution’s ownership structure.
He lamented that it is historically difficult and expensive for Bahamians to become owners in companies.
“The founding executive team knows that the desire to change Bahamians from consumers to owners is not the typical objective of a financial institution,” said Rahming in a statement released yesterday.
“In fact, financial inclusion is rarely a consideration. When we as a country talk about the financial services industry, we talk about the amount of jobs created and how we can attract various institutions to The Bahamas.
“We rarely talk about ownership of an institution itself, as it is very expensive to own a financial services firm.”
Rahming said one of the lessons learned by the ArawakX team thus far is how much the ability to invest impacts people at all levels of society.
The ArawakX statement explained that 7,000 people have registered to become investors on the platform, while more than 300 local and international companies are seeking financing through crowdfunding.
Rahming said he wants Bahamians to be able to own a part of ArawakX as it grows.
“The company was founded on the principle of financial inclusion,” he said.
“That means that barriers of access should be brought down as much as is possible. We use technology so that everyone can participate at their level, whether you have only $50 or if you have $50,000 you can participate.” See complete article in The Nassau Guardian at https://thenassauguardian.com/arawakx-eyes-public-offering/
