Dolla Financial takes over Evolve loan book in $700 million portfolio deal

KINGSTON, Jamaica — Dolla Financial Services Limited has finalised its purchase of the loan book held by Evolve Loan Co Limited, bringing approximately $700 million in outstanding lending and close to 1,800 client relationships into the company's operations.

The agreement took effect on June 30, 2026. Dolla described the deal as part of a wider effort to grow its scale, increase earning capacity, and deepen its role within Jamaica's microfinance sector.

According to the company, the price paid was calculated from the portfolio's gross nominal value, minus agreed provisions for expected credit losses. The transaction also includes post-closing adjustment mechanisms intended to limit downside exposure and align the interests of both parties.

Dolla said the acquired loans will be brought under its existing governance, compliance, and risk management systems while keeping the current terms of borrowers' agreements unchanged. Affected customers will be contacted directly with updated payment instructions and servicing details.

Chief Executive Officer Kenroy Kerr said the purchase marks a significant step for Dolla and underscores a measured approach to expansion. "This acquisition represents an important milestone for Dolla. It expands our customer base, strengthens our presence in the Jamaican market and reflects our disciplined approach to growth," Kerr said. "We have been deliberate in structuring a transaction that creates value for our shareholders while maintaining our focus on prudent risk management," he added.

Kerr said the arrangement also gives Dolla the chance to serve more than 1,800 additional customers. "We remain focused on delivering fast, responsible and customer-centred lending solutions while continuing to create value for our shareholders," he said.

Delroy Anderson, general manager of Evolve Loan Co Limited, said the sale represents a positive outcome for Evolve's customers and the business. "Dolla has established itself as a strong and responsible lender, and we are confident our customers will continue to receive excellent service while Evolve sharpens its strategic focus," Anderson said.

Dolla said the acquisition supports its growth agenda after several years of portfolio expansion, stronger financial performance, and continued investment in its operating platform. The company added that the deal reflects ongoing development within Jamaica's microcredit industry, where consolidation among regulated and well-governed lenders could help build consumer confidence, raise service standards, and promote more sustainable lending practices.