Mayberry doubles stake in microlender Keoworld due to Amex deal
Published:Friday | September 5, 2025 | 12:08 AM
Mayberry Group has doubled its private equity stake in Keoworld, a fast-growing Miami-based fintech firm now positioned to absorb a segment of American Express’s international credit card business.
The value of Mayberry’s stake in Keoworld — which offers digital lending solutions for businesses — rose from US$2 million to US$4 million, said CEO of Mayberry Group Limited, Gary Peart.
“The calculated value of this additional investment is equal to our original investment,” Peart said at Mayberry’s annual general meeting on September 3. “In essence, you would get a 100 per cent return immediately.”
Peart clarified that the growth in value stems not from Keoworld’s core lending business, but from a side opportunity linked to American Express’s strategic exit from certain international markets.
Through a partnership with a hedge fund and Maha Capital — a shell company previously listed on NASDAQ Europe — Keoworld will acquire the Amex credit card portfolio and deploy its proprietary software to manage the transition.
Founded in 2020, Keo provides buyers and suppliers with inventory financing and business-to-business payment solutions across the United States, Canada and Latin America.
Peart said that “Keo will benefit in two ways”, from earning a fee for the use of internal software to run the card business, and also get a one-time distribution of shares “for what they bring to the table”.
Mayberry now faces a pivotal decision: Whether to liquidate its Maha Capital shares or retain them.
“We expect that before the end of December, all of this will be crystallised,” Peart concluded. “The probability of a payment, or at the very least, an increase in value is expected.”
The investment structure allows both Mayberry and select clients to benefit. Mayberry’s wholly owned subsidiary, Widebase, invested US$2 million in Vicol—an entity that subsequently injected US$10 million into Keoworld.
“Vicol comprises Widebase and other clients of Mayberry,” Peart said. “The total investment was US$10 million.”
Peart also provided updates on other private equity ventures, including real estate developments at the 33-acre property on Chalmers Avenue in Kingston.
“We have entered into an agreement to sell nine acres of it, which we are finalising. We should book profits when completed,” he said. “Our intention, fundamentally, is that over time it will be built out as a commercial enterprise.”
Mayberry has already developed 200,000 square feet of office space across two buildings on the property. It sold the first 100,000 square feet and booked a profit.
“Between the two buildings, we’ve used five or six acres. We have another 20 acres to develop,” Peart said. “Chalmers will be a material provider of profits to the Mayberry Group for at least the next five years.”
Mayberry benefits from the land appreciation and property sales.
Despite these developments, Mayberry’s core business remains stock investing for itself and its clients. The company recorded a loss of $448 million for the June quarter, reversing a $500-million profit from the same period in 2024, amid continuing global uncertainty linked to tariffs and war that continues to roil markets.
Over the past two years, the group has posted annual losses of $725 million in 2024 and $1.5 billion in 2023.
The losses are largely attributed to a decline in the value of Mayberry’s stock portfolio, primarily held through its affiliate, Mayberry Jamaican Equities Limited. These shares remain unsold and could reprice upwards over time as markets recover. The company’s capital remains stable at roughly one-third of its $64 billion in assets.
“$22 billion can buy a couple of patties well,” Peart quipped about the group’s capital, in response to concerns about two consecutive years of losses. “Cash is king.”