Boost for financial services sector as ISIF invests €50m in Reverence
A fund run by former executives at Goldman Sachs has received €50m from the Irish Strategic Investment Fund (ISIF) to develop financial services jobs in Ireland.
Reverence Capital Partners Opportunities Fund is run by former Goldman bankers Milton Berlinski, Peter Aberg and Alexander Chulack. Reverence is an investment fund that focusses on middle market financial services firms.
As part of the deal, Kabbage Inc, a reverence portfolio company, will establish its European headquarters in Ireland.
Kabbage specialises in providing quick loans to small and medium sized companies using a range of data tools. The company assesses the viability of loan applications based on a number of metrics that are not used by traditional banks.
Kabbage uses data gathering tools to measure credit worthiness through analysis of a range of factors, from the state of a businesses current account, to its social media following.
Kabbage said it “expects fast growth across Europe over the coming years and sees significant opportunity in Ireland during that period.”
In addition to the €50m investment, Reverence has said it will continue to work with the ISIF and the IDA to attract more of the firm’s portfolio companies to Ireland.
“We are excited to announce the establishment of our European office in Ireland to support these key partners and drive our European expansion to additional organizations and markets,” said Kabbage ceo Rob Frohwein.
“We expect Ireland to be a very important part of our future business growth and to provide opportunities for a significant number of employees as we build out our Irish platform,” Mr Frohwein added.