€10m loans mark record quarter for Linked Finance
Linked Finance, an Irish peer-to-peer (P2P) lending platform, recorded its strongest quarter to date in the three months to the end of June, facilitating over €10.1m to Irish SMEs.
This followed on from a strong start to 2018, with total lending for the year now more than €18.7m, up 65pc on the same period in the previous year.
The increase in lending is down to both the volume and size of loans. The number of loans that went live on the platform rose by 39pc in the period to 335, with average loan size up 19pc to almost €56,000.
Since its launch in 2013, Linked Finance has provided more than 1,550 loans totalling over €60m to businesses across the country and in a wide ranges of sectors in the economy.
Companies which have raised funding with Linked Finance in the past include Viking Splash Tours, The Rolling Donut, Lolly & Cooks, Murphy's Ice Cream, Iconic Offices and the Irish Fairy Door Company.
The lending is predominantly by individuals lending to local Irish businesses. Linked Finance's lenders have already earned more than €4.5m in interest and received more than €30m in repaid principle since 2013.
Linked Finance recently secured backing from Portugal's fastest-growing digital bank, Banco BNI Europa, which will use the platform to lend up to €50m to Irish SMEs over the next two years. The agreement will further boost liquidity on Linked Finance and ultimately, make it easier for Irish business owners to access the funds they need to fuel growth.
"We are delighted to report record performance in this quarter, breaking the €10m mark for the first time," said Linked Finance chief executive Niall Dorrian. "P2P lending is now a well-established funding source, and the increases we have seen in loan value, volume and registered lenders strengthens our position as the preferred alternative lender to Irish SMEs.
"The recent commitment from Portugal's Banco BNI Europe to deploy up to €50m on the platform over the next two years will help us to achieve our goal of making Linked Finance the biggest source of non-bank funding to SMEs in Ireland."
Sunday Indo Business