Specialist business lender Capitalflow, owned by Dutch digital bank Bunq, plans to double the amount lent to Irish customers to €2bn in the next three years.
The company, founded by ex-Bank of Scotland Ireland banker Ronan Horgan, has surpassed €1bn in lending to Irish customers since it was established in 2016. Bunq acquired Capitalflow in 2021.
Stephen Byrne, the chief commercial officer of Capitalflow, said it had seen how challenging access to funding had been for non-bank lenders.
He added the pillar banks had increased their market share by buying KBC and Ulster Bank loans.
Company ‘experienced a resurgence in demand for finance across construction, transport and tourism’
Byrne said that the support of Bunq, a fully licensed EU bank, would help it respond to the needs of businesses and enhance its SME finance offerings.
Last year, Capitalflow said it experienced a resurgence in demand for finance across construction, transport and tourism.
The lender recorded growth in loans to retail, dental and healthcare firms. It said commercial real estate transactions continued to be “exceptionally strong” from trading businesses acquiring new properties and from the investment market.