Linked Finance raises €2m to fund expansion
Linked Finance, a Peer-to-Peer (P2P) lending platform in Ireland, has raised €2m in equity funding to support its plans for expansion.
The lending platform plans to use the funds raised to support expansion plans, ramping up its sales and marketing activity, as it plans on establishing P2P lending as a mainstay of the small and medium enterprise lending landscape in Ireland.
The funding round was led by the company’s original venture capital backers, Frontline Ventures, who were joined by a group of 28 individual investors, all of whom are active lenders on the Linked Finance platform.
The company, which recently appointed former Ryanair deputy CEO, Michael Cawley, as chairman, has now lent over €34.5m to Irish small and medium enterprises since its launch in 2013.
More than €14.2m has already been repaid to Linked Finance lenders.
Since 2013, lending on the platform has effectively doubled each year, and total loans in the first six months of 2017 were up 243pc.
"It is fantastic that we have been able to practice what we preach, harnessing the power of the crowd to open this investment round to some of our most active users," Niall Dorrian, CEO of Linked Finance, said.
Last month Linked Finance funded its 1000 loan for an Irish small and medium enterprise.
The company, which employs 18 people, now has more than 16,000 registered users, most of whom it says are ordinary members of the Irish public.