Linked Finance receives €2.5m investment from Irish venture capitalists Frontline Ventures
Peer-to-peer lender Linked Finance has received a €2.5m investment from Irish venture capitalists Frontline Ventures as it looks to expand its operations.
The lender is doubling the maximum amount businesses can borrow to €100,000, from the first week of March.
Linked has 8,000 members of the public registered as lenders and has a “huge” amount of money ready to go, founder Peter O’Mahony told the Irish Independent.
“We have a 3-year target of supporting 5,000 SMEs and in the process supporting 40,000 jobs,” he said.
Fish and chip company Leo Burdock and ‘Vit Hit’ maker Vitz Drinks are among the companies to have raised money through the platform thus far.
Business minister Ged Nash said peer-to-peer lending is “an innovative way for businesses to gain access to non-traditional forms of credit.”
“For a variety of reasons, some SMEs may not be able to get the funds they need to expand from banks. Therefore, access to finance from non-bank sources such as those offered by Linked Finance are part of the solution for SMEs,” Mr Nash said.