Monday 16 July 2018

Irish SMEs to get cash boost via €50m deal

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Gavin McLoughlin

Gavin McLoughlin

Irish SMEs are set for a €50m boost.

Online lender Linked Finance has received €50m from a Portuguese digital bank for deployment to Irish businesses.

Linked is a so-called peer-to-peer lender, an online platform connecting businesses looking for loans with investors looking for a return.

The Portuguese bank, Banco BNI Europa, will now deploy capital on the platofrm.

The bank's executive chairman, Pedro Coelho, said: "As a fintech-driven bank, a partnership with Linked Finance is a natural fit for our business, supporting our strategy of growth and diversification within our European portfolio."

He added: "Over the past years, we have successfully built a network of strategic partnerships with fast-moving fintech companies across Europe.

"Ireland is a market we have been keen to enter."

Over €59m has been loaned via Linked Finance to date with the company recording its strongest quarter in Q1 2018. It has provided more than 1,400 loans to Irish SMEs.

Irish Independent

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