Irish SMEs to get cash boost via €50m deal
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.