Linked Finance doubles lending to €100m

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Ellie Donnelly Twitter Email

June 15 2019 02:30 AM

Lending through Linked Finance to Irish small and medium enterprises (SMEs) has passed €100m.

The peer-to-peer (P2P) lending platform aims to double headcount with the creation of an additional 25 jobs next year.

Having taken almost five years to reach its first €50m in lending, it has passed the €100m mark in just over 12 months.

CEO Niall Dorrian said his business is now seen as an attractive source of funds for SMEs. "Our ability to deliver quick decisions through a simple, user-friendly application process has already proven extremely popular with business owners," he said.

Launched by Peter O'Mahony in 2013, with the aim of using technology to connect SMEs looking for finance with individuals willing to lend to them, the platform has now provided more than 2,160 loans to businesses across the country and in every sector.

Finance Minister Paschal Donohoe welcomed the news, describing the availability of credit as "a key consideration for all businesses".

"I am aware of the role peer-to-peer lending is playing in broadening competition in the SME finance market.

"I congratulate the team at Linked Finance for hitting the milestone of €100m of lending and for helping over 2,100 Irish companies with capital to fund their growth," Mr Donohoe said.

Meanwhile, the company said the arrival of open banking initiatives related to EU Directive PSD2, will allow it to further simplify its application and approval process.

It expects to be able to make credit decisions within an hour by the end of the year.