Loans from Linked Finance to Irish small and medium enterprises (SMEs) has passed the €100m mark.
On the back of this growth the peer-to-peer (P2P) lending platform aims to double its headcount with the creation of an additional 25 jobs next year.
Minister for Finance 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,” Minister Donohoe said.
Launched by Peter O’Mahony in 2013, with the aim of using technology to connect SMEs looking for finance with lenders keen to back Irish businesses while earning attractive returns, the platform has now provided more than 2,160 loans to businesses across the country and in every sector of the economy.
Niall Dorrian, CEO of Linked Finance, said: “The fact that over €100m has been lent on the platform is clear evidence that Linked Finance is now seen as an attractive source of funds for ambitious Irish SMEs.”
“Our ability to deliver quick decisions through a simple, user-friendly application process has already proven extremely popular with business owners.”
Linked Finance has grown rapidly in the past year. Having taken almost five years to reach its first €50m in lending, in a little over 12 months it has hit the €100m mark.
“This rapid rate of growth is a clear indication that our model is gaining real traction and why we plan to double our headcount in 2020,” Mr Dorrian added.
Meanwhile, the company said the arrival of open banking initiatives related to EU Directive PSD2, will allow it to further simplify the process of accessing business loans and the platform expects to be able to provide credit decisions within an hour by the end of the year.