Niall Dorrian, CEO, Linked Finance.
Linked Finance, a peer-to-peer (P2P) lending platform, reports its strongest quarter to date in Q2 2018
Total lending facilitated by Linked Finance for the year is in excess of €18.7 million, up 65% on the same period in 2017. The number of loans that went live on the platform rose by 39% in the period to 335, with average loan size up 19% to almost €56,000.
Powered predominantly by individuals lending to local Irish businesses, Linked Finance’s lenders have already earned more than €4.5 million in interest and received more than €30 million in repaid principle since 2013.
Banco BNI Europa backs Linked Finance
Linked Finance recently secured backing from Portugal’s fastest growing digital bank, Banco BNI Europa, who will use the platform to lend up to €50m to Irish SMEs over the next 2 years. The agreement will further boost liquidity on Linked Finance and ultimately, make it easier for Irish business owners to access the funds they need to fuel growth.
Commenting on the performance, Niall Dorrian, CEO, Linked Finance:
We are delighted to report record performance in this quarter, breaking the €10m mark for the first time. P2P lending is now a well-established funding source, and the increases we have seen in loan value, volume and registered lenders strengthens our position as the preferred alternative lender to Irish SMEs.
He continued: “The recent commitment from Portugal’s Banco BNI Europe to deploy up to €50m on the platform over the next two years will help us to achieve our goal of making Linked Finance the biggest source of non-bank funding to SMEs in Ireland.”
Companies that have raised funding with Linked Finance in the past include Viking Splash Tours, The Rolling Donut, Lolly & Cooks, Murphy’s Ice Cream, Iconic Offices and the Irish Fairy Door Company.