Linked Finance, Ireland’s leading P2P (Peer-to-Peer) lending platform, has raised €2 million in equity funding to support its plans for expansion. The funding round was led by the company’s original venture capital backers, Frontline Ventures. They were joined by a group of 28 individual investors who are all active lenders on the Linked Finance platform.
The fundraising comes at an exciting time for the company, having recently appointed former Ryanair Deputy CEO, Michael Cawley to the role of Chairman, as well as having completed its 1000th loan for an Irish SME in September.
Linked Finance has now lent over €34.5 million to Irish SMEs since its launch in 2013, with more than €14.2 million already repaid to Linked Finance lenders.
Linked Finance plans to use the funds raised to support its expansion. The company intends to establish P2P lending as a mainstay of the SME lending landscape in Ireland – replicating the type of success that this innovative form of funding has already seen in markets like the US and the UK.
“It is fantastic that we have been able to practice what we preach, harnessing the power of the crowd to open this investment round to some of our most active users,” commented Niall Dorrian, CEO of Linked Finance. “These lenders are people who know the platform inside out, they know what it’s like to lend on the site and they really believe in what we do. It’s great to have them on board, and also to have the continuing support of Frontline Ventures.”
Pictured above: Niall Dorrian, CEO of Linked Finance with Kieran Murphy, owner of Murphy’s Ice Cream, who raised €75,000 through the platform. Credit – Conor McCabe
