Linked Finance, an Ireland-based peer-to-peer lending platform, recently announced it facilitated more than €10.1 million to Irish SMEs during the second quarter of 2018, which ended in June. The lender reported the second quarter success follows a strong start to the year, with totaling lending for the year now over €18.7, which is up by 65% during the same period in 2017.
Launched in 2013, Linked Finance connects local Irish businesses who are need of loans with its online lending community. To date, Linked Finance’s more than 18,000 registered lenders have lent over €50 million to support more than 1,400 Irish businesses across every county in Ireland. While discussing the lender’s success in 2018 so far, Linked Finance CEO, Niall Dorrian, shared with The Independent:
“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.”
The strong second quarter 2018 results were announced just weeks after Linked Finance secured a commitment from Portugal’s Banco BNI Europa, which provides up to 50 million over a 2-year period to lend to Irish SMEs. As previously reported, Banco BNI Europa is a digital challenger bank and alternative lending investor that has partnered with online lending platforms across Europe since 2016. Dorrian went on to add:
“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.”