SME peer-to-peer lender Linked Finance has topped €250 Million in Lending to Irish firms. According to a note from the company, during the first 6 months of 2023, Linked Finance issued €31.7 million in loans representing a 90% increase in comparison to the first 6 months of 2022.
Linked Finance says it aims to grow annual new lending to €100 million by 2025. The company is currently generating a compound annual growth of 50% YOY since 2019.
The online lender attributes its growth to the simplicity can speed of providing access to capital, adding that it is seeing a lot of repeat business.
Average loan sizes reportedly have doubled to €115,000, reflecting higher quality applicants with a customer satisfaction rating of 98%.
In total, Linked Finance has lent to over 2,500 different SMEs through the facilitation of more than 3,800 loans.
Niall O’Grady, CEO of Linked Finance, said the milestone represents trust and confidence from Irish SMEs that selected his company as their preferred lender.
“With a strong focus on customer satisfaction and an outstanding team, the platform has built a reputation for providing fast and flexible financing options to businesses across a wide range of sectors. Our customer surveys show customer satisfaction ratings of 98% for this year which ensures our customers return to the platform.”
For investors, Linked Finance says they are earning “market-leading rates of return.”
O’Grady says they are having a positive impact on both borrowers and investors. As household savings have increased, they are looking for a better rate of return, and they are ” offering retail investors very competitive rates.”
Linked Finance expects to add new products at some point in the future.