Linked Finance, an online lender serving Irish SMEs, says it has topped €300 million in loans since its launch. The funding has supported over 4200 smaller firms. For 2024, Linked Finance predicts that it will lend, on average, €115,000 per borrower hitting over £80 million this year. In 2013, the average loan size stood at €18,000 so the platform has scaled dramatically.
In 2023, Linked Finance provided over €59 million to approximately 600 Irish SME businesses.
Linked Finance explains that many borrowers are attracted to the efficiency of the lending process, with funding frequently taking less than 24 hours.
Niall O’Grady, CEO of Linked Finance, describes topping €300 million in lending as emblematic of the innovation on Irish SMEs as well as the confidence in his platform.
“Passing this significant milestone for the business, along with achieving regulation by the Central Bank of Ireland, has also made Linked Finance an even more trusted option for investors seeking a place where they can connect with growing and established Irish SMEs to put their funds to work and earn excellent returns. We are proud to play a pivotal role in supporting the growth and success of businesses across Ireland, and we remain committed to providing accessible, flexible, and transparent financing solutions to fuel the ambitions of Irish businesses.”
Investors in the peer to peer lending process are said to typically earn around 8% per annum.
Linked Finance adds that it has partnered with the Strategic Banking Corporation of Ireland (SBCI) to launch the Ukraine Credit Guarantee Scheme.
Linked Finance says it will lend €50 million to SMEs across Ireland at discounted rates, allowing eligible customers affected by the economic consequences of the conflict in Ukraine access to unsecured loans of up to €250,000, at a discount of 20%.
Linked Finance has also been approved to operate under ECSPR as a European crowdfunding provider. This means it will be able to offer services across the EU, enabling up to €5 million per issuer in funding.
