Peer-to-peer lender Linked Finance has had a stellar second quarter.
Irish peer-to-peer (P2P) lending platform Linked Finance has announced its quarterly earnings for Q2 2018 and it has been a remarkably strong period for the company. At this point in the year, total lending is in excess of €18.7m, which is a 65pc increase on the same period in 2017.
SMEs across the country have benefited from more than €10.1m in funding in Q2. The number of loans that went live on the Linked Finance platform rose by 39pc in the period to 335. Average loan size jumped up 19pc to approximately €56,000.
Millions in loans for SMEs
Since it launched in 2013, the company has provided more than 1,550 loans totalling more than €60m to businesses in multiple economic sectors. Lenders have already received more than €30m in repaid principle since 2013.
As well as solid figures, the company also secured backing from Banco BNI Europa in Portugal in June, which will use the platform to lend up to €50m to Irish SMEs over the next two years. This will go a long way towards providing more funding opportunities to Irish firms.
“As a fintech-driven bank, a partnership with Linked Finance is a natural fit for our business, supporting our strategy of growth and diversification within our European portfolio,” said the bank’s chair Pedro Coelho.
Linked Finance CEO pleased with progress
CEO of Linked Finance, Niall Dorrian, noted the company had broken the €10m mark for the first time this quarter. He added: “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 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.”
Firms that have raised funds with Linked Finance include Iconic Offices, Murphy’s Ice Cream and The Rolling Donut. Out of 1,558 loans originated by Linked Finance since 2013, 1,506 are being repaid on schedule.