Peer-to-peer lender plans to hire 25 new staff having reached the milestone of €100m in loans to Irish SMEs.
Dublin-based peer-to-peer lender Linked Finance has announced plans to double its headcount to 50 after reaching one of its major milestones. The company, launched in 2013, said that it has now issued more than €100m in more than 2,160 loans to SMEs in Ireland.
The jobs are expected to be created next year at its Dublin headquarters and will largely be in the area of sales to help it boost its profile among greater numbers of Irish SMEs.
“The fact that over €100m has been lent on the platform is clear evidence that Linked Finance is now seen as an attractive source of funds for ambitious Irish SMEs,” said the company’s CEO, Niall Dorrian.
“It took us almost five years to reach our first €50m in lending. Now, a little over a year later, we’ve hit the €100m milestone. This rapid rate of growth is a clear indication that our model is gaining real traction and why we plan to double our headcount in 2020.”
Notable companies that have raised funding with Linked Finance in the past include Viking Splash Tours, The Rolling Donut, Lolly & Cooks, Murphy’s Ice Cream, Iconic Offices and the Irish Fairy Door Company.
The company said that since it was founded, lenders on the platform have been repaid more than €64m in principal and interest. Linked Finance also said that the arrival of the open banking initiatives related to EU directive PSD2 will allow it to further simplify the process of accessing business loans. The platform expects to be able to provide credit decisions within an hour by the end of the year.
Minister for Finance, and Public Expenditure and Reform Paschal Donohoe, TD, commented: “Availability of credit is a key consideration for all businesses, and I am aware of the role peer-to-peer lending is playing in broadening competition in the SME finance market.
“I congratulate the team at Linked Finance for hitting the milestone of €100m of lending and for helping over 2,100 Irish companies with capital to fund their growth.”