Start-up Loanitt raises €570,000 as it looks to double headcount

Kilkenny-based start-up Loanitt has secured €570,000 in investment as it looks to more than double headcount by the end of next year.

The finance intermediary raised the funding through Enterprise Ireland (EI) and angel investors that are part of the Halo Business Angel Network (Hban), a joint initiative established by EI, InterTradeIreland and Invest Northern Ireland.

Hban's southeast-based syndicate provided €270,000 for the fast-growing start-up, founded by John Duggan and Padraig Nolan last year.

Loanitt provides car, agricultural and commercial finance through technology it has developed that streamlines the credit application process and removes the need for documentation.

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The company, chaired by Conor Molloy, who also chairs Beechbrook' Capital's SME private debt fund, currently employs 15 people, but expects to grow headcount to 40 by the end of 2021.

“The arc of growth that Loanitt has experienced in 2020 is set to continue into 2021 as we prepare to make inroads in new markets and add significantly to our ever-increasing team. Together we are transforming the credit application process, which has typically been defined by protracted timelines and less flexible processes,” said Mr Nolan, the company’s chief operating officer.