Strong start for Linked Finance as loans top €11m in first quarter
Company says loans grew 32% in three month period
Peer to peer lending platform Linked Finance issued €11.3 million in loans in the first quarter of the year, a growth rate of 32 per cent compared with 2018.
The three-month period was a record for the platform, which was established in 2013. The period also saw Linked Finance providing its largest loans, with some €300,000 loans provided and the average funding figure rising by €70,000.
The company said the strong start to the year was putting it on track for record growth during the 12 months.
Linked Finance has more than 21,400 registered users and has helped provide some €92 million in funding and more than 2,000 loans to Irish businesses. There are also a number of institutional investors supporting the platform.
“We’re very pleased to see that the impressive growth achieved in 2018 has continued into a new year with another record quarter,” said chief executive Niall Dorrian. “Despite the prevailing uncertainty around Brexit, we’ve continued growing and it clearly demonstrates that our commitment to providing the fastest, most efficient option for business loans in the market is helping us to attract increasing numbers of Irish companies to the platform.”
The platform connects businesses in need of loans with an online lending community made up of ordinary members of the public, institutions and other investors wiling to back small and medium sized businesses.
Among the companies who have used Linked Finance in the past to raise money are Viking Splash Tours, The Rolling Donut, Lolly & Cooks, Murphy’s Ice Cream, Iconic Offices and the Irish Fairy Door Company. During the quarter, organisational safety consultancy SeaChange raised €105,000 in just one second using the platform. .
The platform has earned more than €7 million in interest for lenders.