Peer-to-peer lending platform Linked Finance has given out over €50m in loans to Irish SMEs since it was launched in 2013.

In the five years of its existence, Linked Finance has provided more than 1,400 loans to businesses across the country and in every sector of the economy.

Linked Finance uses technology to connect SMEs looking for finance with lenders keen to back Irish businesses while earning attractive returns. 

Linked Finance gave out €832,000 across 45 loans during its first year of existence in 2013.

Since then the company's level of lending has more than doubled each year and it provided more than €24m in loans last year - almost 35 times the first year's performance.

Its users range from ordinary individuals looking to support businesses belonging to friends and families up to large international investment groups. 

Companies that have raised funding with Linked Finance include Viking Splash Tours, The Rolling Donut, Big Red Cloud, Lolly & Cooks, Murphy's Ice Cream, Iconic Offices and the Irish Fairy Door Company.

A recent loan raised by Language Options Ireland Limited brought the platform to €50m in total lending. 

"When I started the platform back in 2013, I wanted to make it easier for hard-working Irish business owners to access the funds needed to grow and drive the economy forward," commented the company's founder Peter O'Mahony. 

"Five years later, it's brilliant to see the long list of great local businesses who have benefited," he added.

The company's chief executive Niall Dorrian said Linked Finance's ultimate goal is to make the company the biggest source of non-bank funding to SMEs in Ireland.

"That's what we will be working towards in the next five years," he added.