Grid Finance, a cash-advance lender to small businesses, says it intends to deliver up to €100m in lending to Irish businesses in the coming years through a new partnership with Fasanara Capital.
The partnership, which it says will see it doubling its lending in 2022, will also enable it to fill the void in SME lending left by the departure of Ulster Bank and KBC from the market, it believes.
"GRID's flexible repayments and platform is unparalleled in Ireland and we look forward to delivering even lower rates to the best of Ireland’s small businesses in the coming year, powered by our partnership with Fasanara," Derek Foley Butler, CEO and founder of GRID Finance said.
It intends to divert part of the funding towards developing new markets and products.
Grid Finance was founded in 2013 with a focus on crowdfunding, where small amounts of funding are raised from a large group of investors.
However, it switched focus in recent years to providing short term loans to business through a process known as Cash Advance lending.
The group recently appointed John Moran, the former Department of Finance Secretary General, as its chairman.
"As the banks continue to turn away from helping small businesses we are ready to serve and are open for business," Mr Foley Butler said.
