Non-bank lender Linked Finance said today that it has hit the milestone of lending over €250m to Irish SMEs since its launch in 2013.
Linked Finance is a peer-to-peer lender, which allows individuals, companies and investors to offer money to businesses in the form of a loan.
It said the €250m lending milestone underscores the strong and increased demand among the Irish SME sector for alternative forms of finance.
It said it has issued more than €31.7m in loans in the first half of this year, which is almost 90% more than the €16.8m in loans it issued during the same time last year.
Linked Finance also said it is expecting its busiest ever year, with a forecast €65m in loans for 2023, representing an average growth of 50% in each of the last three years.
It is also aiming to grow annual new lending to €100m by 2025, with new products planned for next year.
Linked Finance also noted that its average loan sizes have doubled to €115,000, which it said reflected higher quality applicants with a large percentage of return customers and a customer satisfaction rating of 98%.
In total, it has lent to over 2,500 different SMEs through the facilitation of more than 3,800 loans.
"Reaching the €250m lending milestone reflects the trust and confidence that Irish SMEs have placed in Linked Finance as their preferred lending partner at a time when competition in the banking sector is decreasing,' Niall O'Grady, CEO of Linked Finance, said.
"With a strong focus on customer satisfaction and an outstanding team, the platform has built a reputation for providing fast and flexible financing options to businesses across a wide range of sectors. Our customer surveys show customer satisfaction ratings of 98% for this year which ensures our customers return to the platform," the CEO added.
Companies that have raised funding with Linked Finance in the past include the Rolling Donut, Kokoro Sushi Bento, Lolly & Cooks, Murphy's Ice Cream, the Irish Fairy Door Company, Schoolbooks.ie and Galway's Almotech Limited.
