Peer-to-peer lending platform Linked Finance has secured €50 million in backing from Portugal-based Banco BNI Europa.
The digital bank and alternative lending investor has already partnered with alternative lending platforms in Germany, Belgium and Finland.
Niall Dorrian, chief executive officer of Linked Finance, said: “Banco BNI Europa’s decision to deploy capital on the Linked Finance platform is great news for Irish SMEs. It is yet more evidence of how the world is changing and through technology Linked Finance is making it easier for SMEs to borrow money.
“This arrangement with Banco BNI Europa will allow us to immediately increase lending to local businesses. It complements the funding available from our existing users – ordinary members of the Irish public – who will continue to play a crucial role in helping us to fulfil our mission of providing fast and affordable finance for Ireland’s SME sector.”
Pedro Coelho, executive chairman, Banco BNI Europa, said: “As a fintech-driven bank, a partnership with Linked Finance is a natural fit for our business, supporting our strategy of growth and diversification within our European portfolio.
“Over the past years, we have successfully built a network of strategic partnerships with fast-moving FinTech companies across Europe. Ireland is a market we have been keen to enter and, as the leading P2P lending platform here, Linked Finance is the obvious partner.”
Linked Finance recently celebrated its fifth anniversary hitting the milestone €50 million issued in loans to Irish SMEs since its launch in 2013.
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