Linked Finance has raised €2 million in a funding round led by Frontline Ventures and joined by a group of 28 active users of the peer-to-peer lending platform.
The fundraising comes after the appointment of former Ryanair Deputy CEO Michael Cawley to the role of chairman.
Linked Finance has now lent over €34.5 million to Irish SMEs since its launch in 2013, with more than €14.2 million already repaid. Lending on the site has effectively doubled each year and with total loans in the first six months of 2017 up by 243%.
“It is fantastic that we have been able to practice what we preach, harnessing the power of the crowd to open this investment round to some of our most active users,” said Niall Dorrian, CEO, Linked Finance.
“These lenders are people who know the platform inside out, they know what it’s like to lend on the site and they really believe in what we do. It’s great to have them on board, and also to have the continuing support of Frontline Ventures.”
Linked Finance passed the thousand-loan mark last September.
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