Peer-to-peer lender Linked Finance intends to add 25 staff next year after hit hit a lending milestone of €100 million.
The company, which has provided more than 2,160 loans to small and medium business, said it plans to build out its sales organisation in 2020 to further its lending.
"It took us almost five years to reach our first €50 million in lending," said Niall Dorrian, chief executive of Linked Finance.
“Now, a little over a year later, we’ve hit the €100 million milestone. This rapid rate of growth is a clear indication that our model is gaining real traction.”
Launched in 2013, Linked Finance connects businesses that require loans to an online lending community. Loans have gone to small food producers with a local base and to large manufacturers targeting international markets.
Commenting on the milestone, Minister for Finance Paschal Donohoe said that Government is committed to supporting the expansion of the peer-to-peer lending market.
“Availability of credit is a key consideration for all businesses, and I am aware of the role peer to peer lending is playing in broadening competition in the SME finance market,” he said.
