Linked Finance has secured backing from Portuguese digital bank Banco BNI Europa, who will deploy up to €50 million over a 2-year period to lend to Irish SMEs. Banco BNI Europa is a digital bank and alternative lending investor that has partnered with alternative lending platforms across Europe since 2016. These include leading P2P lending platforms in Germany, Belgium and Finland.
As part of a wider strategy to identify the best P2P lending platforms in key European markets, Banco BNI Europa will deploy its capital alongside Linked Finance’s existing lenders. Linked Finance connects Irish SMEs who need loans with an online lending community of more than 19,000 users.
The agreement will further boost liquidity on Linked Finance, which has already provided more than 1,400 loans to Irish SMEs. The company has lent over €59 million to date.
Commenting on the news, 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.”
Pictured above: Linked Finance CEO Niall Dorrian with Big Red Cloud CEO Marc O’Dwyer