Linked Finance surpasses €250m milestone in lending to Irish SMEs
Linked Finance, now Ireland’s fastest growing alternative lending platforms, has reached a significant milestone of providing more than €250m in lending to small and medium-sized enterprises (SMEs) across the country.
This achievement underscores the strong and increased demand that there is in the Irish SME sector for alternative forms of finance and marks a decade of Linked Finance helping Irish small and medium sized firms to expand their business.
Since its establishment in 2013, Linked Finance has revolutionized the borrowing experience by prioritizing speed and simplicity, with many deals approved and delivered within 24 hours of submitted documents. As part of the innovation pursuit, Linked Finance has launched new products and offering for the needs of borrowers and last year also integrated open banking for further simplify the decision-making process.
The changing face of the Irish banking sector has also contributed to a recent surge in lending. Linked Finance 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 period last year.
Linked Finance 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 3 years. Moreover, Linked Finance aims to grow annual new lending to €100m by 2025, with new products launching in 2024.
Linked Finance’s remarkable growth is a testament to the increasing demand for alternative lending solutions in the Irish SME market. Average loan sizes have doubled to €115,000, reflecting higher quality applicants with a large percentage of return customers and a customer satisfaction rating of 98%. In total, Linked Finance 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,” said Niall O’Grady, CEO of Linked Finance. “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.”
Linked Finance also provides the unique benefit of retail investors supporting Irish SMEs and earning market leading rates of return. By connecting businesses directly with lenders, the platform has bridged the gap between borrowers and investors, fostering a thriving ecosystem that benefits both parties.
Photo – Paul Sherwood / Coalesce
Linked Finance, Dublin, celebrating €250 unded. June 2023.
Ambitious local businesses in every county in the country have availed of lending through Linked Finance including Almotech Limited, a Galway-based media solutions company who have returned to the platform as a recipient of six business loans.
“Linked Finance exceeded all my expectations when it came to funding my business growth. Their platform is user-friendly, and the application process was straightforward. What impressed me the most was the speed at which I received the funds. Within days, I had the money in my account, allowing me to seize new opportunities. If you’re a business owner seeking fast and reliable financing, Linked Finance is the way to go,” remarked Vivian Dooley, CEO of Almotech Ltd.
“Nurturing the growth of Irish SMEs has always been at the heart of Linked Finance’s mission, and reaching this significant lending milestone shows the positive impact that the business is having with both our borrowers and our lenders,” Mr O’Grady said. “New figures from the Central Bank of Ireland show total household savings have reached €152bn by 2023, yet savers are typically receiving low level returns. At Linked Finance, we are proudly facilitating access to much-needed funding for thousands of businesses, enabling them to innovate, expand, and create jobs, while simultaneously offering retail investors very competitive rates.”
With the achievement of this milestone, Linked Finance looks forward to further expanding its lending portfolio and strengthening its position as the go-to lending platform for Irish SMEs, with growing range of products and increased limits on existing products.
