Irish P2P platform Flender raises €10m
Irish P2P platform Flender has raised €10 million to expand its reach of SME loans. It is understood that this is part of the €50 million debt financing round announced earlier this month.
The aim of this sought investment is to allow the firm to expand into property and asset-backed lending in the next six months, according to the company’s chief executive and co-founder Kristjan Koik.
The investor is Paris-based Eiffel Investment Group, which has stakes in a number of P2P firms, including RateSetter and Funding Circle
Flender will seek to help Irish SMEs with this new funding, whose loans carry an interest rate of between 12-15% and have a maximum size of €200,000.
Flender says it has made €2.5 million of loans to date to SMEs and helped create 192 new jobs.
The fintech firm was established by Koik, as well as co-founders Oli Cavanagh and Jeremy Davies.