A financial tech startup has secured €570,000 investment to expand its operations and double its staff numbers by the end of next year.
Based in Kilkenny, credit intermediary Loanitt provides motor, agricultural, and commercial finance. The company has developed new technology and open banking solutions which streamline the credit application process and remove the need for documentation at no cost to the consumer.
Loanitt has already grown staff numbers to 15 people in less than 12 months, with plans to target a headcount of 40 people by the end of 2021.
HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland, InterTradeIreland, and Invest Northern Ireland said investors in its South East Business Angel Network (SEBAN), along with Enterprise Ireland have invested €570,000 in fintech startup.
SEBAN angel investors have contributed €270,000 to this funding round, while Enterprise Ireland has invested an additional €300,000.
Founded by John Duggan and Padraig Nolan, Loanitt recently appointed Conor Molloy as chairman, bringing his experience from working across European financial markets and providing board counsel to Central Banks, banking institutions, and most recently, European fintech giant Revolut.
Padraig Nolan, COO said the arc of growth that they experienced this year is set to continue into 2021, as they prepare to make in-roads in new markets.
"Together, we are transforming the credit application process, which has typically been defined by protracted timelines and less flexible processes," he said.
CEO John Duggan said the investment represents a firm seal of approval for Loanitt.
"Time is the most precious commodity; we give people back time. Furthermore, in these extraordinary times, there is a heightened sense of uncertainty among people with regard to the affordability of credit. Loanitt provides much-needed clarity around the credit application journey.”
Aidan Shine, HBAN’s coordinator for the South East region said they were proud to have finalised this funding round.
"Loanitt has emerged as a leading finance intermediary here in Ireland, with its sights firmly set on the international market. The team has demonstrated an acute understanding of the inherent challenges in the current finance and loan landscape, developing innovative tools to place the power back in the hands of the customer.”
SEBAN is primarily interested in companies located in, or connected to, the South East – providing mentorship and support for high-potential start-ups.