London-based fintech 365 Finance has entered the Irish market, offering an alternative source of funding to Irish small and medium sized businesses in its first expansion outside the UK.
The company provides revenue-based funding to SMEs, with loans of between €10,000 and €250,000 being offered to businesses operating in Ireland from its launch.
The revenue-based performance model means repayments are tied to business performance rather than a fixed monthly amount, increasing when revenue is higher and decreasing during quieter months.
This is the first phase of the company’s expansion outside the UK, with plans to grow rapidly to more than €100 million in lending here in the coming years.
“The lending hurdles which SMEs can face here is a daunting prospect, particularly in sectors which rely on cash-flow or can be seasonal in nature,” said Warren Abbey, CEO of 365 Finance. “We’re confident that we can be partners to SMEs who need that little extra to take their business to the next level. Interest has been strong already, and our ambition is to scale quickly so we can offer a level of support which we feel SMEs currently don’t have.”
365 Finance has already supported more than 7,000 businesses in the UK with funding of over £400 million,
Its Rev&U lending platform also uses AI to accelerate the availability of funding for businesses allowing capital to be applied for, approved and released within 24 hours.
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