London-based fintech lender 365 finance has announced its entry into the Irish market, marking the first stage of its expansion outside of the UK.
The company, which provides revenue-based funding to SMEs through its Rev&U platform, said it will provide loans of between €10,000 and €250,000 to Irish businesses.
365 finance has so far supported over 7,000 businesses in the UK with funding of over £400m.
It said expects to scale rapidly in the Irish market, with an aim of lending over €100m in the coming years.
365 finance provides funding through a revenue-based performance model, which means that there are no fixed monthly repayment fees.
Repayments are tied to business performance, increasing when revenue is higher and decreasing during quieter months, which ensures that businesses are not locked into fixed payments.
Rev&U, 365 finance’s lending platform, uses AI technology to speed up the availability of funding for businesses and capital can be applied for, approved, and released within 24 hours.
365 finance said it plans to actively lend to Irish retail, e-commerce, and hospitality businesses.
Warren Abbey, CEO of 365 finance, said 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.
“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,” he added.
Nathan Stewart, Director of Growth with 365 finance, said the offering is going to be something new to the Irish market, providing a stress-free means of getting access to capital and cutting down the red tape.
“We are a fintech at heart, and our AI technology allows for quick decisions. This leads to more effective planning for our customers and the piece of mind that when their business is not performing at 100%, they aren’t tied to a fixed repayment. Flexibility of capital allows SMEs to focus on what is important, attracting and retaining their customer base,” he added.
