Peer-to-peer

New peer-to-peer lender to launch next year




Initiative Ireland is set to launch across the country next year as it prepares to raise £1.8m in investment.

It will be the first personal peer-to-peer lending platform in Ireland and is set to create 25 jobs over the next three years.

Initiative Ireland is teaming up with the Employment and Investment Incentive Scheme to raise £1.8m in order to support the launch of its personal lending platform, which will connect everyday people and allow them to borrow and lend money directly to each other.

The news was welcomed by Mary Mitchell O’Connor, minister of jobs, enterprise and innovation, who said supporting start-ups such as this was a key part of the government’s plan for jobs.

“Initiative Ireland are working to bring impactful innovations to the market at home and abroad.

“I welcome Initiative Ireland’s peer-to-peer lending platform which will create 25 jobs and I wish the team the very best for a successful future.”

Once launched the platform will perform credit assessment, apply credit scores to applications and facilitate the funding of each loan by multiple lenders, managing all approved loans thereafter.

The company aims to offer lenders indicative returns of between 5-7% per annum.

Padraig W Rushe, CEO of Initiative Ireland, said it was excited about creating a consumer finance industry that was fair, honest and inclusive.

“That’s why we’re combining business and technology innovations, which have worked well in other markets, to create something sustainable and tailored to the Irish market.

“We believe we can make a positive difference to people’s lives by giving them better options when it comes to borrowing money or putting their own money to work.

“It’s with thanks to Enterprise Ireland and schemes like the Employment Investment Incentive Scheme that companies like us are able to compete and deliver innovations to the market.”

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