Irish P2P lender secures £2.7m backing for international expansion
IRISH peer-to-peer lender GRID Finance has received a €3m (£2.7m) investment from former London derivatives trader turned venture capitalist Christophe Reech.
The deal makes Reech, founder of Reech Corporations Group, the biggest external shareholder in the platform.
The commitment was made through the company’s venture capital arm Odysseus Investments, which also holds robo-investing service Moola in its portfolio.
The P2P platform funds invoice discounting, leasing and short-term loans for small- and medium- sized enterprises in Ireland.
Derek Butler, chief executive of GRID Finance, said the partnership would help expansion into new areas.
“We are delighted to welcome Reech Corporations Group to GRID as our strategic equity partner,” he said.
“Their track record and experience in building and investing in highly successful financial services businesses will add significant value to GRID alongside the equity investment itself.
“GRID is powering the development of the next generation of financial services in Ireland for credit-worthy small businesses. Our partnership with Reech will allow us to propel our business to the next level by investing in our proprietary technology and market penetration in Ireland and other international markets.”
Reech will join the GRID Finance board as a non-executive director.
“I have been hugely struck by the dynamism of Derek Butler and his team and the speed with which they have established themselves as the leader in their domestic market,” Reech said.
“This is a very scalable business with potential to move beyond Ireland into other markets. I am confident that with the benefit of our experience and know-how in creating and scaling innovative businesses, GRID Finance is destined for great things over the coming few years.”