Image Image Image Image Image Image Image Image Image Image

Peer2Peer Finance News | November 22, 2017

Scroll to top

Top

Irish P2P lender GRID Finance rules out UK as part of growth plans

Irish P2P lender GRID Finance rules out UK as part of growth plans
Marc Shoffman

IRISH peer-to-peer lending platform GRID Finance has ruled out the UK as part of its current expansion plans.

The business lender announced it had received €3m (£2.7m) of finance yesterday that will help to fund expansion into new markets, but chief executive Derek Butler says the UK market is already very competitive.

“The UK is really successful when it comes to the development of next generation financial services,” Butler said.

“That has led to a competitive environment.

“There is also a secondary factor of Brexit uncertainty, it is a much smaller factor in our decision, but is still a factor.”

Read more: Flender looks to raise £2m from institutional friends

He said he was focusing on scaling the business in Ireland first and competing with the country’s two main banks, Allied Irish Bank and Bank of Ireland.

“There isn’t a compelling investment proposition for us to compete with a developed market like the UK,” Butler added.

Instead, he said GRID Finance would eventually look to expand into southern and eastern Europe.

The platform offers loans and leasing for businesses, with average rates of nine per cent.

Read more: Europe still trails UK in alternative finance, but P2P is growing across the continent