IRISH peer-to-peer lending platform Flender is reportedly set to unveil a €50m (£43.8m) debt financing round in order to fund its expansion plans.
The firm, which currently originates business loans, will use the proceeds to expand into property lending, according to The Irish Times. The money will also enable the platform to finance deals more quickly and support its expansion into new markets such as Spain and eastern Europe.
Flender will also announce a number of new investors, said the report, with the Irish government’s development agency Enterprise Ireland thought to be among the backers.
Flender launched in early in 2017 and has helped Irish businesses raise more than €1.28m to date.
The firm has already received regulatory clearance from the Financial Conduct Authority to operate in the UK and plans to offer an Innovative Finance ISA offering returns of between eight per cent and 14 per cent.
Last year Flender raised £500,000 on crowdfunding platform Seedrs as well as £2m in equity funding and £20 million in leveraged debt finance.