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Irish LendTech Flender raises €75 mn to boost SME loan offerings

Kristjan Koik, CEO, Flender

Irish P2P lending company Flender has raised €75 million in a funding round in a bid to provide enhanced loan services to its Irish businesses. The FinTech has also slashed its borrower interest rates up to one percent across all of its loan products. Previously offered with an interest rate of 7.5%, the loans of up to €250,000 will be available from 6.45 percent for terms up to 36 months.

“Before we got this new funding line, we had two main unique selling points over banks and that is the speed of execution and better user experience. But now, as well as having significant additional funding available we’ve cut our rates so that it is now as cheap, if not cheaper to come to us,” said Flender co-founder and chief executive Kristjan Koik.

Established in 2014, Flender is a Peer-to-Peer Crowd Finance platform that aims to help businesses raise​ growth finance quickly. It went live with its lending platform in early 2017 and is raising funds for Irish businesses, while lenders are currently participating from 28 countries.

“By and large, the companies using us are ones that are doing well and who want to expand and bring on new product lines. They know that in dealing with banks they could lose a few weeks waiting for a funding decision to be made. The fact that we have a quick turnaround time and that we now have cheaper loans rates puts us in a really good position,” added Mr. Koik.

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