‘Angel’ investors pump €570,000 into rising Kilkenny start-up
Kilkenny fintech startup Loanitt is on course for significant expansion after it received €570,000 investment.
City-based Loanitt, which grew its staff numbers to 15 over the past 12 months, plans to hire another 25 employees after it received the backing of the South East Business Angel Network (SEBAN) and Enterprise Ireland.
SEBAN angel investors have contributed €270,000 to the funding, while Enterprise Ireland has invested an additional €300,000.
Loanitt has already established itself as one of Ireland’s largest and fastest growing credit intermediaries. The local company currently provides car, agricultural and commercial finance and has developed innovative technology and open banking solutions which streamline the credit application process and removes the need for documentation at no cost to the consumer.
Loanitt CEO and co-founder John Duggan said: “Today’s announcement represents another firm seal of approval for Loanitt’s unique value proposition, underlining our credentials as a credible change-agent in the credit market. Time is the most precious commodity – we give people back time.
“Furthermore, in these extraordinary times, there is a heightened sense of uncertainty among people with regards to the affordability of credit. Loanitt provides much needed clarity around the credit application journey.”