SOUTHEAST BIC - SUCCESS CASE STORY ON EU|BIC SUPPORTING A CLIENT ORGANISATION
Loanitt, based in Kilkenny City in the South East of Ireland, is a FinTech Credit Intermediary focused on improving the credit application journey. Since entering the car finance market in November 2019, Loanitt has become Ireland’s largest credit intermediary in car finance in under 12 months. Loanitt just launched its Agri and Commercial Finance division at the end of 2020 where they expect a similar growth trajectory this year. Loanitt develops innovative technology which allows institutions to completely digitalise and accelerate an otherwise manual credit process – providing access to data digitally and instantaneously, removing the need to manually request documents such as bank statements, payslips, or identification documentation.
Loanitt’s leadership team has extensive international industry experience, with co-founders John Duggan and Padraig Nolan having previously held management positions across multiple Tier 1 banks. With an acute understanding of recent changes to the credit market regulatory landscape, as well as evolving consumer demands, the pair identified a unique opportunity to streamline the credit application process with the launch of Loanitt.
With the support of the EU|BIC certified SouthEast BIC, Loanitt team started an intensive Investor-readiness process and prepared to pitch to the South East Business Angel Network, part of Halo Business Angel Network (HBAN) and they, along with Enterprise Ireland have invested €570,000 in the fintech startup. The company has already grown staff numbers to 15 people in less than 12 months, with plans to target a headcount of 40 people by year-end 2021.
Aidan Shine, CEO of South East BIC said: “We are proud to have finalised this funding round for one of the island’s most exciting and dynamic fintech start-ups via SEBAN and are delighted to have worked closely with the Loanitt team throughout the preparation process all the way through to supporting their funding application.”
Padraig Nolan, COO, Loanitt says of their experience with South East BIC: “The continued support we received from Rosemary, Aidan, Siobhan and the South East BIC team throughout this journey has been invaluable. They were very helpful and informative throughout our initial fundraising round and played a key role in helping us secure that investment. They are always on hand with practical advice to help us steer into unchartered territory. We would highly recommend any company starting a similar journey to make sure their first step is contacting the South East BIC.”