Irish peer-to-peer lender Linked Finance has secured €50m in funding from Banco BNI Europa, a Portuguese digital bank. The funds will be deployed over a two-year period to lend to Irish SMEs.

Banco BNI Europa was founded in 2014 and is a subsidiary of Angolan bank BNI. The venture has been partnering with alternative lenders across Europe since 2016, including P2P lenders in Germany and elsewhere.

Niall Dorrian (pictured), CEO of Linked Finance, said that the Banco BNI Europa funding will allow for an immediate increase in lending to local businesses.

“It complements the funding available from our existing users -- ordinary members of the Irish public -- who will continue to play a crucial role in helping us to fulfil our mission of providing fast and affordable finance for Ireland’s SME sector.”

Pedro Coelho, executive chairman of Banco BNI Europa, said that a partnership with Linked Finance was a natural fit for his business.

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“Ireland is a market we have been keen to enter and, as the leading P2P lending platform here, Linked Finance is the obvious partner,” he continued.

Since launching in 2013, Linked Finance has lent more than €50m to Irish SMEs. Recipients have included The Irish Fairy Door Company and Iconic Offices.