Kilkenny fintech startup Loanitt has raised €570,000 from angel investors and Enterprise Ireland. Founded in 2019 by John Duggan and Padraig Nolan, Loanitt is a credit broker, providing car, agricultural and commercial finance products.

Duggan and Nolan have previous experience working in the banking sector and are also co-founders of Kyiper, another fintech startup providing credit applications solutions through open banking technology.

Loanitt is chaired by Conor Molloy, who is also chairperson of Beechbrook Capital, an SME private debt fund lender, and chairperson of Revolut Europe.

The €570,000 fundraiser for Loanitt comprises €270,000 from a group of angel investors in the Halo Business Angel Network, with Enterprise Ireland investing an additional €300,000.

The company currently employs 15 people and plans to expand this to 40 by the end of 2021.

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Loanitt has emerged as a leading finance intermediary here in Ireland, with its sights firmly set on the international market,” said Aidan Shine, HBAN’s co-ordinator for the south-east region.

“The team has demonstrated an acute understanding of the inherent challenges in the current finance and loan landscape, developing innovative tools to place the power back in the hands of the customer.”

Loanitt CEO John Duggan said that the fundraiser underlines his company’s credentials as a credible change agent in the credit market. “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,” he added.

Photo: Loanitt co-founders John Duggan (left) and Padraig Nolan