HBAN's South East Syndicate drives €570,000 Investment in Fast-Rising Fintech Start-Up Loanitt

By hban.org
Tuesday, 27th October 2020

HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment, and a joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, today announces that investors in its South East Business Angel Network (SEBAN), along with Enterprise Ireland have invested €570,000 in fintech startup Loanitt. 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. SEBAN angel investors have contributed €270,000 to this funding round, while Enterprise Ireland has invested an additional €300,000.

Loanitt is already established as one of Ireland’s largest and fastest growing Credit Intermediaries, delivering efficiency and simplicity to the consumer finance credit application process. Currently providing car, agricultural and commercial finance, Loanitt has developed innovative technology and open banking solutions which streamline the credit application process and remove the need for documentation at no cost to the consumer.

A joint initiative of Enterprise Ireland, InterTradeIreland and Invest Northern Ireland, HBAN’s South East-based syndicate is part of the broader National HBAN network, granting angel investors with access to the best cross-sectoral investment opportunities on the island of Ireland. SEBAN is primarily interested in companies located in, or connected to, the South East – providing mentorship, support and networking avenues for high-potential start-ups.

Loanitt has been on a upward trajectory during 2020, with its newly appointed chairman, Conor Molloy, bringing a wealth of experience from his time working across European financial markets, providing board counsel to Central Banks, banking institutions, and most recently, European fintech giant Revolut. Loanitt’s wider leadership team boasts extensive international experience across the technology and consumer credit verticals, driven by a shared ambition to help change the current banking landscape with a more consumer-centric and efficient financing model.

Originally founded by John Duggan and Padraig Nolan, Loanitt has assembled a best-in-class team, with access to a broad panel of lenders to help prospective customers find the right funding deal based on their specific needs and credit level.

Aidan Shine, HBAN’s Coordinator for the South East region said: “We are proud to have finalised this funding round for one of the island’s most exciting and dynamic fintech start-ups. SEBAN is aligned with Loanitt’s mission to not only broaden the accessibility of value in personal loans, but also to greatly simplify the credit application process for consumers. In short order, Loanitt has emerged as a leading finance intermediary here in Ireland, with its sights firmly set on the international market. 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.”

John Duggan, CEO and Co-founder of Loanitt 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.”

Padraig Nolan, COO and Co-founder of Loanitt said: “The arc of growth that Loanitt has experienced in 2020 is set to continue into 2021, as we prepare to make in-roads in new markets and add significantly to our ever-increasing team. Together, we are transforming the credit application process, which has typically been defined by protracted timelines and less flexible processes. Consumers deserve better. At Loanitt, we want to pave the path for a smooth and more seamless customer journey.”

The company has recently been nominated for the National Business Awards in the Innovation category and also picked up the Kilkenny County Enterprise Award for 2020 along the way.

This news item has also been featured in the following publications:

  • The Sunday Times (in print); 8th November 2020 – Fintechs light the way in the gloom
  • The Kilkenny People; 17th November 2020 – Kilkenny start-up aims for success at Enterprise Awards
  • The Irish Examiner (in print); 20th November 2020 – Loanitt recruitment to continue in 2021