South East BIC Client of the Month JANUARY 2021 LOANITT

Based in Kilkenny City, Loanitt is a new FinTech Credit Intermediary focused on improving the credit application journey, boasting a 4.9 out of 5 rating on consumer review site TrustPilot.

 

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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. 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 also 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. Changes to the regulatory landscape of the credit market have presented significant opportunities for a FinTech Credit Intermediary, and the introduction of the revised Payment Services Directive (“PSD2”) and Open Banking means that third-party providers such as Loanitt can now access customer account and credit information with consent to provide its services to institutions and consumers.

In 2019, Loanitt started working with Kilkenny Local Enterprise Board who supported them throughout their startup journey. Kilkenny LEO referred them on to South East BIC where we started an intensive Investor-readiness process with the Loanitt team and prepared them to pitch to the South East Business Angel Network, part of 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.

Loanitt are a finalist in the 2021 National Enterprise Awards, representing Kilkenny.

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 to become an Enterprise Ireland HPSU.”
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.”

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