Irish Times: Business lender Capitalflow to invest €10m in its Dublin office

Irish Times: Business lender Capitalflow to invest €10m in its Dublin office

Irish Times: Business lender Capitalflow to invest €10m in its Dublin office 1600 959 Capitalflow

Specialist business lender Capitalflow is to invest €10 million in its Dublin office, and add 40 jobs in the next three years.

The company said it would increase its workforce to 90 by 2020, recruiting for roles in lending, finance and operations at its Santry-based headquarters and its Dublin city centre office in Merrion Square.

The lender, which says it has already provided more than €100 million in finance to Irish companies, said it could provide a further €150 million in finance to Irish businesses this year, aiming to grow its customers from the current 900 to 1,600 new business customers.

Capitalflow provides confidential invoice discounting, property finance, leasing, hire purchase, refinancing and asset-based lending.

It was established by chief executive Ronan Horgan and co-founder Harry Parkinson with a team of three people. In 2016, the company pledged to commit €300 million to financing Irish SMEs.

It was bought by London-based Pollen Street Capital in May 2016. It acquired bridging finance specialist BBF Capital in December, allowing it to offer term loan and bridging finance facilities to Irish business owners. It has already provided more than €40 million in bridging finance facilities to companies in Dublin, Limerick, Cork, Galway and other towns.

 

Keen to expand

The company claims Irish firms are still too reliant on traditional banking institutions, and says the banks are not flexible enough.

“Ireland’s economy is undergoing tremendous growth. Business confidence is high, and, like Capitalflow, companies are keen to expand, invest in new skills, and grow into new markets,” Mr Horgan said.

“To realise the opportunities of this growth business owners need lenders to respond quickly, and many established pillar banks are challenged and have been slow to respond to this demand.”

Only 24 per cent of small and medium enterprises in Ireland are using alternative lending services, compared with 50 per cent in Europe, and 70 per cent in the US.

 

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