The company recently opened a new office in Spain and plans to expand its team by 15 as it grows its client base.
CreditLogic, the Dublin-headquartered lending-as-a-service platform, has raised €3.5m to fuel its expansion plans.
This funding round includes investment from Riverside Acceleration Capital (RAC), which is part of the global private investment firm The Riverside Company. The round also included investment from individual tech investors.
CreditLogic plans to use enable the fresh funds to expand its capacity and grow further across Europe. The company plans to add 15 full-time roles to its teams, in areas such as AI, data science, engineering and sales.
The Irish fintech did not specify where these roles will be based – the company recently opened an office in Spain and hired former Meta executive Elena Alvarez to support its growth.
CreditLogic was founded in 2019 by CEO Eddie Dillon and CTO Gavin Bennett. The two are former banking executives.
The fintech has developed a platform that enables banks to reduce the cost of acquiring and onboarding customers and issuing new mortgages. CreditLogic claims to serve all banks in Ireland, key public sector entities and more than 60 other regulated businesses.
“Our mission is to accelerate digital transformation in the banking sector, giving consumers the efficient, user-friendly, digital experiences they demand and restoring the competitive edge of banks,” Dillon said. “We’re thrilled to have the support of RAC and our existing investors, who bring a strong track record of success in technology investment.”
By 2020, CreditLogic had raised a total of €2.4m. This included a €1.5m funding round led by Dr Martin Scott, who joined CreditLogic as chair in 2019 and was also a Riverside partner at the time, The Irish Times reports. CreditLogic also significantly expanded its team in 2022.
RAC partner Jonathan Drillings said the investment company was looking for “high-growth B2B software companies led by strong management teams”.
“We were impressed by the CreditLogic’s team, growth to date and the validation of the platform with customers of scale,” Drillings said. “We’re delighted to partner with the team and excited about the potential of CreditLogic.”
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