CreditLogic CEO Eddie Dillon and chair Dr Martin Scott. Image: Naoise Culhane
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 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 the areas of AI, data science, engineering and sales.
Speaking to SiliconRepublic.com, CEO Eddie Dillon said these roles will principally be based in Ireland and the company expect to fill the roles over the next 12 to 18 months.
CreditLogic was founded in 2018 by 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 €2.4m. This included a €1.5m funding round led by Dr Martin Scott, who joined CreditLogic as chair in 2019 and is also a Riverside partner, The Irish Times reports. The company expanded its team with 30 new hires in 2022.
The company also recently opened an office in Spain and hired former Meta executive Elena Alvarez to support its growth.
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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