• Finance Ireland, Ireland’s largest non-bank lender, today announces a series of shareholder transactions including a new €50m equity raise and;
• Fund controlled and managed by M&G plc acquires substantial equity stake and;
• Transaction will see the Ireland Strategic Investment Fund exit the business after 6 years of supporting the scaling of the business in line with its investment strategy.

Finance Ireland, Ireland’s largest non-bank lender, today announces a series of shareholder transactions and as part of that, funds controlled by international investment manager M&G plc and our existing institutional shareholder have each acquired a substantial equity stake in the business.

The deal will see the Ireland Strategic Investment Fund (ISIF), exit its 33% stake in the business in line with its investment strategy after supporting the scaling of the business over last 6 years.

The transaction also includes €50 million in new equity being invested in the business to support its future growth and expansion, including the continued growth of its highly successful car finance business. Finance Ireland recently moved its car finance business onto its own balance sheet to maximise its growth potential.

In 2021, the company’s new lending figure passed €1 billion for the first time and the company is reporting strong demand for its lending offerings as economic activity continues to recover after the pandemic.

Finance Ireland, founded by Billy Kane now employs over 170 people, and is Ireland’s largest non-bank lender, having grown into a multi-asset lender, specialising in car finance, commercial property, residential mortgages, SME, agri-lending and leasing finance. It is also poised to enter the green lending market, supporting consumers with a competitively priced home energy loan offering.

Speaking today, Finance Ireland founder Billy Kane, said; “This transaction is a huge vote of confidence not just in Finance Ireland and the management team but in the Irish economy, providing us with long-term capital to grow and expand our customer offering and execute our long-term growth strategy”.

“M&G know our business well as funders of our residential mortgage book and we are delighted that they have taken this step to take a substantial equity position in our business at this time. The timing is also significant given the exit of Ulster Bank and KBC from the market as customers look for a new provider for their mortgage and for their business financing.”

Billy also paid tribute to ISIF; “ISIF took a key stake in the business in 2016 and they have been a hugely supportive shareholder who played a key role in our growth story. We are delighted that they have secured such a positive return on their investment.

Will Nicoll, Chief Investment Officer of M&G’s Private & Alternative Assets division, says: “Finance Ireland is the largest non-bank lender within the Irish market and is well positioned to take advantage of favourable structural changes as some banks withdraw from core areas of lending. In addition to the growth potential of the business, the investment provides us with long-term funding opportunities as we continue to partner with the team to bring innovative financing solutions to Irish businesses and consumers.”