Ireland is set to hatch a new peer-to-peer lender this March in the form of Our Money.
Our Money will become the second p2p lender in Ireland. Its emergence is in keeping with Simon Deane-Johns’ recent prediction that the p2p lending market in Ireland could soon take off. The new platform will target SMEs, community organisations and charities.
Derek Butler, formerly an accountant with PwC, is the CEO of Our Money. Sean O’Riordan, once an associate director with KPMG, will be the Chief Operating Officer. Butler commented:
“We both wanted to apply our skills to getting money moving in local communities again. For example we will look at helping local GAA clubs who have many local supporters who are prepared to lend them small amounts each at low or even zero interest rates, but need a structured safe way to do so.”
The CEO and COO have afforded Our Money useful linkages. PwC will serve at Our Money’s auditor, while KPMG is its compliance advisor. Beauchamps are the new platform’s solicitors.
Mr Butler and Mr O’Riordan have previously run a social network campaign called “anewbankforireland”, which was designed to determine what the people felt was absent from Irish banking. The experience of this campaign is said to have informed their decision to found Our Money, and will have doubtless factored into how the new platform is structured.