CreditLogic aims for expansion into British and EU markets
The Dublin-based fintech has created a platform that helps reduce the cost of acquiring and verifying customers for companies in the lending sector
Founded by: Eddie Dillon and Gavin Bennett in 2019
Funding: €5 million
CreditLogic, a Dublin-based fintech, is expanding into the British and European markets as it aims to build on its early success in Ireland.
CreditLogic was founded by Eddie Dillon and Gavin Bennett in 2019. The company has 25 staff and has raised €5 million in funding. It is a business-to-business software as a service (B2B Saas) platform that helps reduce the cost of acquiring and verifying customers for companies in the lending sector.
“We offer a highly configurable platform that has the full toolkit to capture, validate and process new customer data. It brings and transitions a customer from enquiry all the way through to product fulfilment,” Dillon told the Business Post.
The idea for CreditLogic came from frustrations the founding duo had in the prior roles.
“Gavin is a former chief technology officer, and I was chief innovation officer at KBC Ireland before this. The problem we found in banking was the chronic inefficiency of new customer processes and a paralysis in trying to fix it,” Dillon said.
“The more complex, regulated and risky the product, the greater the challenge. We searched for a tech solution to fix it; we couldn’t find it, so we decided to fix it ourselves.”
Dillon said that his and Bennett’s experience in the banking sector meant they were well placed to identify the challenges of potential clients and help them. This knowledge has aided the company’s growth over its nearly five years of operation.
“We launched in Ireland not just for convenience but because it was an ideal market due to the hugely antiquated and complex environment that’s there. We’re now fortunate in that we serve all of the Irish banks, and we have some non-bank lenders as well,” he said.
“We started with a team that had a strong domain expertise. The first obligation was to get product market fit. We had a disciplined approach to that. We’ve got solid and happy traction in the Irish market, which means we have strong customer advocacy.”
The business is supported by Enterprise Ireland and is part of the high potential start-up unit. Dillon said the agency has proven to be an enormous help to his business.
“Their support is invaluable. Enterprise Ireland has provided not only financial support, but their only motivation is to see us be successful in scaling the business internationally. I’m delighted to be participating in their leadership for growth programme at the moment, which is all about developing a strategic growth plan,” he said.
“They are providing a huge amount of support to coach and assist us in building a scalable global company.”
The company already has two international clients and Dillon said the business aims to expand quickly overseas.
“Our immediate mission is to successfully deploy with those two clients in the second half of this year. There has to be a disciplined approach to growth. We will examine seeking funding again later this year to accelerate our commercial ambition.”