The crowdlending platform co-founded by entrepreneur Bill Dobbie has completed 34 loans during its first year in operation.

LendingCrowd said it has helped small and medium enterprises raise £1.75 million since launching on October 1 last year.

In addition the business, which specialises in peer-to-business loans, has signed up 1,100 investors.

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Stuart Lunn, who co-founded the Edinburgh firm with Mr Dobbie and is its chief executive, said: “There are lots of investors keen to back companies looking for alternative finance and we believe that flexible and well-regulated crowdlending can help support a successful base of SMEs that can go on to make a valuable contribution to the UK economy.”

The company has grown its staff numbers from nine to 16 over the year.

Mr Dobbie has been involved in a number of technology companies including Iomart and online dating firm Cupid, which has since changed its name to Castle Street Investments.