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Dynamic has sights set on expanding after closing funding deal

IT AND cloud computing business Dynamic Edge is eyeing expansion after completing a £100,000 loan deal through peer-to-peer lending platform Funding Circle.

The Aberdeen company plans to open an office in London before the end of this year and is also considering making an acquisition in the central belt of Scotland to further extend its geographic reach.

Rob Hamilton, managing director of Dynamic Edge, said around 350 private investors pledged money through Funding Circle earlier this year.

The company is now making monthly repayments on that sum and its shareholders did not have to give up any equity.

Mr Hamilton said: "Although we had heard positive feedback from other companies who had used the initiative, it was still something of a step into the unknown.

"The entire process was extremely straightforward; it took just three weeks from completing the initial application to receiving all of our funding."

Turnover in the 12 months to March this year rose 21 per cent from £618,000 to £750,000. A £1 million target has been set for the current financial year while staff numbers in Aberdeen are expected to grow from 14 to 20.

Mr Hamilton said: "We are actively looking to add skilled people to the team, while the added capital raised through Funding Circle will allow us to invest in the business over the coming months, including plans to expand into other areas of the country.

"We are currently in advanced discussions with a number of businesses in London and are hopeful of finding a solution in the near future.

"Additionally, we are continuing to explore opportunities in other parts of Scotland should the right deal become available."

Dynamic Edge, founded in 2009, has more than 100 clients across industries such as oil and gas, business services and the legal sector.

Funding Circle said it lent £53 million in the first three months of 2014.

Since being launched in 2010 it has provided around £270m of lending for more than 4,000 businesses across the whole of the United Kingdom.

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