Block, the tech company co-founded by former Twitter chief executive Jack Dorsey, is looking to invest in a not-for-profit lender or social enterprise in Ireland.

Earlier this month, Block put £2m (€2.3m) of funding into ART Business Loans, a Birmingham-based community development finance institution (CDFI) lender which provides loans of £10,000-£150,000 to businesses unable to meet the full requirements from banks. Block is now looking to complete a similar deal in Ireland.

Block said it would be keen to invest or partner with a similar institution in the Irish market.

"We have allocated $10m from our $100m (€94m) Social Impact Investment fund to international investments, and we are always seeking other similar partners to invest in around the world,” the firm said. “As we have a large presence here in Ireland, we are actively looking for Ireland-based organisations that we could partner with to support underserved communities here."

CDFIs are not-for-profit lenders, which typically provide lower-value loans. They are often a last resort for firms and consumers who are unable to secure a loan from other sources, for example, due to poor credit ratings.

Reporting: The Irish Independent