Leah Donnelly
Head of Fintech & Payments Association of Ireland (FPAI) and Digital Assets
Ireland has proven to be an attractive base for fintechs to establish and scale their operations across Europe and beyond, with 42% planning to seek funding within 12 months.
Ireland is an attractive base for fintechs to establish and scale
The Irish fintech sector has enjoyed great success over the last few years, with the number of regulated payment and electronic money institutions registered with the Central Bank of Ireland (CBI) having grown from 14 to 50 since 2018. Recent survey findings from the Fintech & Payments Association of Ireland (FPAI) indicate that firms are continuing to invest in expanding their local presence, with 42% planning to seek funding within 12 months.
Number of factors contributing to growth
Factors include Ireland’s access to the EU market, which was rated by the majority of respondents (78%) as key. Once regulated by the Central Bank here in Ireland, firms can export their services across the Union. The majority of fintechs (70%) also rated the availability of practical and financial supports, such as those from the IDA, Enterprise Ireland and chambers of commerce, as important. In terms of employment, 59% of respondents found Ireland to be an attractive or very attractive base to access a pool of technical as well as senior talent, and the vast majority (91%) of respondents were planning the hire within the next 12 months.
Firms will be compelled to reassess
their strategies and develop plans
to navigate the evolving situation.
Positive pipeline into the future despite challenges
However, we have witnessed a significant shift in the global outlook. Recent geopolitical tensions will present risks to the Irish fintech sector, especially when it comes to investment decisions. Firms will be compelled to reassess their strategies and develop plans to navigate the evolving situation.
Yet, the sector has proven resilient in the face of challenges in the past, and the country’s fundamental attractiveness remains strong. We continue to see a positive pipeline of firms interested in establishing an Irish base. The FPAI looks forward to continuing to work with our members, the Central Bank of Ireland and the wider financial sector to support development, growth and innovation across the sector.
