Karen Cohalan
Department Manager, Enterprise Ireland
Bernie Neville
Senior Development Advisor, Fintech, Financial & Business Services,
Enterprise Ireland
In the last decade, the vibrant domestic fintech sector has evolved, providing cutting-edge digital solutions globally. These offerings span key areas including payments, regulatory compliance, insurance, asset management, financial software and services.
Enterprise Ireland supports approximately 200 indigenous Irish fintech and financial services companies, which are part of this thriving sector employing over 10,000 people in Ireland. Our supports range from providing equity for early-stage innovation and grants to scale operations in Ireland to driving internationalisation across our 40 offices worldwide.
Ireland fintech accelerates innovation
Despite the more challenging global economic environment, we are seeing an acceleration in the pace of Irish fintech startups and innovation. The industry’s success is grounded in innovation and a rich skills base.
Ireland boasts a unique advantage in hosting many of the world’s leading financial services institutions as well as most of the world’s top tech companies. This has created a pool of talent with deep domain expertise across the financial and technology sectors, which in turn has provided fertile ground for the growth of the native fintech sector.
Academic-industry collaboration enhances skills
The skills base is bolstered by the strong collaboration between academia and industry, which has helped develop a number of specialised qualifications tailored to the specific needs of the sector. Third-level institutions and research centres collaborate with fintech companies to design programmes producing the world-class talent required to fuel the continued growth and success of the industry.
The Central Bank of Ireland’s recent announcement
regarding an Innovation Sandbox Programme will
provide fintech and financial services companies
access to regulatory advice and support.
Navigating market conditions and regulations
Irish fintech companies’ ability to respond at pace to changing market conditions and the rising tide of new financial regulations has been among their key strengths. David Doyle, an EU financial services regulatory expert, notes the game-changing, digital legislation to impact the sector from 2025.
This EU regulatory framework offers opportunities for fintechs that can benefit from harmonised rules and access to larger markets but also poses challenges given high compliance complexity and cost.
Supporting the growth of fintech
The Central Bank of Ireland’s recent announcement regarding an Innovation Sandbox Programme will provide fintech and financial services companies access to regulatory advice and support. It is a very welcome development that should help innovative Irish fintech companies navigate and capitalise on the evolving regulatory landscape.
In early January 2024, Enterprise Ireland will publish a report that documents the growth and success of the Irish fintech sector.