Business Irish

Saturday 21 October 2017

Fintech investment in Ireland hits $5.7m

The global report stated that fintech investment in Europe in the first quarter hit $806m invested across 89 deals.
Photo: Getty Stock
The global report stated that fintech investment in Europe in the first quarter hit $806m invested across 89 deals. Photo: Getty Stock
Colm Kelpie

Colm Kelpie

Ireland is gaining prominence in the world of fintech, with investment worth $5.7m in the first three months of the year, a KPMG study claims.

The global report stated that fintech investment in Europe in the first quarter hit $806m invested across 89 deals.

Dublin is hoping to win extra investment as a result of the Brexit decision, with the Government hoping that fintech will be one of the areas of opportunity.

Ann Scally, partner at KPMG Ireland, said the start of the year saw a number of "mature" fintech companies announce expansion plans here, including life-cycle management company Fenego.

"Ireland has also successfully attracted a number of fintechs to set up regional offices here, including Kabbage, and we hope to see further growth as Ireland continues to market its ability to be a bridge to both the UK and Europe," Ms Scally said.

"In addition, the deadline for implementing Payment Services Directive 2 (PSD2) is now fast approaching and as we move through 2017, new fintech business models will almost certainly evolve to make the most of open data and to capitalise on new opportunities."

Global fintech investment decreased from $4.2bn in the final three months of last year, to $3.2bn at the start of this year.

Europe reached a new high for VC-based funding to fintechs with $610m invested across 67 deals between January and March.

The report noted that this was the "highest tally in years".

Irish Independent

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