Continued Growth Expected in the Irish Fintech Sector

Continued growth is expected in the Irish fintech sector, according to a new Irish Fintech Survey published today by Fintech & Payments Association of Ireland (FPAI), with 42% of firms reporting that they plan to seek additional funding and 91% plan to hire this year. The survey conducted in Q4 2024, captured the perspectives of senior executives within the fintech and payments industry in Ireland and reveals a buoyant and expansion-focussed sector but recent geo-political tensions will present risks, especially when it comes to investment decisions.

Key findings from the survey show:

Ireland continues to be an attractive base for fintechs

—  Ireland’s access to the EU market was also rated by 78% of respondents as key
—  70% rated the availability of practical and financial supports favourably
—  52% identified strong opportunities to collaborate within the sector as key
—  Majority of firms (91%) ranked Ireland’s corporate tax regime as attractive

Highly skilled workforce

—  59% of respondents found Ireland to be an attractive base to access a pool of technical as well as senior talent
—  4 in 5 firms however identified challenges in attracting people to in-person work (78%) and experienced challenges finding diverse candidates (83%)

Plans for growth in the next 12 months

—  In terms of recruitment, 91% of respondents are planning to hire new staff
—  Environmental, Social and Governance (ESG) considerations are regarded as an opportunity for 47% of firms
—  42% of firms plan to seek additional funding

John O’Beirne, FPAI Chair and CEO & Executive Director, Squareup International Ltd, stated: “I am pleased to share the results of the FPAI’s inaugural Fintech Survey today. The results reflect the success the sector has enjoyed 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.

Ireland has proven to be an attractive base for both domestic and global fintechs to establish and scale their operations across Europe and beyond, and the survey findings indicate that firms are continuing to invest in expanding their local presence, with 42% planning to seek funding within 12 months.”

Mr O’Beirne added: “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 to hire within the next 12 months. These planned roles span a wide range of skills, including software development, marketing and sales, compliance, and finance. However, 4 in 5 firms identified challenges in attracting people to in-person work (78%) and experienced challenges finding diverse candidates (83%).”

Commenting on recent geo-political developments, Mr O’Beirne stated: “Since the survey was undertaken, we have obviously witnessed a significant shift in the global outlook and recent geo-political tensions will present risks to the Irish fintech sector, especially when it comes to investment decisions. With such uncertainty hanging over the entire financial services sector, firms will be compelled to reassess their strategies and develop plans to navigate the evolving situation.

Having said that, 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, and 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.”

The Irish Fintech 2024 Survey was conducted in Q4 2024 by FPAI (Fintech and Payments Association of Ireland), with support from PWC and provides insights into the current landscape, challenges, and opportunities for fintech firms operating in Ireland and will serve as a benchmark for the next survey at the end of 2025.

Fintech & Payments Association of Ireland (FPAI) is an affiliate of Banking & Payments Federation Ireland (BPFI) and is the representative body for the fintech sector in Ireland. It was established in 2015 to foster an environment in which both indigenous and multi-national fintech companies can thrive and get the best from locating and doing business in Ireland. Its membership reflects the full spectrum of Irish fintech, from start-ups and scaling firms through to domestic and multinational banks and technology companies. Visit www.fpai.ie.