Irish fintechs well positioned to address talent shortages in h2 while keeping pace with sector growth states Odgers Berndtson Ireland

Irish fintech companies have a golden opportunity to attract high-calibre talent at leadership level in H2 of this year and overcome the significant skills shortage in the sector, according to Barry Guiney, COO and Head of the Scale Up Collective at executive search firm Odgers Berndtson Ireland.

Ireland’s fintech sector has seen remarkable growth in recent years. From 2018 to 2022, the number of fintech firms in Ireland grew by 250%, while the amount of safeguarded funds increased by over 700% to €7.56 billion.

Adding to the positive momentum in the sector, Ireland this week backed a €150m fintech-focused venture capital fund, MiddleGame Ventures, with Ireland’s sovereign wealth fund ISIF committing €20 million, along with other investors like the European Investment Fund (EIF) pledging €32 million, S&P Global and the Luxembourg Future Fund (LFF).

“However, Ireland’s rapid fintech expansion has outpaced the skills market, with the majority of Irish fintechs experiencing a skills shortage – something visible at a leadership level,” said Guiney.

“As fintechs navigate increasingly complex regulations and manage growing user transactions, there is a pressing need for leaders in Irish fintechs who possess specific skills,” he said.

Addressing the need for regulatory experience

“As fintech companies navigate complex regulations and manage increasing user transactions, the demand for leaders with specific expertise has intensified, “ said Guiney. “Recent regulatory developments, such as the EU’s inclusion of buy-now-pay-later providers under regulatory frameworks, highlight the pressing need for experienced compliance and risk management leaders.”

Guiney noted that leaders from traditional financial services bring advanced regulatory and operational strategies crucial for the maturing fintech sector. “We’ve seen a trend of appointing leaders from asset management, insurance, and traditional banking to fintech positions over the past few years,” he said.

Leveraging Ireland’s tech talent pool

The tech market is currently rich with available leadership talent, primarily due to recent “right-sizing” efforts by large multinational tech companies. “This shift has made experienced leaders in global operations and commercial management more accessible to Irish fintechs, presenting a unique opportunity to enhance commercial operations and gain a competitive edge,” said Guiney. 

“However, the landscape has changed significantly, and now, leadership talent with substantial experience in global operations and commercial management is more accessible than it ever has been. This availability presents huge opportunities for Irish fintechs to absorb the sort of high-calibre leadership talent that could transform their commercial operations and provide a competitive edge in the tech domain.”

Capitalising on the right skills on the market

“Many tech leaders in Ireland possess valuable experience in highly transactional fields, such as e-commerce, where PCI-compliance is mandatory. This background translates well into the fintech industry, which requires a deep understanding of high-velocity, high-trust environments like those found in real money gaming and platform systems. These sectors provide a robust training ground for handling the complex regulatory demands of fintech.

“In Ireland, the scenario is particularly favourable. The global operations of multinationals have often focused less on design and build and more on critical operational aspects such as licensing, anti-money laundering, and risk management. “What’s more, when companies like Revolut adjusted their strategies and decommissioned certain operations, it left a reservoir of these skilled professionals in the market,” said Guiney.

“These individuals are now available and come with a skill set highly transferable to fintechs, neo banks, and payment gateways – sectors where there is high volume and stringent regulatory compliance, especially concerning anti-money laundering and risk management. This pool of talent is uniquely prepared to drive innovation and operational excellence in Ireland’s burgeoning fintech ecosystem,” added Guiney. 

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