EY is committed to supporting the Irish FinTech sector and, in collaboration with Enterprise Ireland, is proud to publish the first EY Ireland FinTech Census. The census is a key action of the Department of Finance’s IFS 2020 Action Plan for 2018, launched by Minister of State for Financial Services and Insurance, Michael D’Arcy TD in January 2018.
The report highlights the dynamic and vibrant FinTech landscape as well as the ambitious growth plans of Irish FinTechs, evident through the planned hiring of new talent, expected future investment and future revenues. Demand for FinTech services and the opportunity for innovative Irish FinTechs at home and abroad has never been so strong. PSD2 and Open Banking are key drivers, with the framework for sharing data between banks and FinTechs taking shape. This, together with strong global demand for payments and RegTech solutions, is good news for Irish FinTech.
The census aims to provide a crucial fact-base for FinTech companies, investors, policymakers and other stakeholders on the scope, scale and strategic positioning of the FinTech sector in Ireland and to chart its growth. As part of the census, data was gathered from Irish and international FinTech companies operating in Ireland on the specific areas of revenues, investment, talent, regulation and future expansion. Download the report from the link below to explore in full, or read on for the key findings.
Ireland FinTech Census 2018 – Key Findings
Diversity and Inclusion
In terms of workforce diversity and inclusiveness, 87% have a policy or culture of inclusion, while 60% of executive teams within FinTech companies have a female representative. 19% of FinTechs have all male organisations. The sector within Ireland has a strong multinational workforce: 51% of respondents include employees from the UK, 63% include employees from Europe, 38% include employees from Asia and 37% include employees from North America.
Welcoming the results of the Ireland FinTech Census 2018, Minister of State for Financial Services and Insurance, Michael D’Arcy said:
“The Irish Government is strongly supportive of FinTech, recognising the significant benefits it can bring to consumers, economic growth, productivity and the competitiveness of the Irish economy. The census provides, for the first time, a comprehensive landscape of Irish FinTech and draws attention to the importance of talent and investment to entrepreneurs, the two key ingredients to great companies and a healthy start-up ecosystem. The census will provide valuable information to investors and policymakers on the composition and needs of Irish FinTechs, helping to boost the understanding of Irish FinTech across Ireland and the rest of the world.”
EY partnered with Enterprise Ireland on the preparation of the census, and the initiative is a collaborative effort with support from key stakeholders in the sector, including IDA Ireland, Banking and Payments Federation of Ireland (BPFI), FinTech and Payments Association of Ireland (FPAI), FSI and FinTech Ireland. Sixty-three Irish and international FinTech companies operating in Ireland took part in the Ireland FinTech Census.