Financial Services Ireland

Ireland FinTech Census

Ireland FinTech Census 2018 – a snapshot of the Irish FinTech landscape

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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.

EY Ireland FinTech Census

Ireland FinTech Census 2018 – Key Findings

  • Nearly one in five (19%) of FinTech companies operating in Ireland plan to raise €5million or more in their next funding round, while 22% of companies expect to raise at least €1million, according to the results.
  • The census found that the main FinTech areas in Ireland are RegTech and digital identity (17.5%), payment and remittances (12.7%), asset management solutions (7.9%) and financial software (7.9%).
  • While close to a third (32%) of Irish FinTechs anticipate global revenue growth of between 100% and 500% in 2018, 17% anticipate global revenue growth of greater than 500% this year. 27% identified the UK and Europe as regions for future expansion, while 26% identified AsiaPac as a region for expansion.
  • 94% of Irish FinTechs plan to hire an additional 50 employees in the next 12 months. The skills and experience hardest to recruit for were identified as coding and software development, sales, product management, and regulatory and risk management.
  • The key challenges faced by Irish FinTech companies in achieving their business and growth objectives in 2018 included: attracting qualified and suitable talent, building partnerships with established players, international expansion and customer adoption.

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.

Colin Ryan

Ireland Financial Services Country Leader
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