(Dublin, March 15 2016) 2015 marked a banner year for the global FinTech sector with US$13.8 billion invested into VC-backed FinTech companies, a 106 percent jump compared to 2014, according to a new report by KPMG and CB Insights. The growing strength of the sector is highlighted by newly minted Unicorns and increased involvement by financial services giants, despite some cooling off of activity in Q4 2015.
The report finds that global investment in FinTech companies totalled US$19.1 billion in 2015, with US$13.8 billion invested into VC-backed FinTech companies, a 106 percent jump compared to 2014. The record levels were achieved despite a 64 percent sequential drop off in funding in Q4, with US$1.7 billion invested across 154 deals to VC-backed FinTech companies globally, the lowest quarterly FinTech funding total since Q3 2014.
Commenting on the report, Anna Scally, Partner and Head of Technology, Media and Telecommunications and FinTech Leader at KPMG in Ireland said: “Based on data published by the IVCA, it is estimated that Irish FinTechs have raised at least €75 million through venture capital funding in 2015. The figure highlights Ireland’s credibility in the sector and the fact that investors clearly see the potential for future growth.
“The findings also reflect greater cooperation in the FinTech sector at all levels and a rapid build-up of FinTech ecosystems, both locally and across Europe. By way of a local example, the FinTech and Payments Association of Ireland (FPAI) was founded in September and is already making tremendous progress bringing together FinTechs, financial institutions, policy makers and government to collaboratively drive solutions and promote growth.”
“2015 was a tremendous year for FinTech investment around the globe. The evolving needs of digitally savvy consumers and the drive for efficiency, not least to meet regulatory and compliance costs, is propelling innovation in financial services like never before -- and investors are taking notice,” added Warren Mead, Global Co-Leader, KPMG FinTech practice.
“Corporate investment and support from across the financial services and technology sectors is key to the future growth of FinTech. Irish tech companies and financial institutions are already working closely together to design new products and services. Financial institutions need the insight and skills that many Irish tech companies have and the relationship between the two can be mutually beneficial,” concluded Anna Scally.
FPAI will host its inaugural conference ‘The FinTech Nation’ showcasing the Irish FinTech and Payments Industry on Thursday April 14th 2016 at the Marker Hotel, Grand Canal Square, Dublin. Further details here.
For more information, contact:
Communications Manager, KPMG Ireland
email@example.com; (01)700 4728
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