Key event as VC funding in Irish FinTechs reaches €70m in 2015
(Dublin, April 12 2016) The FinTech and Payments Association of Ireland (FPAI) will host its inaugural conference on Thursday, April 14th at the Marker Hotel in Dublin’s Grand Canal Dock. The theme of the event is ‘The FinTech Nation’.
The event will be attended by companies including banks, payment processors, payment and e-money institutions, start-ups, legal advisors, professional services and software providers as well as the public sector, government departments, IDA, EI, regulator and academics.
Speaking ahead of the event, Richard Walsh, Chief Executive, FPAI said: “The FPAI was founded in September 2015 and is already making tremendous progress bringing together the key players in FinTech to collaboratively drive solutions and promote growth. Financial institutions need the insight and skills that many Irish tech companies have and the relationship between the two can be mutually beneficial.”
The conference follows a recent report by KPMG which showed 2015 was a banner year for the sector globally with $13.8 billion invested into venture capital-backed FinTech companies, an increase of 106 per cent on 2014. Overall, global investment in FinTech companies totalled $19.1 billion in 2015.
Commenting on the release of the report, Anna Scally, Partner and Head of Technology, Media and Telecommunications and FinTech Leader at KPMG in Ireland said: “2015 was a tremendous year for FinTech investment in Ireland and around the globe. Based on data published by the IVCA, it is estimated that FinTechs in Ireland have raised approximately €70 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 rapidly changing needs of consumers in the digital era is accelerating innovation in financial services and investors are taking note. Globally, the findings reflect greater cooperation in the FinTech sector at all levels and a rapid build-up of FinTech ecosystems, both locally and across Europe.”
FPAI was initially established by a number of stakeholders active in the FinTech sector in Ireland in early 2015. This initiative was co-ordinated by professional services firms KPMG and Maples and Calder with the initial support of a number of high profile indigenous Irish technology companies, Irish and international financial institutions and interested individuals. Founder members include CurrencyFair, Fexco, Finergo, First Derivatives, Sysnet, Realex, Paywithfire, TransferMate, Linked Finance, Senddr, Britebill, Payzone, Grid Finance, Rubicoin, Version1, Supercharge, Accenture, AIB Merchant Services, Bank of Ireland, Citi and NDRC.
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