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2024 Business Forecast: Ireland to Become The Rising Star in the Fintech Industry

fintech industry in Ireland

In the global race to become a fintech leader, Ireland is rapidly emerging as a formidable contender. At Chern & Co we have a confident view on Ireland’s potential to become a global hub for fintech companies. This confidence stems from Ireland’s strategic investments, its welcoming business environment, and the increasing interest from international fintech companies in establishing a local presence that we witnessed as a Limerick-based company formation agent.

The Irish Advantage

While cities like London, Hong Kong, and New York have traditionally dominated the fintech landscape, Irish cities such as Dublin, Cork, and Limerick are now stepping up to challenge this status quo. This comes as no surprise, considering Ireland offers a range of benefits for fintech growth. These include a favourable tax regime including one of the lowest corporation tax rates in Europe, a skilled workforce, and robust infrastructure. 

Learn more about what makes Ireland your go-to business destination in 2024.

In a recent development, the Irish government has announced a plan to invest €1.5 billion into the tech sector over the next four years, emphasising the enhancement of skills in the green and digital economy. Michael McGrath TD, Minister for Finance, has even declared Ireland as a global hub for financial services, with a commitment to further strengthening this position.

Tackling the Challenges

Despite the promising trajectory, Ireland faces challenges, primarily its relatively small size. Moreover, While Ireland’s relatively small size could be seen as a limitation in the global fintech landscape, it can also be a significant advantage. The country’s size allows for a more nimble and adaptive regulatory environment, which can be leveraged to create a more supportive ecosystem for fintech innovation. For example, the Irish government could introduce specialised fintech regulatory sandboxes, allowing startups to test and scale innovative solutions in a controlled environment. This agility can position Ireland as a leader in adopting new fintech trends and technologies.

Moreover, Ireland’s challenge of competing with fintech-friendly nations like Singapore and Canada can be met by focusing on niche areas where Ireland has a distinct advantage. For instance, Ireland’s strong existing industries such as agriculture and pharmaceuticals could be leveraged to develop fintech solutions tailored to these sectors. By creating specialised fintech clusters, Ireland can attract companies and talent focused on these niches, distinguishing itself from its competitors.

The country’s educational institutions also play a critical role. Collaborations between universities and the fintech sector could foster an innovation-friendly environment. Initiatives like incubator programs, research partnerships, and fintech-focused academic courses will nurture the next generation of fintech talent, ensuring a steady pipeline of skilled professionals.

Additionally, Ireland can capitalise on its existing relationships with European and international markets. By positioning itself as a gateway for fintech companies looking to access the European market, Ireland can attract more global fintech players. This can be further supported by government incentives, such as tax reliefs for R&D and innovation in the fintech sector.

Lastly, the Irish diaspora, with its extensive global network, can be a valuable asset. Leveraging this network for global partnerships, investments, and knowledge exchange can amplify Ireland’s reach in the fintech world.

Fintech Giants Planting Flags in Ireland

The fintech sector in Ireland is bustling with activity. Major players such as Stripe, Klarna, Wise, Revolut, and PayPal have established their presence and are planning significant expansions. Stripe, for instance, has seen a decade of growth in the Irish Internet economy since its launch in 2013. For a decade, Irish businesses processed over Eur 20 Billion on Stripe. Entrepreneurs from Dublin, Cork, Carlow, and Galway are counties that have mist increased their payment volume on Stripe. The company’s plan to create 1,000 new jobs in Ireland up to 2026 exemplifies the industry’s confidence in Ireland’s fintech potential.

Speaking of another industry titan, Revolut has seen over 3.5 million downloads in 2023 which compared to the country’s 5 million population represents the highest penetration for Revolut in Ireland than in any other country. 

Beyond the Industry Titans

Ireland’s fintech wave isn’t just about the big names. Companies like Block, Adyen, Paysend, and Worldpay have also set up operations in Ireland, reinforcing its status as a growing fintech hub. 

Conclusion: On the Brink of Fintech Greatness

With over 400 fintech companies and a workforce exceeding 10,000, Ireland is well on its way to becoming a global fintech powerhouse. We are mirroring the broader confidence in Ireland’s ability to play a leading role in the global fintech arena. If you’re looking to set up a fintech company in Ireland, don’t hesitate to get in touch with us. We offer several packages for company formation in Ireland, a variety of services for your business compliance, and expert assistance at every step of the process.

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