Three out of four Irish adults now use financial technology services according to EY’s latest report on trends in fintech.

The EY Global FinTech Adoption Index says the main reasons that consumers are availing of these services, instead of more traditional financial services, are more attractive rates and fees on offer, ease of which to set up an account and access to different and more innovative products and services.

There’s greater use of money transfers and payments, insurance products, peer-to-peer payments and non-bank money transfers.

EY head of digital Niall Corrigan  (pictured) commented: “Fintech has seen a remarkable increase in growth in Ireland over the past few years. Looking ahead, we see an increasingly ecosystem-driven approach towards managing consumer financial service. Demand for fintech services is growing and the opportunity for innovative Irish companies at home and abroad is strong.”

The EY report identifies some of the most successful global fintech companies and the reasons for their success. These include encouraging customer engagement and delivering value in different markets, building and professionalising operations, creating and maintaining a cohesive company culture in various geographies, and assembling complex, multi-party ecosystems.

In Association with

Discovery
HQ: South Africa
Current traction: 18 million customers
Established in 1992, Discovery operates in 19 markets, including Australia, Canada, China, Malaysia, Pakistan, Philippines, Singapore, South Africa, South Korea, the UK and US. The Vitality wellness programme forms the foundation of Discovery’s shared-value insurance model, which delivers better health and value for clients, superior actuarial dynamics for  the insurer, and a healthier society.

Yolt
HQ: The Netherlands
Launched in 2017 with backing from ING, Yolt is currently available to 500,000 registered users in the UK, Italy and France, giving everyone the power to be smart with their money. Built on the promise of Open Banking and PSD2, users can view their accounts and cards, transfer money and find better deals in one app.

Coinbase
HQ: United States
Current traction: 30 million customers
Coinbase was founded in 2012 and has built a trusted platform to access the cryptoeconomy. Coinbase is currently active in over 50 countriesand offers a suite of products that make accessing cryptocurrencies easy and secure, as well as a range of tools that operate at the frontiers of crypto and blockchain.

Marcus by Goldman Sachs
HQ: United States
Current traction: 3 million customers
Marcus by Goldman Sachs offers proprietary products including a free personal financial management app, no-fee personal loans, high-yield savings accounts and certificates of deposit.

Moneytree KK
HQ: Japan
Current traction: 3 million customers
Launched in 2013, Moneytree is the utility layer for connecting to financial services in Japan and Australia. By partnering with financial institutions and FinTechs alike, Moneytree is building a trust-based ecosystem that leverages Open Banking for consumers and businesses. It makes it simple for people to get a real-time view of all their financial data.

InstaReM
HQ: Singapore
Current traction: 180,000 customers
InstaReM was launched in 2015 and is a digital cross-border payments company with presence across Asia-Pacific, North America and Europe, in over 35 markets. InstaReM offers innovative solutions to send, spend and collect money in fast, convenient and cost-effective ways in multiple markets to its customers who include expatriates having moved overseas to support families back in their home countries, and businesses that make regular payments to their overseas associates.

Grab Financial Group
HQ: Singapore
Current traction: 144 million customers
Launched in 2018, Grab Financial Group is present in Singapore, Malaysia, Indonesia, the Philippines, Thailand and Vietnam. Their mission is to bring financial inclusion to Southeast Asia’s growing base of middle class consumers. To continue their momentum and success from their originalride-hailing business, they are building within the Grab appan ‘ASEAN Wallet’ which gives users access to any financial service, goods or services everywhere in Southeast Asia.

Funding Circle
HQ: United Kingdom
Current traction: 158,000 customers
Funding Circle was founded in 2010, in direct response to the financial crisis, when banks pulled back from lending over the years. Funding Circle’s platform enables investors to lend to small businesses, and currently operates in the UK, the US, Germany and the Netherlands.

JD Digits
HQ: China
Current traction: 400 million customers
JD Digits started in 2013, as an extension to the JD.com e-commerce business to provide their customers and businesses with a convenient way to access financial services. JD Digits became one of China’s leading financial technology for enterprises and consumers with a broad range of innovative products, including supply chain finance, consumer finance, crowd funding and cloud services. JD Digits is currently present in China (mainland), Hong Kong and Thailand.

Juvo
HQ: United States
Current traction: 100 million customers
Juvo was launched in 2014 and is currently active in 24 countries across Latin America, South America, Eastern Europe and Southeast Asia. Juvo is a pioneer in mobile identity scoring for financial access. Founder Steve Polsky first conceived of the company after realising the vast potential to reach previously underserved populations across the globe, through their mobile phone. Juvo does this by partnering with mobile operators, providing mobile users access to credit and financial services via everyday interactions.