The first ever FinTech Census Report says that one in five of fintech companies operating in Ireland plan to raise €5m or more in their next funding round.

Sixty-three Irish and international fintech companies operating in Ireland took part in the survey.

The census, carried out by EY,  found that the main fintech activities in Ireland are RegTech — technology around regulatory compliance — and digital identity (18%), payment and remittances (13%), asset management solutions (8%) and financial software (8%).

Close to a third of fintechs anticipate global revenue growth between 100% and 500% in 2018.

Nine out of ten fintechs plan to hire up to 50 employees in the next 12 months, and the skills and experience hardest to recruit for were identified as coding and software development, sales, product management, and regulatory and risk management.

In Association with

The sector has a strong multinational workforce. Among the respondents, half include employees from the UK, two-thirds include employees from Europe, 38% from Asia and 37% from North America.

The key challenges faced by fintech companies are attracting qualified and suitable talent, building partnerships with established players, international expansion and customer adoption.

EY partner Colin Ryan commented: “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 report provides essential analysis for Irish fintech, delivering a benchmark for ongoing assessment, and a tool for continuous improvement within the sector.”