The Republic of Ireland is a European fintech epicentre. It is the natural destination for many of the largest financial names in the world in case a mass exodus of banks in the United Kingdom materialises after a potential hard Brexit.
According to Fortunly, Ireland is among the first 40% of all nations to legalise Bitcoin. So, it can expect its fintech ecosystem to grow at a faster rate over the long term.
Of course, the biggest beneficiaries will be the republic’s indigenous startups in this space.
Here are some of the hottest companies that define Ireland’s fintech landscape today.
5 hot Irish Fintech Startups To Watch in 2020
Perhaps the most recognisable Irish B2B payment solutions provider in the world, TransferMate eliminates the fees traditionally applied to international wire transfers. The company’s technology can be painlessly integrated into the most sought-after accounting and enterprise-resource planning systems.
TransferMate constantly monitors the exchange rates and can notify customers when the market is favourable, in order to get the most value out of every transaction. The company also lets businesses lock in a particular rate for a fixed term to counter currency market volatility.
In its young nine-year history, TransferMate has steadily become a global money transfer empire. The company has facilitated transactions worth millions of dollars, booked by thousands of clients on a daily basis. It has moved funds across 162 countries and in 134 currencies to date.
- Initiative Ireland
Founded in 2015, Initiative Ireland is a P2P lending platform for conservative investors wanting to gain a foothold in Ireland’s promising secured loan market.
Unlike its rivals, the company puts a premium on social impact. It is selective in choosing the residential construction projects it backs.
Initiative Ireland also takes the first legal charge over the house. It facilitates the entire process on behalf of its lending community. Apart from ensuring that the funds are released to the borrowers accordingly, the company comes up with well-thought-out contingency plans to address all perceived project issues more easily.
The pride of Dublin, AID:Tech uses its platform, powered by blockchain, artificial intelligence and machine learning, to help governments and corporations digitise and deliver healthcare, aid, donations, remittances and more in a decentralised manner.
The company’s mission is to win back public trust by adding transparency and traceability to the expenditure of funds.
Understanding the pain points of self-employed professionals in the ever-expanding gig economy, Trezeo built a financial safety net to transform unpredictable streams of income and reliable payments without charging any interest or hidden fees.
The company’s technology averages the pay of self-employed workers to prevent undesirable cash-flow fluctuations. Trezeo allows its users to withdraw money instantly or request income advances in order to weather any potential financial storms that might come their way.
Based in Galway, CorribPoint is a paragon of Ireland’s regtech sector. Its cloud-based platform helps smaller financial institutions unfailingly comply with stringent regulations surrounding anti-money laundering and the battle against financial terrorism. Since 2016, the company has been an ally of banks and credit unions in combating suspicious transactions.
Earning the prestigious designation as the “fintech mecca” of Europe is not going to be easy for the country, for there is fierce competition throughout the continent. Nevertheless, there is no doubt that Ireland is poised to become a much stronger magnet for tech-driven businesses and talents in the near future.
By Oleh Koropenko, who is an experienced blogger with expertise in digital marketing and commerce, but also a passionate traveler with a great sense of humor, who cannot leave a stone unturned in the pursuit for greater knowledge and understanding. Reach him out @DMGeekcom.
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