These companies offer the Irish economy the benefits of new technologies and innovation, expanding the country’s financial services sector.
The industry of financial innovation is growing, with companies such as fintechs and startups beginning to see Ireland as a good stepping stone into Europe. Following Brexit, Ireland is offering a window into the talent and potential customers that Europe could provide, and companies from all over the world are beginning to expand there.
But why is Ireland so good for fintech?
Ireland offers a post-Brexit avenue for fintechs expanding into Europe
Following Brexit, industries in the UK have been up in the air, with people wondering what affect it will have on business globally, and particularly on the fintech market. In London, talent and companies are moving away in search of better opportunities. Already there has been a trend of increased fintech investment in Ireland, who will still have access to the EU’s single market. Ireland, it seems, offers an opening into the European market.
When the UK leaves the EU in 2019, no one is really sure about what will happen to various industries, including financial services. As the only English speaking country remaining in the EU, this could potentially be a good thing, making Ireland, and Dublin, a hotspot for fintechs moving into Europe.
Ireland has a history of strong innovation, which is only going to improve
In Ireland, there has long been a history of innovation and new technologies. Fintechs were thriving even before brexit, with the country’s entrepreneurial culture setting the stage for fintechs. Companies such as Google, Apple, Facebook and internet-born companies such as eBay, all have existing bases in Ireland, and from Australia, there are 56 fintech companies in Ireland, taking advantage of the benefits Ireland’s market provides.
There are fresh and exciting ideas coming out of Ireland everyday. There were 22,354 startups created in 2017 alone, according to Vision-net, a record year, 15 percent of which were created in the finance sector. Fintechs are a part of this startup scene because of Ireland’s strong innovation, strong talent pool for startups and fintechs to choose from and because of Ireland’s access to the EU market. With strong financial services and technology sectors, access to young, entrepreneurial talent and as an English speaking route into Europe, Dublin is quickly becoming a fintech hub.