Understanding the Rapid Growth of Fintech in Ireland: A Look into the Future

The evolution of finance has taken an exciting turn in the 21st century with the inception and rapid development of financial technology, popularly known as 'fintech'. This industry brings together the world of finance and technology to create innovative solutions that disrupt traditional financial methods in the delivery of services. With its ever-growing importance and the vast potential it carries, fintech has revolutionised the global economic landscape, transforming the way we transact, save, invest, and even plan our financial futures.


As a Senior Recruitment Consultant specialising in Financial Services, with a keen focus on the burgeoning fintech sector. I have been fortunate enough to be part of the dynamic fintech recruitment space for over 12 years, gaining extensive experience and valuable insights along the way. My journey has taken me through a variety of markets across the UK, Republic of Ireland, and beyond, and I now channel this experience into my role at Hunter Savage, a specialist recruitment consultancy.


The aim of this blog post is to delve into the fintech landscape in Ireland, understanding its rapid growth, the reasons behind its success, and what the future might hold. We will look at how Ireland has emerged as a significant hub for fintech investment and innovation in Europe, and how this evolution impacts both businesses and individuals seeking career opportunities in this vibrant industry. By sharing my knowledge and insights, I hope to offer an in-depth perspective into this fascinating industry, while also highlighting the pivotal role that Hunter Savage plays in connecting high-quality candidates with some of the leading companies in this sector. 


So, let's dive in and start our exploration into the fascinating world of fintech in Ireland.


The Evolution of Fintech in Ireland


To fully grasp the current state of fintech in Ireland, it's essential to take a step back and explore its evolution. This journey will provide us with the context necessary to understand the importance of this sector today.


The Dawn of Fintech in Ireland


In the early stages, Ireland's financial landscape was primarily dominated by traditional banking institutions, operating on long-established financial practices. However, as technology began to permeate every aspect of our lives and globalisation made its mark on finance, the first seeds of fintech were sown, leading to a transformation of the Irish financial services sector.


The Influx of Financial Institutions


Over the decades, Ireland began to attract a substantial number of financial institutions setting up operations on its shores. This was largely driven by the nation's robust economy, favourable regulatory framework, and a skilled, adaptable workforce.


Companies spanning a range of sectors, from international banks and investment managers to insurers and reinsurers, established a presence in Ireland. This consolidation of financial services played a crucial role in paving the way for the subsequent explosion of fintech.


The Catalysts for Innovation: Regulatory Requirements and Technological Advancements


On one hand, banks began to face increasingly stringent regulatory requirements, which acted as a catalyst for innovation. On the other hand, technological advancements started to make a significant impact on the industry, creating a perfect storm for the fintech revolution.


The higher regulatory requirements prompted banks to seek more efficient ways of operating, often through technological innovations. This push towards tech-enabled solutions gave birth to a new generation of fintech and payments companies, focused on enhancing financial services delivery through cutting-edge technology.


This period of transition saw the emergence of new verticals within the industry that were unimaginable just a few years prior. Online payments and processing, cross-border payments, payment gateways, digital banking and remittances, open banking, regtech, blockchain, and digital assets - all these are the offspring of this era of rapid innovation, each playing its part in reshaping the financial services landscape in Ireland and beyond.


This journey, marked by significant milestones and key players, has transformed Ireland into a vibrant hub for fintech. The ongoing innovation in this sector promises an exciting future, full of potential and opportunities.


The Current Fintech Landscape in Ireland


The evolution of fintech in Ireland has culminated in a diverse and thriving landscape, where technology-driven innovation is the norm rather than the exception. The industry today is rich with an array of verticals, each contributing to the dynamic environment that characterises Irish fintech.

Emerging Fintech Verticals


  • Online Payments and Processing: This vertical has simplified the way businesses and consumers transact, increasing efficiency and reducing the reliance on physical currencies. It's the backbone of e-commerce and continues to evolve with technological advancements.
  • Cross-border Payments: Companies in this space are making it easier and more affordable to transfer money across borders, offering a lifeline for international businesses and individuals who regularly send remittances overseas.
  • Payment Gateways: Payment gateways facilitate seamless transactions between businesses and their customers, making online payments quick, safe, and reliable.
  • Digital Banking: Digital banks offer a suite of banking services without the traditional brick-and-mortar setup, providing customers with 24/7 access to their finances from anywhere in the world.
  • Digital Remittances: This vertical focuses on sending money digitally, making the process quicker, easier, and often cheaper than traditional methods.
  • Open Banking: Open banking allows third-party developers to create applications and services around financial institutions, providing consumers with a greater range of tailored banking services.
  • RegTech: Regulatory technology, or RegTech, uses technology to simplify the compliance process for financial services firms, making it easier for them to meet regulatory requirements.
  • Blockchain and Digital Assets: Blockchain technology and digital assets like cryptocurrencies are disrupting the way we think about money, creating new opportunities and challenges for both businesses and individuals.


Many of the global players in fintech have recognized the potential of Ireland as a hub for innovation and investment. Their presence in the country not only strengthens Ireland's fintech ecosystem but also contributes significantly to its economic growth and development.


  1. Mastercard: The global payments giant has established a significant presence in Ireland, including a European Technology Hub in Dublin focusing on AI, cybersecurity, blockchain, and user experience.
  2. PayPal: As a leader in online payments, PayPal's operations in Ireland play a crucial role in its global strategy.
  3. Elavon: Elavon, a leading payment solutions provider, has chosen Ireland as one of its key operational locations.
  4. Stripe: Founded by Irish entrepreneurs, Stripe has grown to be a global leader in online payment processing and has created hundreds of jobs in Ireland.
  5. Fiserv: A global leader in financial services technology, Fiserv has recognized the potential of the Irish market and has set up operations in the country.
  6. Coinbase and Block: As the interest in digital currencies grows, companies like Coinbase and Block (formerly known as Square) have made Ireland their European home.


These companies' investments highlight the continuous commitment by fintech companies to leverage Ireland as a key location for accessing talent and driving innovation. This not only solidifies Ireland's position in the global fintech ecosystem but also signals a bright future for the industry in the country.


The Impact of Covid-19 on Fintech


The COVID-19 pandemic acted as a catalyst for the accelerated growth and broader adoption of FinTech. The evidence is in the significant surge of mobile banking activities: transactions via mobile banking saw an uptick of around 54%, the number of mobile banking agents swelled by nearly 20%, and mobile banking accounts grew by 14.56%. This shift highlights the increasingly critical role of FinTech in our everyday financial transactions.


Accelerated Shift Towards Digital Payments


At the centre of these changes lies the accelerated adoption of online, mobile, and contactless payments. As societies worldwide were forced into varying degrees of lockdown, the necessity for safe, contact-free transactions became increasingly evident. This shift in consumer behaviour has:


Pushed an ever-growing number of individuals and businesses towards digital payment solutions, thereby increasing the demand for fintech products and services.

Further increased the relevance and urgency for businesses to adopt and integrate fintech solutions to continue serving their customers amidst the pandemic and beyond.

Opportunities for Omnichannel Payments Solutions


Given these developments, organisations, merchants, and retailers are presented with a prime opportunity to increase their revenues and customer base. To capitalise on this, they need to provide a seamless customer experience across multiple touchpoints - physical and digital. This strategy, known as omnichannel retailing, has several benefits:


  • Customer Convenience: By offering multiple payment methods, businesses can cater to a wider range of customer preferences, improving the overall customer experience and, by extension, fostering customer loyalty.
  • Increased Sales: When customers find the payment process easy, quick, and secure, they're more likely to complete their purchase, reducing cart abandonment rates and consequently increasing sales.
  • Rich Customer Data: Omnichannel payment solutions provide businesses with rich customer data that can be analysed to gain insights into customer behaviour and preferences. These insights can be leveraged to improve product offerings, tailor marketing efforts, and ultimately drive growth.


The pandemic has expedited a change that was already on the horizon - the rise of digital finance. Now, more than ever, embracing fintech isn't just an option for businesses; it's a necessity for survival and growth in a post-pandemic world. The businesses that can successfully adapt to these changes stand to gain the most in this reshaped landscape.


Ireland as the EU/EMEA Headquarters for Fintech


In the rapidly evolving landscape of financial services, Ireland has managed to carve out a position for itself as a prime destination for investment in the fintech industry. With several factors working in its favour, the nation has established itself as the EU/EMEA headquarters for many world leaders in the fintech and payments space.


Why Ireland Attracts Investment


Two crucial factors that make Ireland an attractive location for investment in the fintech industry are:


Availability of Talent: Ireland boasts a vibrant ecosystem of skilled professionals who combine financial services knowledge with technical expertise. This available talent pool has been a critical element in attracting fintech companies to establish their base in Ireland.


Regulatory Environment: The post-Brexit era saw many companies under pressure to find an alternative regulatory home within the EU. Ireland, with its strong and proactive regulatory framework, emerged as a preferred choice, ensuring seamless operations for fintech companies within the EU market.

Significant Investments in the Irish Fintech Landscape


The Irish fintech landscape has seen significant investments in recent years, reflecting a growing confidence in the country's capabilities in this space. Two standout examples of this are:


Mastercard's European Technology Hub in Dublin: The payment giant plans to create 1,500 jobs and to build out its new European Technology Hub in Dublin. The hub will focus on areas such as AI, cybersecurity, blockchain, and user experience - a testament to Ireland's strength in fostering innovation in these fields.


Stripe's Expansion in Ireland: The digital payments company Stripe also announced its plans to create 1,000 new jobs in Ireland, with the aim to grow its European user base and launch new global products. This further highlights the country's strategic importance in the global fintech industry.


These investments and the continuous commitment of fintech companies to the Irish market underline the nation's potential and its growing influence in the global fintech ecosystem. By leveraging its talented workforce and accommodating regulatory environment, Ireland is well on its way to becoming a global fintech powerhouse.


Talent and Skills Gap in Fintech


The fintech sector, for all its incredible growth and potential, is facing a significant challenge - a shortage of highly skilled talent. This deficit is an industry-wide issue that has the potential to shape the future direction of fintech.


The Talent Shortage in Fintech


The fintech sector is critically reliant on a unique combination of skills. Individuals must have a deep understanding of financial services coupled with technical expertise. This intersection is where the magic of fintech happens - where innovation meets practical application. However, as the sector expands and evolves, the demand for these skilled professionals is outpacing the supply.


There's a distinct need for talent that can navigate complex regulatory environments, understand the intricacies of financial systems, and simultaneously work on the edge of technological innovation. The talent gap presents both a challenge and an opportunity - a challenge for fintech companies trying to fill these roles, and an opportunity for individuals looking to make their mark in a fast-growing industry.


The Changing Nature of Skills in Fintech


The line between traditional banking services and fintech companies is increasingly blurring. As legacy providers and fintech startups continue to converge, so too are the skills required in the industry. This trend is transforming what were traditionally known as banking roles into positions that demand a new set of skills.


From a talent perspective, there's a growing number of individuals who possess core banking skills and want to continue to contribute to the sector. However, the shifting landscape means they now need to acquire new skills to compete for roles in emerging fintech companies that are growing at scale. The key to bridging this skills gap will be reskilling and upskilling - providing opportunities for these talented individuals to gain the technical knowledge required for the evolving landscape of fintech.


The skills gap in fintech is a complex issue that will require collaboration from industry players, educational institutions, and policymakers. By addressing this issue, we can ensure that the fintech sector continues to grow and innovate, driving forward the future of financial services.


The Future of Fintech in Ireland


As we look ahead, the future of fintech in Ireland appears bright. The sector is poised for continued growth, driven by emerging technologies, shifting consumer preferences, and evolving regulatory landscapes. The following are some anticipated trends and opportunities:


Continued Attraction of Global Fintech Players


Ireland's strategic location, favourable business environment, and pool of talented professionals make it a highly attractive destination for global fintech players. The trend of major fintech companies like Mastercard and Stripe investing in Ireland is likely to continue. As such, we can expect a growing number of fintech jobs and opportunities across various specialisations and experience levels.


Emergence of Innovative Fintech Verticals


The fintech industry is known for its rapid pace of innovation, and Ireland is no exception. With an increasing number of fintech startups and scaleups, new verticals are likely to emerge. These could span from advanced AI-powered financial services, blockchain-based solutions, to sustainability-focused fintech initiatives. Such innovative developments promise exciting opportunities for professionals and companies alike.


Increased Demand for Multi-disciplinary Skills


As the fintech sector grows more complex, the demand for professionals with multi-disciplinary skills is set to rise. Skills in areas like cybersecurity, data analytics, AI, and machine learning, combined with traditional financial knowledge, will be highly sought after. This trend presents a unique opportunity for those willing to upskill and adapt to the changing landscape.


The Role of Hunter Savage


At Hunter Savage, we recognise the immense potential that the fintech sector holds in Ireland. As a specialist recruitment consultancy with a focus on Financial Services, we're uniquely positioned to bridge the talent gap in this rapidly growing sector.


We're committed to matching highly skilled professionals with opportunities that allow them to contribute to the fintech revolution. Our deep sector insight and market experience enable us to help candidates make the right career move within this exciting industry.


In a rapidly evolving industry such as fintech, it's not just about finding a job—it's about carving out a career path that allows for growth and innovation. At Hunter Savage, we understand this distinction. We're here to guide you through the dynamic landscape of fintech, connecting you with opportunities that align with your skills, aspirations, and the future of the industry.


As we continue to witness the impressive growth of fintech in Ireland, we're excited about the opportunities it presents. Let's embrace the future of fintech together, shaping it with our collective knowledge, expertise, and passion.




In this journey through Ireland's fintech landscape, we've seen how this vibrant sector, with its potent mix of innovation and strategic importance, is reshaping financial services. As the industry grows, a talent gap has emerged, calling for professionals who blend financial expertise with technical know-how.


This evolving landscape provides exciting opportunities for both businesses looking to invest and professionals seeking fulfilling careers. Understanding Ireland's fintech sector dynamics is key to seize these opportunities.


At Hunter Savage, we connect talent with ideal opportunities in this rapidly evolving industry. If you're ready to explore the possibilities within Ireland's thriving fintech sector, let's start a conversation today. We're here to guide you on your fintech journey, helping you make the right move at the right time. Let's begin your fintech adventure together.


For more information, or to have a confidential chat, contact Paddy McAllister, Recruitment Consultant for Financial Services & Insurance via email: paddy@huntersavage.com




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