Irish fintech industry saw record activity in first six months

Ireland's fintech industry saw a record period of activity in the first half of 2020, with $328.6 million (€277.9m) recorded in mergers and acquisitions, venture capital and private equity transactions across eight deals, according to KPMG.

The latest KPMG Pulse of Fintech report shows that while the volume of deals declined from the same period last year, when 14 were recorded, the value has more than doubled the total for all of 2019 when $155.6 million was recorded across 26 deals.

The standout $162 million acquisition of Irish-founded Prepaid Financial Services by Australia’s EML Payments was the largest strategic deal of fintech globally for the period.

The deal had been announced in November 2019 but was renegotiated against the background of the global Covid-19 pandemic and did not close until March.

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Other notable deals in Ireland over the period include the $83.4 million joint venture acquisition of Payzone Ireland by AIB and First Data and an $80 million funding round by client lifecycle management company Fenergo.

Anna Scally, fintech lead at KPMG in Ireland, said: "The sizeable deals secured by Prepaid Financial Services, Payzone and Fenergo have been a huge boost for Ireland's fintech eco-system this year.

“I expect interest and investment in Irish fintechs to remain hot into the second half of the year, particularly as UK and global fintechs work to ensure they are able to service their customers across Europe in the wake of Brexit.

“Ireland’s attractiveness as a place for global fintechs to do business also remains strong, with Mastercard announcing plans to grow its European Technology Hub on a new campus site in Leopardstown earlier this year.”