Fintech Dimply signs deal with Mercer as it raises funds

Irish fintech start-up Dimply has raised €1 million in seed funding and signed its first commercial deal as the company prepares to rapidly ramp up its operations.

The Dublin-based fintech, which was founded in 2020 by Alan Quinlan, Colm McLoughlin and Johnny Kane, helps financial companies reach their customers using an intelligent experience and engagement platform. It bridges the gap between the digital offerings from banks, insurers and wealth managers and their customers, creating a unified and personalised advice hub.

Chief executive Mr Quinlan said the fundraise would give the company added capacity to develop further partnerships with top-tier companies. Dimply has now raised €2.1 million to date, with backers including Enterprise Ireland and a number of angel investors.

As part of the expansion the company will be growing its team, hiring product and content designers to support customer interest across the banking, insurance and wealth management spaces.

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Its first deal, a commercial agreement with Mercer Ireland, will focus on driving active engagement with Mercer's defined contribution (DC) pension scheme members. Mercer has an active pipeline in Ireland, Britain, Europe and Australia.

“We’re passionate about helping people to actively engage in their financial future. That’s why we’re delighted to partner with financial providers to create pathways to better financial outcomes for the users,” Mr Quinlan said.

He said Dimply planned rapid scaling in 2022, with interest levels surpassing the company’s expectations.

"We see export markets such as Apac and financial centres of Emea as central to our growth this year," he said. "We recently visited Australia on a trip sponsored by Enterprise Ireland and the feedback was incredibly positive – a major endorsement of the need for our solution."

Angel investors Gerry Hassett, former managing director of Irish Life, and Ergo founder John Purdy will take up roles on the board. Gavin Pitcher of CKS Finance, which invested in the round as well as advising on the deal, will join as a board observer.

"Dimply is the kind of early-stage company that CKS likes to go on the advisory journey with as it has got a young, hungry and yet experienced team, a great set of existing investors and a large addressable market with early traction under its belt," said CKS founder Conor Sheahan.