Irish fintechs raised €36m last year across 13 transactions

Irish fintech companies raised a combined €36.2 million across 13 deals in 2018, a year in which global investment in financial technology start-ups reached a record high.

New figures show there was a 120 per cent jump in investment for fintech companies globally as funding increased from $50.8 billion (€44.6 billion) in 2017 to $111.8 billion (€98.2 billion) last year.

Among the Irish fintechs that raised funds were MyWallSt (formerly Rubicoin), and risk and regulatory reporting software start-up AQ Metrics. Both raised €3 million.

Other companies to successfully raise capital included Irish Times Innovation Awards winners AID:Tech, which secured €1 million, and Supply Finance, the latest venture from Future Finance founder Brian Norton, which raised €4 million from investors.

Sony stands tall to make its mark at Mobile World Congress

---

IBM Project Debater takes part in first ever AI-human live debate

---

Irish man brings Mobile World Congress back to earth

---

Samsung Galaxy S10+ review: Impressive camera takes your photos to a new level

---

Encouraging

"While, relatively speaking, these amounts are small, it is encouraging to see Irish fintechs raise capital to enable them to scale internationally," said Anna Scally, partner and fintech lead at KPMG in Ireland.

According to the latest KPMG Pulse of Fintech report, the Republic is also continuing to benefit from increased interest from financial services companies looking to establish a European market presence.

Overall, 55 fintech or financial services companies set up shop here in a move that KPMG estimates has led to the creation of more than 4,500 jobs. The report notes that at year-end, the Central Bank of Ireland had worked through about half of the 100-plus application for authorisation it had received.

The latest survey shows European fintech investment increased sharply last year, rising to $34.2 billion (€30 billion) from $12.2 billion (€10.7 billion), thanks to major mergers and acquisitions, including WorldPay, Nets, iZettle, Fidessa Group, and IRIS Software Group.

US fintech investment for 2018 more than doubled to $52.5 billion (€46.1 billion), from $24 billion (€21 billion) across a record 1,061 deals.

Mega deals drove a record $111.8 billion (€98.2 billion) global fintech investment in 2018, led by three $10 billion-plus (€8.7 billion-plus) deals, as well as an additional 14 $1 billion-plus (€880 million-plus) in M&A transactions.