Take a look at the newley release Fintech Ireland Map cortatisy Fintech Ireland showcasing 230 Irish fintechs which is up 30% from 2019. Version 3 of the Map is powered by CompliReg.com (a regulatory, compliance and fintech solution). Version 3 update is a very big update – and there are LOTS of changes!
Firstly, they have made changes to their categories. They still have 12 categories, and following the merger of ‘Currency & FX’ with ‘Payments’ and the addition of ‘Big Data / Analytics’ (for finserv) the categories are:
- Credit & Lending
- Funds & Trading
- Crypto & Blockchain
- Savings / Investing
- Big Data / Analytics
Secondly, the number of firms in each category is shown in the diagram below. Some firms in 2020 changed from their categories 2019. Bear that in mind if you try to reverse engineer the data contained in the 2019 Map (versions 2.0-2.2) and the first 2020 Map (version 3.0).
Thirdly, 2019 was another strong year for the Fintech ecosystem in Ireland. It is continuing to grow and evolve, both in the Republic and Northern Ireland. The Map of 230 contains fintechs from both the Republic of Ireland and Northern Ireland. The number of Northern Irish fintechs has increased by three adding to the strong representation of Northern Ireland entrants since 2018 and 2019. And keep an eye on developments at Fintech UK which also covers Northern Ireland!
During 2019, at numerous Fintech Ireland events we noted to audiences that RegTech will continue to enjoy significant growth. RegTech is an interesting area. During 2019 two RegTech firms asked that they move categories – one to Others and the other to the new category of Big Data / Analytics (for finserv). Although there are now 39 companies in the RegTech category, if we look at the sector more generally, it is arguable that there are in fact 47 companies whose technology assists firms comply with their regulatory obligations. The statement that ‘fintech’ is a broad church applies equally to ‘regtech’ too.
The crown for the greatest number of companies remains with Payments, which saw a net increase of 13 to 58. We expect to see continued growth in payments during 2020, particularly regulated payments given the number of applications filed by indigenous companies with the Central Bank of Ireland.
Other notable news relating to the 2020 Map includes:
- Others: impressive growth from 17 in 2019 to 25 in 2020
- InsurTech: one leaver and seven new entrants.
- Crypto & Blockchain: two new entrants
- Credit & Lending: six new entrants
If you are Irish FinTech / RegTech and feel that you should be on the Map, please complete their Survey (at https://fintechireland.com/fintech-survey.html) and they will review before the release of their next edition. If you are on the Map and you have not completed the Survey would you please complete the Survey.
They said Like every year, a big thank you to everyone who contributed to the update this year, especially to those who completed the on-going Fintech Ireland Survey! As we say above, to join the Map, complete the Survey on www.fintechireland.com. Any questions on the Map, please send them to FintechMap@fintechireland.com.
If you like to stay in touch with what we are doing, our events for 2020 and Irish fintech news, join the mailing list at https://fintechireland.com/get-involved.html and follow us on twitter at @fintechireland and @oakeslaw