Monday, September 16, 2024

Quarter of financial services jobs are outside of the capital

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Junior financial services minister Neale Richmond said this represents a growth in direct employment of more than 50pc since 2015, but warned that “this success cannot be taken for granted, and the rate of growth will not continue in the future”.

One-quarter of the jobs are based in the regions. Last year Liberty IT opened a new hub in Galway and announced the creation of 100 new jobs there, while CR Payroll Solutions announced 40 new jobs in Kilkenny.

The Aztec Group said it was also opening a hub in Kilkenny and aiming to hire a team of 30.

Mr Richmond said: “Gone are the days when the international financial services sector was confined to the IFSC in Dublin.

“Today, approximately one in four jobs in the sector are outside of Dublin in the regions, providing high-quality jobs across the country.”

There are now about 500 internationally focused financial-services companies operating in Ireland, including 20 of the top 25.

These include Stripe, Mastercard, PayPal, Revolut, Western Union and Elavon.

There are four indigenous fintech “unicorns”, privately-owned start-ups with a valuation of $1bn (€900m) or more.

These are Fenergo, which has developed software for financial institutions, the e-commerce funder Wayflyer, Transfermate, which provides a business-to-business global payment infrastructure, and Fineos, an insurance software company.

Their combined presence has helped turn Ireland into one of the largest exporters of financial services in the EU, according to statistics compiled by the World Trade Organisation.

The IDA supports more than 300 companies in international financial services, while Enterprise Ireland has invested over €80m in firms in the sector during the last six years, in a combination of direct equity investment and funding through its seed and venture capital scheme.

The progress report on the Ireland for Finance strategy claims significant progress is being made to develop the fintech ecosystem and improve what the country offers.

Among the recent developments was setting up a pre-seed funding offer for early stage fintech investors, with 21 new companies being supported.

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