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Enterprise Ireland announce 500,000 fund for FinTech startups

Written by Sim Pinder, on 26th May 2016. Edited on 27th May 2016 Posted in Financial

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The Minister for Jobs, Mary Mitchell O’Connor TD, today announced a new €500,000 Enterprise Ireland Competitive Start Fund (CSF) to stimulate start-up activity in the FinTech sector. 

The CSF is open to early stage companies providing technology driven solutions within the Financial Services sector, or to the FinTech/Financial Services sectors as an end market.

The fund, which is a part of the IFS2020 strategy, will provide up to €50,000 in equity support by Enterprise Ireland for each successful applicant.

The award is open to applicants across numerous FinTech sectors including Payments, Banking, RegTech, Security, and InsurTech and FinTech solutions across: Blockchain, IoT, AI and Data Intelligence. 

Launching the fund Minister Mary Mitchell O’Connor said: “A key part of the Government’s Action Plan for Jobs is targeting sectors where we have established strengths, and supporting growth and expansion in those areas in order to create jobs. Ireland is recognised as a key hub for FinTech innovation and this new fund will make a real contribution to supporting more start-ups and ultimately more jobs in Ireland”.

Brett Meyers, CEO of CurrencyFair commented: “FinTech is one of the hottest sectors in terms of both innovation and growth. CurrencyFair, with the support of Enterprise Ireland, continues to evolve banking to be fairer and more transparent ultimately giving customers a better experience. This fund will go a long way in making sure more companies like CurrencyFair can emerge to continue to disrupt and improve financial services”. 

Successful applicants will also receive membership to Dogpatch Labs located in the heart of the IFSC (in partnership with Ulster Bank) and access to the Ulster Bank Innovation Solutions team. In addition, there will be a number of Masterclasses provided by industry experts from the FinTech and Payments Association of Ireland (FPAI).

The fund opens for applications on Wednesday, 1 June and closes at 3pm on Wednesday, 15 June.

Source: www.businessworld.ie

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