Enterprise Ireland, the government organization that’s responsible for the development and growth of Irish enterprises, announced on Monday the launch of its new €750,000 Competitive Start Fund for Fintech and Deep Tech start-up companies that have the capacity to succeed in global markets. According to the organization, the fund is designed to enable recipient companies working in areas including fintech, proptech, artificial intelligence, machine learning, augmented and virtual reality, the internet of things, blockchain and cloud, to reach key technical and commercial milestones. While sharing details about the new fund, Minister for Financial Services an Insurance, Michael D’Arcy TD, stated:
“With Ireland being the fourth largest exporter of financial services in the world, developing and supporting the Fintech sector is a national priority. As the home to one of the most important financial services centres in the EU and one of the world’s largest concentrations of technology companies, Ireland combines the technical and financial expertise that global fintech buyers seek. The new competitive start fund is a key action of the Department of Finance’s IFS 2020 Action Plan for 2018 and will provide a new funding stream, critical for early stage start-up funding for fintech and deeptech companies.”
Enda McDonnell, Head of Fintech for Enterprise Ireland also commented:
“The staging of MoneyConf in Ireland is a huge bonus for Ireland’s fintech sector, and one which Enterprise Ireland is utilising to shine a spotlight on the strengths of the sector to the international financial world. Ireland’s unique ecosystem has led to the development of a world-class fintech sector and as one of the largest investors by deal count in fintech startups, investing in 23 last year alone, Enterprise Ireland is supporting the international growth of Irish global fintech leaders. In 2016, Enterprise Ireland fintech companies generated €1bn in revenue. The launch of Enterprise Ireland’s new competitive start fund for fintech and deeptech companies, paves the way for the next wave of companies emerging from what is a very dynamic start-up sector in Ireland.”
Applications for the new competitive start fund will open on June 19th and will close for entries on July 3rd.