4 FinTech companies transforming the financial space in Ireland

By Megha Bhattacharya

The Irish FinTech ecosystem comprises every area of technology and innovation in the financial services arena, from payments, trading, and FX, big data, risk, compliance, and business intelligence to consumer-focused currency exchanges and peer to peer lenders. It is considered a European FinTech hotspot with a deep pool of local expertise.

Check out these 4 significant FinTech companies in Ireland –

1. Fenergo

Ireland-based FinTech Fenergo is a provider of client onboarding lifecycle management software for corporate, investment and private banks. Its onboarding technologies spans front and middle office operations with an aim to provide banking clients with an end-to-end client lifecycle management solution that includes compliance and banking process management such as onboarding compliance, legal entity data management, product onboarding, collateral management, client servicing, and credit mitigants and collateral management.

Recently, Fenergo announced that it has been selected by a top-five global investment management firm with $2 million AUM. The company aims to offer best practice workflows for separate account onboarding and alternative client counterparty due diligence and intermediary/distributor oversight for the firm’s global offices. Fenergo also stated that it will equip the firm with Know Your Customer (KYC), Customer Due Diligence (CDD), Anti-Money Laundering (AML) systems, and risk scoring services.

The Dublin-headquartered RegTech has also launched its e-KYC Connect solution in a bid to allow financial institutions to leverage KYC utility services.

2. Transfermate

Founded in 2010, TransferMate is a B2B payments technology, that enables companies to send and receive cross-border payments. It is headquartered in Kilkenny, Ireland, and has other offices in San Francisco, New York, and Sydney.

Recently, JAGGAER, an independent spend management company, teamed up with TransferMate to extend its integrated solutions from “source to pay” to “source to settle”. TransferMate also announced a product integration partnership with business intelligence solutions provider AccountsIQ in a bid to facilitate the delivery of international payments for the latter’s clients. The supplier states that with its API technology, payments can be directly generated from within the AccountsIQ platform.

FinTech TransferMate stated that its technology and global banking infrastructure enable companies to benefit from better exchange rates, greater transparency, and improved reconciliation via direct integration into accounting and ERP systems.

3. LEVERIS

Founded in 2016, LEVERIS is headquartered in Dublin with development centers in Prague, Brno, and Minsk. Its 150+ team has experience in financial services, technology, and banking.  It is a banking technology company with a core banking platform that enables the rapid launch of low-cost, digital-first banks.

Recently, LEVERIS announced a partnership with ComplyAdvantage in a bid to ensure a seamless and AML-compliant onboarding experience for customers. ComplyAdvantage’s suite of financial crime detection tools will be integrated into LEVERIS Digital Bank’s workflow.

It was also selected by Česká spořitelna, a Czech Republic-based bank, as a partner for the transformation of its IT infrastructure. The collaboration aimed to generate a blueprint for developing new software, a new database, and general infrastructure, as well as training Česká spořitelna employees on how to deploy and operate a modular banking system.

4. Cerebreon

Cerebreon is a Donegal-based tech firm that uses machine intelligence and algorithms to spot insolvency failures in advance and take corrective action. The startup is working with consumers, financial institutions, and insolvency practitioners to implement their deep learning platform for predicting and preventing insolvency.

This year, Cerebreon secured £1.5 million in a seed funding round in a bid to increase support for vulnerable UK consumers and help them avoid bankruptcy. The seed round was led by Delta Partners and supported by HBAN/private Angels, Western Development Commission, Consilience Ventures, and Growing Capital who have invested in the Irish deep learning startup to boost go to market plans and product development as the financial crisis deepens in the UK.

The FinTech states that its core product extracts, validates and processes all unstructured insolvency data and documents to reduce operating costs, improve accuracy, forecast portfolio recovery, reduce default levels, and verify the application of Treat Customer Fairly (TCF) principles in a fully auditable and transparent way.

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