3 significant FinTech companies based in Ireland

By Joy Dumasia

FinTech refers to software and other modern technologies used by businesses that offer automated and enhanced financial services. FinTech in our daily life is mobile payment apps, cryptocurrency and blockchain like Bitcoin and Gemini. In the future, the range of FinTech services is predicted to transform the market even more with AI and machine learning and will make FinTech products an integral part of our digitized lives.

FinTech’s role in society is becoming more important than ever, mainly due to Covid-19. FinTech can be used anywhere, by anyone which means it becomes accessible to people who may never have used financial services before. Through access to essential financial services such as mobile money and e-wallets, FinTech companies help lift people out of poverty and create a more financially inclusive world.

The Irish FinTech ecosystem encompasses all areas of financial services technology and innovation, from payments, commerce and currency, 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.

The following are 3 important FinTech companies based in Ireland:

Fenergo is a supplier of digital solutions for client lifecycle management (CLM) and digital transformation for financial institutions. The software digitally transforms and streamlines end-to-end CLM processes – from regulatory onboarding, data integration, client and counterparty data management, client lifecycle reviews and remediation, all the way to client offboarding. Headquartered in Dublin, Ireland, Fenergo has offices in North America, the UK, Poland, Spain, South Africa, Asia Pacific and the UAE.

IBS Intelligence also reported that Fenergo, a provider of digital customer knowledge (KYC) and Customer Lifecycle Management (CLM) solutions, launched its services in Mexico to offer solutions that address the increase in money laundering cases, greater oversight by regulatory authorities and over-reliance on manual processes that institutions have.

Scalapay is an innovative payment method that allows a customer to postpone a payment through three interest-free instalments. The buy now pay later service is available in over five thousand physical stores and in the e-shops of more than three thousand brands.

Recently, IBS Intelligence reported that Scalapay, Europe’s leading Buy Now Pay Later provider, and Twig, the next generation of banking and Web3 green payment infrastructure, announced an exclusive partnership. This partnership will allow customers to resell products purchased via Scalapay and get paid immediately by Twig.

ID-Pal enables companies to verify the identity of customers in real time easily, securely and conveniently. Available off-the-shelf or as an API/SDK, ID-Pal uses advanced mobile technologies to reduce the cost and risk associated with customer onboarding while removing friction from the user experience. It is easier, cheaper, faster and more reliable than either manual processing or building a custom solution.

IBS Intelligence reported that identity verification provider ID-Pal has been appointed by payment solutions provider, Lerex Technology, to assist with its growing identity verification, e-verification, anti-money laundering (AML) and know your customer (KYC) claim. Through its partnership, ID-Pal will support Lerex Technology with AML compliance and onboarding new customers across several European markets.

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