Up to 100 new jobs in the areas of data processing, marketing, sales and IT are to be created in Dublin by international finance firm Aztec Money.
The company, which specialises in providing SMEs and corporates with access to a network of institutional investors, is locating its global headquarters on Georges Quay in Dublin.
The company works with businesses by connecting them with investors interested in purchasing invoices and thereby allowing them to improve cash flow.
The company has raised significant capital from a range of private investors, including the Chandler Corporation, a private investment group based in Singapore which has taken a 28.5pc stake in the company.
“Today, Aztec Money are announcing that they are establishing an innovative new service for Irish SMEs to help improve cash flow, which will be a very welcome addition to the supports available to job-creating businesses here,” the Minister for Jobs, Enterprise and Innovation Richard Bruton said.
“Beyond that, Aztec is also announcing that they have established their global headquarters in Dublin, with the creation of 100 new jobs over the next two years. We in Government will continue working hard to ensure that we can attract further international investment to Ireland and help create the jobs we need,” Bruton said.
Aztec Money has been conceived by an experienced team of international finance professionals and will initially focus on Ireland, Spain, Italy and Greece for its product provision. It is also in the process of opening representative offices in Brazil and Poland, and plans to open new offices in Asia and the USA as the service develops.
“A recent ESRI research paper has found that accessing finance is one of the greatest obstacles facing SMEs in the current economic environment. In the period 2009-2011, an average of 15pc of respondents identified it as their biggest challenge and this has grown to 24pc in the period October 2012 – March 2013,” said Colm Devine, vice-president of business development.
“Also, an InterTrade Ireland survey of 1,000 SMEs across the island of Ireland indicated that over half of businesses have some debtors of over 90 days. This percentage rose to 75pc of manufacturing respondents. We are pleased to be able to provide companies, especially SMEs, who are experiencing this difficulty with an alternative to banking finance,” Devine said.