US fintech company InfoHedge announced it will hire 20 staff at a new Dublin office later this year, citing Brexit as a major factor.
A new player within the regulation technology (regtech) sector of finance lands in Dublin later this year in the form of InfoHedge, a US company that provides a private cloud hosting platform for investors.
Founded in New York in 2006, the company’s core product supports hedge funds, investors and investment management services in regulation and data recovery.
Now, InfoHedge makes its first move outside of the US with one of its managing directors, Tristan Rock, confirming with Siliconrepublic.com that it will open an office in the Irish capital, creating 20 jobs. While no location has been specified, Rock said the company will likely begin recruitment in June.
All of the roles will be geared towards sales, operations and engineering support. After recruitment begins, InfoHedge expects to be operational in Ireland by August.
At the moment, the company has more than 350 clients across the US and UK, while its platform is powered by redundant data centres across North America as well as in Frankfurt, Germany.
While the company said it wants to start with 20 staff in Ireland, it doesn’t have plans for a rapid expansion in Ireland. “We typically expand in new markets based on client demand,” Rock explained.
“The last thing we want to do is over-hire and over-forecast for a particular region. We have grown this company very methodically over the last 11 years and we feel we have a proven formula.”
Brexit a big factor
Perhaps most interesting is that, when asked what drew InfoHedge to set up here, Rock cited Brexit as a major factor.
“We are decided on Dublin due to the extensive talent pool that is readily available to us,” he said. “We also feel that, with Brexit looming, Ireland will become even more of a European financial hub.”
Last week, the CEO of financial giant JP Morgan Corporate & Investment Bank, Daniel Pinto, confirmed their plan to move hundreds of jobs to Dublin in the wake of Brexit.
“We will have to move hundreds of people in the short term to be ready for day one, when negotiations finish, and then we will look at the longer-term numbers,” Pinto said.
Updated, 1.34pm, 8 May 2017: This article was amended to clarify Tristan Rock’s role in the company.