Enterprise Ireland has created a new €500,000 fund for fintech start-ups, with 10 spots to be filled as part of the IFS2020 strategy.
Announcing a new start-up fund for fintech start-ups today (26 May), Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor, said the support was a “key part” of the current Government’s push to help key sectors.
Providing €50,000 in equity to 10 selected start-ups in the fintech area, applications open at the start of June and close two weeks later.
Open to early-stage companies that can either be providing technology into the financial services industry, or consumer end-market solutions, businesses working in the areas of blockchain, internet of things (IoT), AI and data intelligence are encouraged to apply.
Aside from the equity fund on offer, successful applicants will also receive membership to Dogpatch Labs, access to the Ulster Bank Innovation Solutions team, as well as receive talks from members of the FinTech and Payments Association of Ireland (FPAI).
“By introducing a specific start-up fund targeting the fintech sector,” said Enterprise Ireland’s Leo McAdams, “[We are] leveraging our strong international financial services reputation and our world-class start-up ecosystem to allow ambitious entrepreneurs to start, scale and succeed – providing valuable jobs here into the future”.
Enterprise Ireland has been fairly active of late, pouring €2.5m into ArcLabs at Waterford Institute of Technology in a move that will double the capacity of the incubation hub.
The expansion is hoped to help achieve the goal of a 30pc increase in the number of start-ups in the south-east.
Meanwhile, last November, a €500,000 fund specifically aimed at female-led start-ups was created.
Fintech image via Shutterstock