Carlow’s Stryve acquires majority stake in Irish fintech platform

28 Mar 2023

SureDatum CEO Gordon Jenkinson with Stryve CEO Andrew Tobin. Image: Stryve

Stryve said the deal ‘opens the fintech sector’ for the company and that there is a natural affinity between fintech and cybersecurity.

Cybersecurity and private cloud company Stryve has acquired a majority stake in SureDatum and its fintech platform.

The Arklow-based fintech offers various fintech services such as anti-money laundering, automating operational processes and know your customer compliance.

It has provided services for Eir, the Royal Bank of Scotland, the Irish Aviation Authority and numerous Local Authorities in Ireland.

SureDatum said it has spent five years and invested €1m into making their no-code digital transformation platform, SureHub. The company said AIB Merchant Services is an early adopter of this technology.

Stryve believes this company’s fintech services will pair well with its cybersecurity focus. The company’s CEO Andrew Tobin said the partnership also “opens the fintech sector” to Stryve.

“SureDatum boasts impressive global enterprise clients, and we see ‘no-code’ quick turnaround apps as the future,” Tobin said.

“There is a natural affinity between fintech and private cloud cybersecurity and huge potential for development within the financial services industry. We look forward to a rewarding future together.”

Founded in 2018, Stryve aims to be a major cloud service provider across Europe. The Carlow-headquartered company has been on a path of expansion in recent years, establishing a European sales hub in Poland in 2020.

Tobin told in 2021 that after the high-profile HSE cyberattack, Stryve was “inundated with new business and enquiries” as many SMEs don’t have the skills to understand the cybersecurity and cloud needs for their business.

In 2022, the company announced a €1m expansion in the UK to help strengthen its presence in Europe. Last July, Stryve announced it was expanding its team by 10 to support its growth in the UK.

SureDatum CEO Gordon Jenkinson said the acquisition will provide a “springboard” to grow the fintech company. Jenkinson will remain as CEO as part of the deal.

“Stryve is well established in central Europe and as part of the Stryve Group, we are poised to explode there too,” Jenkinson said. “We have operated for five years with a modest turnover, putting everything back into developing our framework. The key for us now is to take it to the next stage.”

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Leigh Mc Gowran is a journalist with Silicon Republic