European fintech market grows as Ireland gains prominence

1 min read

The FINANCIAL — Q1’17 edition of KPMG International’s Pulse of Fintech report explores global trends and deal activity within fintech.

Fintech investment in Europe grew in the first quarter of 2017 with €806 million invested across 89 deals, according to the latest quarterly report on fintech investment from KPMG. The global report, published in over 152 countries, says Ireland is gaining prominence internationally with numerous initiatives focused on showcasing the country as an alternative to London.

Anna Scally, partner at KPMG said: “The beginning of 2017 saw a number of mature fintech companies announce expansion plans here, including the client lifecycle management company, Fenego. Ireland has also successfully attracted a number of fintechs to set up regional offices here, including Kabbage, and we hope to see further growth as Ireland continues to market its ability to be a bridge to both the UK and Europe.

In addition, the deadline for implementing Payment Services Directive 2 (PSD2) is now fast approaching and as we move through 2017, new fintech business models will almost certainly evolve to make the most of open data and to capitalise on new opportunities.”

Q1 highlights

Global fintech investment decreased from US$4.2 billion in Q4’16 to US$3.2 billion in Q4’17.

Europe reached a new high for VC-based funding to fintechs in Q1’17 with US$610 million invested across 67 deals

Fintech venture investment in Ireland reached $5.7m in the first quarter.

 

See also  When it comes to data on your phone, deleting a text isn't the end of the story

Leave a Reply