Enterprise Ireland has launched a new €500,000 Competitive Start Fund (CSF) to stimulate FinTech startup activity in the country.

Mary Mitchell O’Connor, the Irish minister for jobs, enterprise and innovation, unveiled the initiative as part of the government’s IFS2020 strategy. The move will see Enterprise Ireland provide up to €50,000 in equity support for each successful applicant.

The new fund will be open to early stage firms providing technology-driven solutions within the financial services sector, or to the FinTech sector as an end market. Companies working in the payments, banking, RegTech, security, InsurTech and FinTech fields will be invited to apply to the scheme, which is open for applications between 1 June and 15 June.

The CSF is part of a wider strategy from government body Enterprise Ireland to increase the number and quality of high potential startup companies that are capable of employing more than 10 people and achieving €1 million in export sales within three years.

Successful CSF applicants will also receive membership to Dogpatch Labs and access to the Ulster Bank innovation solutions team, as well as receiving advice and support from industry experts from the FinTech and Payments Association of Ireland.

O’Connor commented: “A key part of the government’s ‘Action Plan for Jobs’ is targeting sectors where we have established strengths, and supporting growth and expansion in those areas in order to create jobs. Ireland is recognised as a key hub for FinTech innovation and this new fund will make a real contribution to supporting more startups and ultimately more jobs in Ireland.”

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