Neale Richmond T.D., Minister of State with responsibility for Financial Services, Credit Unions and Insurance, addressed the 16th annual Enterprise Ireland Financial Services Dinner at the Irish embassy in London on 20th June 2024. The event was attended by over 80 guests, including leading Irish financial services and fintech companies expanding in the UK, along with senior leaders from some of the UK’s leading banks, financial institutions and investment funds, including Barclay’s, UBS, Lloyds and HSBC.
The annual event marks the deep partnership between the UK and Ireland’s financial services hubs. The UK is the second largest global export market for Irish financial service and fintech companies. Over 200 Enterprise Ireland financial services and fintech companies export to the UK.
Attended by Irish financial services, fintech and technology companies servicing the UK market, the event is an important platform to strengthen and deepen business relationships between the Irish financial services industry and some of the UK’s leading financial institutions, investment funds, fund management insurance companies and market partners.
The UK is the second largest export market for Irish fintech globally. In 2022, Irish financial services, fintech and business services exports to the UK, grew by 17% to €597m. Enterprise Ireland technology company exports to the UK also grew by 30% to €598m in 2022. Overall, Enterprise Ireland client exports to the UK grew by 13% to €9.22bn in 2022, positioning the UK as the largest export market for Enterprise Ireland client companies.
Speaking at the event, Minister Richmond said: “I am delighted to be in London to celebrate the strong partnership that exists between Ireland and the UK’s financial services sectors. It is a testament to this relationship that the UK are Ireland’s second largest global export market for financial services and fintech companies.
“Ireland is a financial services and fintech hub, the success of which is clear from our position as the 4th largest exporter of financial services in the EU and the 6th largest globally. Irish companies have so much to offer both to the UK but also across the globe and Enterprise Ireland and the IDA play a key role in helping them to grow.
“I look forward to seeing our relationship go from strength to strength, and for Irish businesses to continue to expand in the financial services sector both at home and in the UK.”
Deirdre McPartlin, Regional Director UK and Nordics commented: “The deep-rooted ties that exist between Ireland and the UK continue to go from strength to strength. This, our 16th annual Financial Services Dinner, gives us the opportunity to showcase some of the best Irish fintech companies and demonstrate the far-reaching capabilities of Irish exporters in this exciting sector. At Enterprise Ireland we work with more than 200 indigenous Irish Fintech, financial and business services enterprises, and the UK remains our largest export market, one in which we look forward to working alongside our clients in, to aid them in continuing to grow and thrive.”
Irish companies accelerating their growth in the UK:
Version 1 has had expansion in the UK at the forefront of their growth agenda and in October, the company opened a technology hub in Birmingham which will add 500 new job opportunities over the next few years with more new offices set to open later in 2024 across the UK. This allows Version 1 to be close to their key customer base and to leverage the rich and diverse talent pool that is available in all locations.
Acquisition is a key driver for Version 1’s growth plan and in April this year, the company acquired Farsight Consulting – a UK based company with a strong track record in delivering digital transformation projects to the public sector. This added around €20m in revenue and an additional 133 people to the workforce. The power of this match provides a very compelling offer for UK customers particularly with some of the proof points and projects already completed by both companies either individually or combined, such as Companies House and the Ministry of Justice.
Spectrum.Life a healthtech company who delivers clinically backed digital health, mental health and wellbeing solutions to organisations and their people, has announced a €17 million investment round.
Additionally, the company has experienced a 60% revenue growth in 2023 and is expected to exceed 50% growth in 2024 with over three-quarters of new business coming from outside of Ireland.
Spectrum.Life currently looks after 7.2 million individuals in the UK and Ireland, across multiple insurers, 3,000 corporate clients and 50 UK universities. The Company currently employs over 260 people, including over 125 clinicians, with 50% based in the UK. Since its launch in the UK market in 2020, the company has built an impressive list of insurance, corporate and university clients and in 2024 50% of its revenue will come from the UK market.
Ardanis, a company who has been delivering innovative software solutions to progressive, digital organisations in the UK and Ireland since 2016 announced that they are now the strategic technology partner for PremFina, a rapidly growing premium finance business in the UK. With over 8 years of enterprise experience, Ardanis is enabling PremFina’s digital journey.
Ardanis is partnering with PremFina, delivering a modern technology platform, implementing agile development practices, and driving automation to ensure continuous value delivery. Their Fintech and Insurtech expertise is pivotal in positioning PremFina as a digital-first business, primed for expansion into international markets, starting with Ireland.
Moreover, Ardanis is leveraging the power of generative AI to streamline and enhance the accuracy of PremFina’s operational processes. This innovative approach will facilitate rapid future growth while maintaining a premium customer experience as the company scales. Through close collaboration, Ardanis and PremFina are forging a future-ready, technology-driven enterprise that stays ahead of the curve in the dynamic financial services landscape.
1500 companies recorded exports to the UK region in 2022. Many of these companies have a full-time presence in the market, ranging from a single person sales office to manufacturing operations. The resilience of the UK economy and its scale, coupled with proximity, familiarity and similarities has ensured that inspite of the changed trading relationship, the UK remains a market of enormous strategic importance to the entire Irish enterprise base.
Enterprise Ireland has offices in London and Manchester. The team works collaboratively with IDA, Bord Bia, the Embassy of Ireland in London and the consulates in Manchester, Scotland and Wales.
source www.enterprise-ireland.com
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