Enterprise Ireland, the government organisation responsible for the development and growth of Irish enterprises in world markets, is inviting early stage companies active in FinTech to apply for a new €500,000 Enterprise Ireland Competitive Start Fund (CSF).

The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor TD, on Thursday launched the CSF with the objective of fostering start-up activity in the FinTech sector. The fund, which is a part of the IFS2020 strategy, provides up to €50,000 in equity support by Enterprise Ireland for each successful applicant.

Launching the fund Minister Mary Mitchell O’Connor said: “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 start-ups and ultimately more jobs in Ireland”.

The CSF targets startup companies engaged in providing technology driven solutions within the Financial Services sector, or to the FinTech/Financial Services sectors as an end market. It is open to companies in Payments, Banking, RegTech, Security, and InsurTech and FinTech solutions that leverage the following technologies:

• Blockchain
• Internet of things (IoT)
• Artificial Intelligence (AI)
• Data Intelligence

Successful applicants will also receive membership to Dogpatch Labs located in the heart of the IFSC (in partnership with Ulster Bank) and access to the Ulster Bank Innovation Solutions team. In addition, they will also get the opportunity to attend a number of "Masterclasses" provided by industry experts from the FinTech and Payments Association of Ireland (FPAI).

“A priority for Enterprise Ireland is to help Irish entrepreneurs and companies to start up. A key objective of the IFS2020 Strategy is to create more jobs. By introducing a specific start-up fund targeting the FinTech sector, Enterprise Ireland is 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”, said Leo McAdams, Divisional Manager ICT & International Services at Enterprise Ireland.

The fund opens for applications on Wednesday, 1 June and closes at 3pm on Wednesday, 15 June.