Fintech News from Ireland and around the World

Ireland is now home to at least 85 regulated fintechs. Lendermarket & Rippling Payments join the Irish fintech ecosystem. New Maps Released thanks to CompliReg.com.

10/1/2025

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Need assistance with an emoney or payments authorisation or an account information service provider or virtual asset services provider registration application, check out Fintech Ireland and CompliReg's handy authorisation guides at https://fintechireland.com/fintech-authorisations.html.

Today we welcome newly authorised fintechs Lendermarket Limited and Rippling Payments Ireland Limited to the Fintech Ireland Fintech Maps. Special thanks to the CompliReg for sponsoring and supporting version 16 of the Regulated Fintech Ecosystem Map* and the version 22 of the Regulated Emoney & Payments Map.

* The Fintech Ecosystem Map is limited to authorised emoney, payments and crowdfunding firm and registered virtual asset firms

Lendermarket

Lendermarket Limited didn't appear on the public facing Central Bank of Ireland Register until 9 January 2025 despite receiving an early Christmas present from the Central Bank on 17 December 2024. Lendermarket was incorporated in Ireland back on 29 June 2016. The company is authorised to provide crowdfunding services type (i) only, being "The facilitation of granting of loans" and has elected to passport its services across the whole of the European Union.

Rippling

Rippling Payments Ireland Limited takes the honour of being the first fintech regulated in Ireland in 2025; authorised as an emoney institution on 6 January 2025. In addition to the issuing and redeeming of electronic money, Rippling Payments, which was incorporated in Ireland on 7 September 2022, is authorised to provide payment services 3(a) and 3(c) being "Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider: a) execution of direct debits, including one-off direct debits and c) Execution of credit transfers, including standing orders".
In a post by an employee on Linkedin, it was stated that it submitted its "Application formally at the end of April 2023". That would mean it took the company just over 20 months to achieve authorisation. That is certainly at the longer end of time taken to obtain authorisation based on data we are tracking. The period may have been longer if one includes the usual amount of Central Bank facing before one is invited to submit a formal application.

What happened in the world of Irish fintech authorisations and registrations in 2024?

Electronic Money Institutions: two were authorised in 2024 (Navro Payments Europe Limited and Decta Limited).
Payment Institutions: 2 were authorised in 2024 (Etsy Payments Ireland Limited and Ace Money Transfer Limited) and one its authorisation was withdrawn (CUSOP (Payments) DAC).
Account Information Service Providers (standalone): 2 were registered in 2024 (Glenman Software Development Limited and Intuit Ireland Software Limited - this ignores double counting of CRIF)
Crowdfunding Service Providers: 2 were registered in 2024 (Pitchedit Limited and Lendermarket Limited)
Virtual Asset Services Providers: 11 were registered (Foris DAX Global Limited, Fortuna Digital Custody Ltd, Sors Digital Assets Limited, CoinJar Europe Limited, Ramp Swaps (Ireland) Limited, HashKey Europe Limited, StoneX Digital International Ltd, Fidelity Digital Assets Ireland Ltd, Figure Markets Ireland Ltd, Push Virtual Assets Ireland Limited and Legend Financial Ireland Limited).

Special thanks to the Project Foundry for sponsoring the Indigenous Fintech Ireland Map. Until we update that larger Map of more than 260+ fintechs, we are expressing our gratitude to the Team Project Foundry on our sectorial Fintech Maps.

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Need assistance with an emoney or payments authorisation or an account information service provider or virtual asset services provider registration application, check out Fintech Ireland and CompliReg's handy authorisation guides at https://fintechireland.com/fintech-authorisations.html.

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MiCAR - Industry Roundtable on KFD issued by the Central Bank of Ireland

25/11/2024

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MiCAR - Industry Roundtable on KFD issued by the Central Bank of Ireland

*** MiCAR Industry Roundtable on the KFD ***

Here it is - the Central Bank of Ireland's MiCAR Key Facts Document. It is hot of the press and having read through it we will point out some of the more interesting and significant aspects of the process and our initial thoughts on the authorisation process at the Fintech Ireland Summit this Thursday 28th November 2024 in Dublin.

Separately Fintech Ireland and MiCA Ready / CompliReg will host a Fintech Ireland / MiCAReady Industry Roundtable next week for VASPs already registered in Ireland/elsewhere and others yet to start a registration / CASP authorisation journey.

To register your interest for that MiCAR Industry Roundtable - if you are a VASP / future CASP seeking authorisation in Ireland - email: [email protected] (cc [email protected]) with your name and the name of your VASP. We will then revert with details of the event date and venue for next week. And we will update you at the Fintech Ireland Summit on Thursday.

If you are a VASP/CASP and not yet registered for the Summit, come along to start the journey and relationship for your MiCAR journey in Ireland. Remaining tickets for Thursday at https://www.eventbrite.ie/e/fintech-ireland-summit-2024-tickets-913836217727?aff=FI1

For a copy of the KFD click here to download

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Authorisations and Gatekeeping Report Edition 1 - Issued by the Central Bank of Ireland

26/6/2024

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We will be covering the topics of Central Bank of Ireland Authorisations and its role as Gatekeeper to the regulated Irish financial services community at the Fintech Ireland Summit taking place on Thursday 28 November 2024. Read more here.

Central Bank of Ireland has today, Wednesday 26 June 2024, issued the first edition of the Authorisations and Gatekeeping Report.

We posted about this on Linkedin here. You can watch the movie of extracts from the Report here.

In this blog you can download a copy of the Authorisations and Gatekeeping Report (in the next link below and at end of blog). We have copied and pasted the forward by Sharon Donnery, Deputy Governor, Central Bank of Ireland immediately below.

Sharon Donnery, Deputy Governor, Financial Regulation, Central Bank of Ireland

Foreword

Sharon Donnery, Deputy Governor, Financial Regulation

I am very pleased to introduce the Central Bank of Ireland’s (“The Central Bank”) inaugural “Authorisations and Gatekeeping Report". The Central Bank regulates and supervises over 12,000 firms providing products and services in Ireland, the European Union (“EU”) and around the world. Our mission is to serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy.

A strong regulatory and supervisory framework, ensuring we have a stable, resilient and trustworthy financial sector, enables us to deliver on our mission for the public. Our gatekeeping role is an integral part of that framework – helping to ensure firms and individuals are of a sufficiently high standard to meet regulatory requirements and to be trusted with the public’s money. Since 2018, the Central Bank has either authorised or approved close to 12,000 applications across a range of financial service providers, prospectuses and regulated financial products and has approved over 18,000 applications for senior positions in the financial sector in Ireland as part of our Fitness and Probity (“F&P”) regime. In 2023 alone, we received almost 3,300 applications for authorisation or approval and over 3,300 applications for senior positions.

In order to ensure the system and the public are protected and that trust is maintained, gatekeeping, and the phrase “regulated by the Central Bank of Ireland”, has to mean something in terms of standards and reassurance to the people of Ireland. As such, the process needs to be robust, and the standard needs to be appropriately high.

However, given the volume of applicants and the benefits of new entrants for consumers and the wider economy, to ensure the gate is not an undue barrier to entry it is also important that the process is efficient and that it is transparent.

As such in recent years as part of our ongoing commitment to efficiency and in the face of feedback that we could improve our clarity and responsiveness to incoming applications, we have increased engagement and significantly improved our processes. We have done this while maintaining the high standard the public expects of regulated providers of financial services and of us.

As I have said before this is not about prioritising speed over rigour, as the authorisation process is just the beginning of the regulatory and supervisory relationship, and our experience is that going through the gate too swiftly often presents issues on the other side.

Recognising that better prepared firms find the authorisation process the most straightforward, in addition to increasing the efficiency and transparency of our own processes we have improved our communications and have set clearer expectations for firms. This aims to deliver better and more complete applications to the benefit of both the applicants and the Central Bank, increasing the efficiency of the gate, while maintaining its robustness. Through this new report, we are providing further transparency to all stakeholders. The report sets out how we discharge and continue to refine our authorisation mandate by:

Providing information on our authorisation framework and risk appetite;
Explaining our priorities and expectations of applicant firms;
Providing insight into the operation of the F&P regime; and
Outlining the key challenges that we see for firms seeking authorisation.

We hope it is useful for all stakeholders, and complements our other engagements and publications. Looking ahead, enhancing how we regulate and supervise across all sectors is a strategic priority of the Central Bank. This includes continuing to enhance our authorisation processes, in terms of clarity, predictability and transparency for those seeking to be authorised.

We will continue to improve our own process as well as our engagement and communication with the sector. We also want to learn from experience and welcome feedback from stakeholders on our processes.

END

Download the inaugural “Authorisations and Gatekeeping Report"

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Ramp Swaps (Ireland) Limited obtains VASP registration. Version 10 of Regulated Fintech Map and Version 7 of the VASP Map released. Ireland is now how to at least 73 regulated fintechs

28/5/2024

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Need assistance with an emoney or payments authorisation or an account information service provider or virtual asset services provider registration application, check out Fintech Ireland and CompliReg's handy authorisation guides at https://fintechireland.com/fintech-authorisations.html.

LinkedIN Post here - https://www.linkedin.com/feed/update/urn:li:activity:7201146292276711425/

Ramp Swaps (Ireland) Limited joins the Fintech Ireland Maps following its registration as a Virtual Asset Services Provider on 17 May 2024.

This increases the pool of regulated fintech in Ireland to at least 73, comprised of:

27 authorised electronic money institutions,
22 payments institutions,
6 standalone open banking firms,
13 virtual asset services providers, and
5 crowdfunding services providers.

Ramp Swaps was registered on 17 May 2024 a Virtual Asset Services Provider. It is the second VASP to be registered thus far in 2024 by the Central Bank of Ireland. The previous registered VASP was Fortuna Digital Custody (see previous blog).

Ramp Swaps was incorporated in Ireland on 25 April 2023. The company is the 13th firm to become registered to provide crypto services in Ireland.

Szymon Sypniewicz and Przemyslaw Kowalczyk

According to records at the Companies Registration Office, the directors of the company are are Szymon Sypniewicz and Przemyslaw Kowalczyk who are co-funders of the Ramp Group. The group was established to make web3 accessible to all. According to Forbes "They prioritize safety and compliance in crypto and have experience in tech solutions and blockchain lending. Ramp focuses on user experience and partnerships and is registered with financial authorities.".

Ramp, which has been described as a 'PayPal for crypto' by Business Insider also registered as a Cryptoasset Services Provider by the UK FCA. Poland's Ramp, which is building payment rails to allow more customers to invest in crypto, raised US$70mn in a Series B funding round announced on 11 November 2022.

The Series B funding co-led by Mubadala Capital and Korelya Capital was a rare silver lining against a bleak crypto backdrop. Ramp has now raised more than US$122mn in the last 12 months despite the current 'crypto winter'. The fintech will use the money to invest further in its product line, add local fiat currencies and payment methods, expand into new territories and hire fresh talent.

Coindesk reported on the registration on 23 May 2024. In its reported it noted that:

The Ramp Network is a financial technology company building payment rails connecting crypto to the global financial system. This registration will enable its users to exchange fiat currencies for more than 100 crypto assets.
The company wants to make Ireland its European headquarters and has established a team and operation in Dublin. It intends to get authorized as a Crypto Asset Service Provider (CASP) under the Markets in Crypto Assets Regulation (MiCA).

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Fortuna Digital Custody Limited obtains VASP registration and ACE Money Transfer is authorised for money remittance in Ireland. Version 9 and 20 of Regulated Fintech Maps released showcasing 72 regulated fintechs.

14/5/2024

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Need assistance with an emoney or payments authorisation or an account information service provider or virtual asset services provider registration application, check out Fintech Ireland and CompliReg's handy authorisation guides at https://fintechireland.com/fintech-authorisations.html.

LinkedIN Post here - https://www.linkedin.com/posts/peteroakes_fintech-electronicmoney-paymentservices-activity-7196152095165554690-A9Q2

Fortuna Digital Custody Limited and ACE Money Transfer Limited join the Fintech Ireland Maps following their respective registration as a Virtual Asset Services Provider and authorisation as a payments institution.

This increases the pool of regulated fintech in Ireland to 72, comprised of:

27 authorised electronic money institutions,
22 payments institutions,
6 standalone open banking firms,
12 virtual asset services providers, and
5 crowdfunding services providers.

Fortuna Digital Custody Limited

Fortuna Digital Custody Limited was registered on 9 May 2024 a Virtual Asset Services Provider. It is the first VASP to be registered thus far in 2024 by the Central Bank of Ireland. The last VASP registered in Ireland before Fortuna was close to 5 months ago in December 2023.

Fortuna was incorporated in Ireland on 22 January 2021. The company is the 12th firm to become registered to provide crypto services in Ireland.

According to records at the Companies Registration Office, the directors of the company are Neil Fleming,
Juergen Hoebarth (Founder) and Brian Elders (Founder). Connor Cantwell (Founder) is listed as company secretary. The shareholders of the company are Cosimo Venture Partners (32.67%), Tokenization Limited (32.67%), Sors Digital Assets Limited (32.67%) and Neil Fleming (25).

Ace Money Transfer Limited

Ace Money Transfer Limited was authorised on 3 May 2024 as a payments institution by the Central Bank of Ireland for payment service #6 permission, which is money remittance.

Ace Money Transfer was incorporated in Ireland on 3 September 2021. Another example of a long journey between incorporation and regulation by the Central Bank of Ireland.

Ace Money Transfer is 100% owned by another Irish company AFTAB Currency Exchange Limited.

We'll update this post with other information about the two companies at a later date.

CRIF RealTime Ireland Limited

Eagle eyed might have notice that we had to re-jig CRIF RealTime Ireland Limited on the Map. Since first appearing as #8 (account information services) only services in early 2022, the Central Bank of Ireland registers subsequently showed the company as having both #7 (payment initiation services) and #8 around 14 July 2022. Then in 2024, CRIF RealTime Ireland Limited reappeared on 22 April 2024 as reverting back to payment service 8 only.

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Ireland is now home to at least 85 regulated fintechs. Lendermarket & Rippling Payments join the Irish fintech ecosystem. New Maps Released thanks to CompliReg.com.

MiCAR - Industry Roundtable on KFD issued by the Central Bank of Ireland

Authorisations and Gatekeeping Report Edition 1 - Issued by the Central Bank of Ireland

Ramp Swaps (Ireland) Limited obtains VASP registration. Version 10 of Regulated Fintech Map and Version 7 of the VASP Map released. Ireland is now how to at least 73 regulated fintechs

Fortuna Digital Custody Limited obtains VASP registration and ACE Money Transfer is authorised for money remittance in Ireland. Version 9 and 20 of Regulated Fintech Maps released showcasing 72 regulated fintechs.

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