FinTrU, a RegTech company from Northern Ireland, UK, just announced that they will invest in Portugal as their new EU hub and that this will lead to the creation of 500 new jobs. The Regulatory Tech company that provides services to the Financial Industry has a turnover of £29m and is seeing a rapid growth since 2019 when its turnover was £12m.
FinTrU has selected Portugal for further expansion and has been designated as a project of National Strategic Interest by the Institute for Employment and Vocational Training of Portugal (IEFP).
The FinTrU Porto office will be a client delivery centre, providing services directly to Tier 1 Global Investment Bank clients to design technology-enabled solutions that will help them meet their regulatory obligations.
With a workforce of over 1,000 people located in Northern Ireland, Maastricht, London, Dublin and New York, the UK RegTech operates in the field of managing regulatory processes that include regulatory monitoring, reporting and compliance.
The Financial Services sector has seen an increasing number of data breaches, cyber hacks and money-laundering activities. The use of big data and machine-learning technology allows RegTech companies to mitigate risks for the compliance department by providing data about online money laundering activities in real-time.
Financial institutions that identify potential threats are able to minimize the associated risks and costs linked to data breaches. With cloud computing through Software-as-a-Service, RegTech companies ensure regulatory compliance by providing critical information to regulate the Financial Services sector.
FinTrU was designated by the Financial Times as one of Europe’s fastest growing companies. The Financial Times, in partnership with Statista, included FinTrU in their FT1000 Europe's Fastest Growing Companies League Table in 2021.
With headquarters in Belfast, the EU expansion of FinTrU through Portugal will enable employees to work across different global locations through the company’s interconnected offices.
FinTrU Founder & CEO, Darragh McCarthy, stated that, after reviewing a number of European locations, Porto in Portugal was the best choice for their next client delivery base. FinTrU Chief of Staff, Katrien Roppe, also said they are working closely with AICEP “who were fantastic in demonstrating the opportunities that Porto has to offer: The highly-educated talent, the thriving business community and top tier universities on offer confirmed our decision.”
FinTrU is developing a state-of-the-art 3,000 square meters office in Porto with a fully flexible and hybrid workspace to collaborate with colleagues both locally and globally. With expanded training and social spaces, the new FinTrU Porto office will empower employees to harness their entrepreneurial spirit in an environment that encourages innovation and connectivity. The city centre location will open before the end of 2022.
FinTrU’s focus on technology will contribute to empowering the Portugal team to drive industry-disrupting, innovative solutions within the financial services market. The choice of Portugal as a RegTech hub will further enhance the country’s advantages as a preferred location for Tech-enabled operations.
Source: https://www.portugalbusinessesnews.com/post/portugal-regtech