Ireland’s fintech sector saw a sharp decline in funding in the first half of 2024, with total investment falling by 90% year-on-year, according to a new annual report analysing the sector.
The annual State of European Fintech report for 2024 found that Irish fintech companies raised just €22m in H1 of this year (excluding SoftCo €100m M&A), a steep drop from the €212m secured during the same period in 2023.
While venture and buyout capital in Ireland remains on par with 2023 levels, the report highlighted a notable 40% reduction in average fund sizes.
The largest deal done in Ireland in H1 was a €10m funding round for Cork headquartered Zartis.
Ireland’s dramatic contraction in funding reflects broader market trends, as the global fintech sector faces economic headwinds and cautious investor sentiment.
The report anticipates recovery in the sector in 2025, as investor confidence is expected to return and deal volumes are projected to rise.
The report …