Technology company Plaid has begun offering its services in Ireland, connecting developers in fintech to the world's financial network.
The company, which supports integrations with banks such as AIB, Ulster Bank and Bank of Ireland and covers almost 80 per cent of personal current accounts in the State, said it wants to become a core part of the fintech sector in Ireland. Plaid is targeting complete coverage shortly after its launch here.
"The traditional banking system is not built for a world that envisions the internet," said Zach Perret, co-founder of Plaid. "The quality of products has a long way to go and grow."
Plaid intends to play a part in developing that ecosystem in Ireland, helping developers to create web-enabled apps that bring banking from the offline and branch world onto the digital stage.
That will mean more choice for consumers, better products and better rates for financial products such as loans, and allow consumers to more easily check out their options.
Currently in beta, Plaid has launched with a number of pilot customers including personal finance management applications and account platforms. Perret said Ireland was considered an important and innovative market, leading to its decision to begin offering its technology to fintechs here.
“Ireland is among the top most requested places that startups from all over the world most frequently ask us to include in our network’s coverage. With better access to financial data, we believe that fintechs in Ireland can create exciting new products that make money easier for everyone,” he said.
Perret cited a focus on innovation in Ireland and a focus on building technology for customers as part of the attraction.
There are around 400 fintech startups in Ireland, according to IDA Ireland, with success stories including CurrencyFair, Fexco, Monex, Prepaid Financial Services, TransferMate and Fenergo .
Plaid sees a role for its platform in helping fintechs here expand not only in Ireland but outside the State too.
Launched in 2012 in the US, Plaid now integrates with more than 15,000 banks across North America and Europe. About 80 per cent of large US fintech companies use the company's infrastructure.
The US-based company has raised $310 million to date from investors including Mary Meeker, Andreessen Horowitz, Index Ventures, NEA and others. It has offices in San Francisco, New York City, Salt Lake City and London. An Irish office isn't on the cards in the near future, Perret said, but he didn't rule it out in the future.
