As reported in the Irish Independent (see link below), we are expanding into the Irish market after applying for a money lending licence from the Central Bank of Ireland.
Having processed over £300m (€356m) worth of insurance premiums since the fourth quarter of 2016, establishing an office in Dublin fuels our continued growth strategy. We expect to be operational in Dublin by the second quarter of next year in a move that aligns with Ireland’s impressive levels of FinTech adoption.
According to consultancy firm EY’s Global FinTech Adoption Index 2019, Ireland’s level of adoption stands at 71% and hence PremFina see the market as a natural fit for its products. Such high adoption rates show that Irish consumers are increasingly weaving FinTech products like our SaaS white labelled software and funding line solutions into their everyday financial lives.
Speaking about the move, Bundeep Singh Rangar, Chief Executive at PremFina noted; “We’re excited to give the Irish market what it wants,”, “The demand for our services has led to this expansion from the UK and is reinforced by the support for FinTech firms in Ireland.
With over 25 insurers and brokers lined up to work with us in Ireland, we’re excited to build long-term relationships within the Irish insurance industry and premium finance marketplace. Next stop, Poland and Spain!