Market Dynamics in Fintech Leadership Talent: 2024

Ireland’s fintech sector has witnessed astronomical growth in recent years, with a notable increase in the number of firms and in the amount of safeguarded user funds within the payments and e-money sector. 

From 2018 to 2022, the number of authorised firms in fintech grew by 250%, while the amount of safeguarded funds increased by over 700% to €7.56 billion. This growth reflects a robust and evolving regulatory framework that fosters technological innovations in financial services. 

However, this rapid expansion has outpaced the skills market, with the majority of Irish fintechs experiencing a skills shortage – something we are seeing at a leadership level. As fintechs navigate increasingly complex regulations and manage growing user transactions, there is a pressing need for leaders who possess specific skills.

Below, we explain where these skills can be found and the talent opportunity currently available to fintechs. 

Meeting the growing need for regulatory experience

Irish fintechs face increasing regulatory pressures due to the sector's rapid growth and the need to safeguard consumer data and ensure financial stability. Just one recent example is the EU’s decision to bring buy-now-pay-later providers under the scope of regulatory frameworks.

With fintech companies navigating a growing landscape of financial regulations, hiring leaders from traditional financial services is proving beneficial. These leaders bring a wealth of experience in regulatory compliance and risk management, honed in a sector that has managed increasingly complex and changing regulations.

 McKinsey notes in its 2023 report on the future of fintech growth, that traditional financial services leaders are well-equipped with the advanced regulatory and operational strategies needed in a maturing fintech sector. This is a trend we see from our perspective as we help fintech clients appoint leaders from areas such as asset management, insurance, and traditional banking.

The opportunity to pick up high-calibre tech talent

The tech market is currently rich with available leadership talent, primarily due to recent "right-sizing" efforts by large multinational tech companies. Historically, the expertise housed within these companies was often out of reach for indigenous Irish fintech firms, creating a clear distinction in talent accessibility between these entities and earlier-stage companies.However, the landscape has changed significantly, and now, leadership talent with substantial experience in global operations and commercial management is more accessible than it ever has been. This availability presents serious opportunities for Irish fintechs to absorb the sort of high-calibre leadership talent that could transforming their commercial operations and provide a competitive edge in the tech domain.

The right skills are on the market

Many tech leaders in Ireland possess valuable experience in highly transactional fields, such as e-commerce, where PCI-compliance is mandatory. This background translates well into the fintech industry, which requires a deep understanding of high-velocity, high-trust environments like those found in real money gaming and platform systems. These sectors provide a robust training ground for handling the complex regulatory demands of fintech.

In Ireland, the scenario is particularly favourable. The global operations of multinationals have often focused less on design and build and more on critical operational aspects such as licensing, anti-money laundering, and risk management. What’s more, when companies like Revolut adjusted their strategies and decommissioned certain operations, it left a reservoir of these skilled professionals in the market.  

These individuals are now available and come with a skill set highly transferable to fintech’s, neo banks, and payment gateways – sectors where there is high volume and stringent regulatory compliance, especially concerning anti-money laundering and risk management. This pool of talent is uniquely prepared to drive innovation and operational excellence in Ireland's burgeoning fintech ecosystem.

A global market with local expertise

Odgers Berndtson operates in over 30 countries, and leverages a global network of fintech, financial services, and technology leaders, combined with specialised local expertise in Ireland. We support fintech clients through executive search, leadership assessment, and succession planning, drawing on more than 50 years of experience in partnering with clients to enhance their leadership strategies.

To find out how we can help you, contact us here: susan.kelly@odgersberndtson.com, barry.guiney@odgersberndtson.com