During the 7th edition of ICT Spring, which took place last May 10th and 11th, Fund Recs was named European Startup of the Year during the European ICT Awards ceremony. Following this prize, our team met with Ciaran Walshe, Head of Operations, to discuss the innovation offered by Fund Recs and the Luxembourg FinTech ecosystem.
Can you tell us more about the Fund Recs concept?
Fund Recs develops cloud based reconciliation software for the Funds Industry, replacing prehistoric enterprise software with pay as you go Software as a Service. We’re reimagining reconciliations to help make complex data comparison simple. Reconciling data is a core operational function in the Funds Industry. Comparing two data sets, a simple process in theory, becomes increasing complex as you deal with multiple parties (40+ brokers) with different formats and delivery methods. We solve the problem of fragmented data by putting the power into end users hands and by passing IT.
Fund Recs delivers its services in a SaaS mode. How did the fund administration companies first react to your services?
While initially companies were slow to adopt cloud solutions in general, we are finding the pace of adoption accelerating with cloud now being the preference. Our main competitive advantage is the use of the cloud, private or otherwise as, it allows us to both innovate and scale at speed.
What was the biggest challenge you faced when developing Fund Recs?
The biggest challenge was getting large financial institutions to work with a small start-up back in 2014.
What do you think of Luxembourg as a hub for FinTech and startups? Would you consider moving to Luxembourg to benefit from its ecosystem?
Luxembourg is very similar to Dublin for both FinTech and start-ups. It is our intention to open a Luxembourg office in 2016.