Fintech insolvencies rise as Irish start-ups run out of cash
With the tech funding market still in the doldrums, many Irish fintech companies are entering distress
The number of Irish fintech companies in serious financial difficulty has begun to rise over recent months as the tech funding market remains closed and firms run out of cash, insolvency advisors have warned.
Joe Walsh, managing director of JW Accountants, a Dublin-based firm that specialises in business insolvencies, said he’s seeing a noticeable uptick in enquiries from struggling fintech firms that are fast running out of cash.
“We’re starting to see quite a bit of enquires from the fintech sector, which is relatively new this year. It’s only started recently but I think you’re going to see a lot of fintech companies go bust over the coming months,” Walsh told the Business Post.
