Posted on Wednesday 22 August 2018 by John Mulgrew
FinTrU founder Darragh McCarthy tells John Mulgrew about plans for 600 new jobs as the Belfast financial outsourcing firm looks to Northern Ireland’s second city.
It was almost a year ago exactly that FinTrU founder Darragh McCarthy told this journalist he would grow his firm to a 1,000 worker business in five years.
Now, already cracking the 250 mark, the Cork man has just unveiled the largest single jobs announcement for Northern Ireland in several years.
He told Ulster Business about his plans for a new hub in Londonderry, bringing 305 jobs, and a further expansion of 300 staff in Belfast, which will bring that, at the time seemingly overly optimistic target, into reality.
FinTrU was formed in 2014, and works with some of the world’s largest tier one investment banks in areas such as regulation and legal services.
“Based on FinTrU’s growth to date, and having successfully partnered with Invest NI on job creation, along with the Department for the Economy, FinTrU has realised it is time to make a further investment in Northern Ireland,” he said.
“And more significantly, not just in Belfast, but outside of Belfast, and we have identified the north west region of Northern Ireland.
“There is surplus available talent, at a great cost point.
“We look forward to partnering with the North West Regional College with the academy model, similar to what we have done with Belfast Met.
“FinTrU’s plans for the next five years is we will run six academies a year.”
To say Darragh’s ambitious would be an understatement, and his company’s surging growth has already garnered recognition and accolades along the way.
The former Morgan Stanley banker been nominated for the EY Entrepreneur of the Year, and in May, walked away with the Fast Growth Business Award at the Aer Lingus TakeOff awards, in association with Ulster Business.
Following rapid growth, FinTrU expanded from a small Dublin Road office, to buying over the entire Carleton House building in the Gasworks. And in the space of a year, the building has had a top-end modern refit.
FinTrU founder and chief executive Darragh says his company has doubled its workforce each year, since it was formed in 2014.
“We continue to move up the food chain, and have six major tier one banks signed up, and likely we will get another two by the end of the year.
“The product areas are legal, risk, compliance KYC (know your customer) operation and consultancy.
“One of the new initiatives is that FinTrU Tech is becoming a bigger priority by the day. We won’t have a separate technology company, but we will imbue our products with greater technology offerings.”
Looking at how the business has managed to hit its numbers, Darragh says the company has a “very healthy gross margin” of around 40%.
“We have a net margin, profit, of somewhere between 15% and 20%. In a steady state, if we can run a 15% to 18% net margin, I’ll be very happy. With the advent of technology, we could bring that higher.”