Samsung will invest up to $50 million in Fidos FinTech in Ireland over the next five years to boost the sector and develop innovative new services for customers.
The investment comes as Fintax, the world’s largest Fintex exchange, is closing and Ireland’s largest technology company, O3B, is laying off thousands of its workers.
Fidos has a team of more than 400 and employs about 1,000 people across Europe.
The company has invested heavily in Ireland, with the company’s flagship facility in Cork being completed in the first half of 2017.
“We have invested over €200 million in our Fidax in Cork facility and we have been looking at all our options in Ireland to make sure that we can be a leader in the space,” said Michael Doyle, director of innovation for Fidosa.
“It is something we are very excited about.
We want to grow and we want to build relationships across the whole of Ireland.”
Fidosa, which is the world leader in financial services, also said it will be adding an office in Dublin for its Fidoshare service.
Its latest investment comes amid growing concern about the future of financial services in Ireland.
Ireland is the biggest beneficiary of FidOS FinTech investments in Europe, according to a recent study by FinTechIreland, a global lobby group.
The country is home to some of the world, and is ranked fifth in terms of the number of financial companies that have established Fidosex facilities.
The Irish government said in March that it would set up a taskforce to look at the viability of establishing a FidoFinTech in the country.
The government said FidoS FinTech would provide a platform for financial services to flourish in Ireland and that the Irish government will continue to support Fidoes efforts.