Belfast Telegraph

FinTru aims to be 1,000 staff firm amid rapid expansion


By John Mulgrew

A Belfast financial firm is aiming to grow into a global outsourcing giant employing 1,000 staff - five times its current workforce, it can be revealed.

FinTru founder and chief executive Darragh McCarthy said his company has doubled its workforce each year, since it was formed in 2014.

In an exclusive interview with the Belfast Telegraph, the former Morgan Stanley banker and Cork native said he could "easily see us being a thousand people plus" company.

"We are going to be 1,000 people plus the way we are going. We are running at 100% capacity."

FinTru provides outsourcing for some of the world's biggest investment banks.

In 2014, the company announced it was going to create 80 jobs in three years. But three years later, that number is set to soon crack 200.

The company has been heavily recruiting through its academy scheme, which is run alongside the Department for the Economy.

Its workforce has doubled each year, for the last four years.

Belfast offers a high-skill, low-cost base, with staff here working in outsourcing across a range of areas, from regulation to legal services.

"FinTru's strapline, is that we provide high quality, cost-effective, near-shore outsourcing for financial services," Mr McCarthy said. "Our clients are investment banks. Post the crisis, the investment banking model has been challenged, both on a revenue and a cost front."

Banks either have a choice to hire 'on-shore' consultants, working in the City and on high wages, or outsourcing to locations, such as India and the Philippines.

"The motto is, stack them high and sell them cheap," he said.

"We at FinTru believe there is an opportunity for the quality akin to the on-shore consultant, but at a cost akin to the outsourced entity. We have been met with remarkable success with our clients.

"We are working at 100% capacity and we are continually hiring people. So, right now we have really strong momentum.

"We have six main products: legal, risk, compliance, 'Know your customer' (KYC), operations and consultancy."

Last month it revealed its seventh Assured Skills Academy will offer a further 20 graduates the opportunity to launch a career in the growing financial services industry here.

Earlier this year it announced plans to create 160 jobs.

FinTru set up its Belfast centre in 2014, based on the Dublin Road. Since then it has expanded to offices at the Gasworks, and has employed 117 graduates through the Assured Skills academies.

Applicants will undertake a six-week training programme delivered by Belfast Met and Ulster University.

Mr McCarthy set up FinTru at the end of 2013 and since then has expanded to employ 185 staff here.

"In 2014, I looked at the different locations across the island of Ireland. I came to the conclusion that Northern Ireland was the best location for my company," he said.

"I thought there was an opportunity in the 'Know your customer' (KYC) data utility. I jumped in with two left feet, if I'm honest, and decided I was going to do it.

"You then realise that setting up a company is a lot harder than you think."

Belfast Telegraph