Fi­nance firm boss vows to em­ploy 1,000 staff at com­pany

Fintru has dou­bled its work­force each year

Belfast Telegraph - Business Telegraph - - Front Page - 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 ‘on­shore’ con­sul­tants, work­ing in the City and on high wages, or out­sourc­ing to lo­ca­tions, such as In­dia and the Philip­pines, to which he says, re­gard­ing the lat­ter that “the motto is, stack them high and sell them cheap”.

“We at Fintru be­lieve there is an op­por­tu­nity for the qual­ity akin to the on­shore 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.”

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