US fintech company BlueSnap has opened a European headquarters in Dublin and secured a payment institution licence from the Central Bank to ensure there is no disruption to its services as a result of Brexit.
The all-in-one payments platform also said it had appointed former Arthur Cox managing partner Eugene McCague as its chairman of EU operations.
The company said while Britain's exit from the European Union was the primary reason for the setting up of the office here, chief executive Ralph Dangelmaier stressed the operation would serve a key role as it expanded in Europe.
Platform
Founded in 2002 with headquarters in Waltham, Massachusetts, the company, formally known as Plimus, has developed a platform designed to increase sales and reduce costs for businesses. The solution supports 110 payment methods, 100 currencies and 29 languages.
The company has raised $85 million (€70.2 million) to date and has about 160 employees globally. It was recently included on Deloitte’s Technology Fast 500 list of leading US companies after reporting a 261 per cent rise in growth year on year.
BlueSnap said it intended to grow its Dublin-based workforce to a team of 10 in the coming months.
Mr Dangelmaier said the company chose Dublin as the location of its headquarters due to its reputation as “a global hub of fintech excellence, home to leading start-up accelerator programmes and technological innovation”.
“The opening of our new EU headquarters in Dublin marks an exciting milestone in BlueSnap’s international expansion, as well as a sign of our commitment to supporting customers both at a local market level and around the globe,” he said.
“Acting as our European hub, the new HQ in Ireland has already helped us deliver a seamless transition for BlueSnap merchants operating in Europe, as Brexit came into effect at the start of January,” Mr Dangelmaier said.
The investment is supported by the Government through IDA Ireland.
Chairman
Mr McCague served as managing partner of Arthur Cox from 1999 to 2003, and as chairman from 2006 to 2013. He officially retired from the law firm in 2017. Mr McCague, who was recently named chairman of Alzheimer Society of Ireland, has extensive governance experience, having advised many boards of public, private and State companies, including the HSE and DIT. He is a former president of Dublin Chamber of Commerce and is the chairman of business group Ibec.
“With more businesses than ever opening their eyes to the advantages of all-in-one payment solutions and the operational benefits this can drive, there’s a huge opportunity to transform the way firms do business for the better. I’m delighted to be joining BlueSnap at this exciting time in its growth and proud to be driving this step change across Europe,” he said.
