US fintech to create 40 new jobs with Cork research project

A financial software company is set to create 40 new jobs in Cork through a new research and development project.

Empyrean Solutions, which supplies financial risk and performance management solutions for the banking industry, is to move from its current premises at Penrose Quay to the former Apple offices on Half Moon St.

Headquartered in Massachusetts, Empyrean launched its Irish operations in 2018, and since then Ireland has served as the company’s core research and development hub.

The company said its new research and development project is an “advanced analytics initiative that aims to a build next-generation financial analytics and risk management capabilities”, which will lead to 40 new jobs over the coming year.

Paul Leahy, managing director of Empyrean Ireland, said the project represented a significant step forward for the company.

“By combining advanced AI and machine learning with our financial risk and performance platform, we’re equipping finance leaders with the tools they need to operate with greater insight and confidence in an increasingly complex regulatory environment,” he said.

“We’re grateful for the support of IDA Ireland and the Irish government as we build solutions that will make an impact for banks and credit unions.”

Enterprise minister Peter Burke said that by supporting research and development, the government was building long-term competitiveness for the Irish economy.

“Empyrean’s expansion in Cork is an excellent example of the type of advanced, knowledge-intensive project we want to attract and grow in Ireland,” Mr Burke said.

Michael Lohan, IDA Ireland CEO, welcomed the chance to support the expansion.

“Projects like this strengthen Ireland’s position as a leading location for data-driven product development and financial services innovation,” he said.