By Jonathan McCambridge, PA
A financial services company is to create 300 jobs in Derry by 2027 as part of a £20 million (€22 million) investment.
FinTrU said it would double its operation in the northwest as part of an expansion supported by Invest NI.
The new jobs will range from graduate roles to more senior experienced positions and will contribute £8.6 million of annual salaries to the local economy.
Founded in 2013 by Darragh McCarthy, FinTrU is a technologically enabled regulatory solutions company that works with global investment banks, specialising in the areas of KYC (know your customer), compliance, legal, risk and controls and operations.
Mr McCarthy said the expansion is “a significant step which will see FinTrU grow to over 1,500 employees in Northern Ireland and significantly increase our competitiveness, catapulting us into a new era of business growth”.
He added: “FinTrU is celebrating its 10th birthday in 2023 and the northwest holds a special place in the heart of our business.
“Since making our first investment in Derry/Londonderry in 2018, we have been blown away by the talent and were able to surpass our initial jobs target one year ahead of schedule.
“Following the announcement of our Letterkenny site last year, our newest investment is a demonstration of our ongoing commitment to develop and champion the northwest region and our staff who have helped us to grow here.”
Greg McCann, executive director and head of the firm’s northwest office, said: “FinTrU is an indigenous company to Northern Ireland and our people strategy is to attract, develop and retain the best talent in the marketplace.
“There are a lot of high-quality graduates coming from the local universities and colleges who have supported us to win new customers and grow our sales globally.
“We have also welcomed a large number of experienced professionals, who have returned to the northwest to pursue the high-quality careers we can provide.”
Mel Chittock, interim chief executive of business support agency Invest NI, said the news was a vote of confidence in the north west.
He said: “Job creation is only one part of the equation to build a productive, knowledge-based, export-driven economy; skills development is another.
“This investment delivers on both: 300 new jobs and a skills development package, which will see the company invest in its greatest asset, its staff.
“A highly and appropriately skilled workforce has a crucial role to play. The increased skills and capabilities that FinTrU gains will enable faster and increased company growth and will spearhead the development of a new financial services cluster in the north west region. ”
DUP Foyle MLA Gary Middleton said: “With a contribution of over £8.5 million in salaries alone, it will provide a huge boost to the economy in the north west area when the jobs are in place.
“At a time of economic uncertainty, this provides a positive boost for the region.”
SDLP leader Colum Eastwood said the investment recognised the “economic imbalance” towards the northwest.
He said: “Derry needs further investment so that our young people do not have to leave their homes to have a career, go to university and start a family.
“These new roles and the skills development package shows commitment to Derry and the northwest, and is a testament to the capable and educated people that Derry produces.”