Dublin-based peer-to-peer currency exchange company, Currency Fair has raised €10m in its latest funding round, and plans to double its current number of employees here to about 100. The company is also looking for larger offices than its current Ranelagh base.
Brett Meyers, the company's CEO and co-Founder joined Vincent Wall on Newstalk's Breakfast Business to discuss the firm's growth.
In peer-to-peer exchanges, companies and individuals buy the foreign currency that they require through the agency of a company like Currency Fair from another party that has the currency to sell.
The company claims that peer-to-peer exchanges can cut out up to 90 percent of the fees traditionally charged on these transactions.
Mr Meyers explains where these savings come from:
"We don't actually make international transfers - because of the nature of this exchange - if you're converting euros into Australian Dollars - you're actually buying some Australian dollars that are already in Australia because they are being sold by someone who is going in the other direction."
He continues: "Effectively we can use domestic banking systems rather than the international ones - and they are generally free or very cheap."
This cuts out fixed fees and allows Currency Fair to charge a lower transaction fee - typically at 0.4 pr 0.5 percent where traditional financial institutions charge over 3 percent.
He describes the company's model as "lean" it only offers immediate transactions - they do not do more complex exchanges, this keeps costs down.
Deloitte has said that Ireland could create 5,000 jobs in the growing financial technology industry by 2020 - the Irish Government has also singled the niche industry as an area where the country can create high-quality jobs.
Mr Meyers says that Dublin's tech scene is strong, and that financial knowledge is also strong in the city and that this has created a cluster effect that leaves Dublin and Ireland well placed to play an important role as the FinTech industry grows.
Currency Fair, which was established in 2009 and has operations in Australia, Britain and Poland, says it is currently trading transactions to a value of €5m per day.
