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Dublin-based fintech firm Corvil sees profits surge

Dublin-based fintech firm Corvil sees profits surge

DUBLIN: Irish real-time data analytics company Corvil reported record revenues last year as profits jumped nearly 60 per cent, newly filed accounts show. The company, whose platform is trusted by financial institutions to monitor 354 trillion transactions with a daily value in excess of $1 trillion, was founded by the late Prof John Lewis and three Trinity College Dublin post-graduate students in 2000. Its products are used by banks, exchanges, market makers and service providers to streamline operations for investors and operators. Among its major customers are Morgan Stanley, Nomura, Commerzbank, Thomson Reuters, the Nasdaq, the London, Moscow and New York stock exchanges, and Deutsche Börse. Accounts lodged with the Companies Registration Office in Dublin show Corvil Limited reported pre-tax profits of €2.5 million last year, as against €1.6 million a year earlier. Turnover rose 36 per cent to €39 million from €28 million on the back of growth from existing clients, and a 25 per cent year-over-year increase in net new customers across emerging markets such as Mexico, Brazil, and Indonesia.

The company, which is headed by Donal Byrne, said it needed to expand beyond financial markets for further growth. It added that it was struggling to meet recruitment requirements currently. “There is considerable competition in Ireland for skilled developers and, while efforts have been made to mitigate this risk with developers based in Poland, Spain and India, recruitment remains a challenge for 2017,” the directors said. With its headquarters in Dublin, the company also has offices in New York, Tokyo, London, Hong Kong, Krakow, and Toronto. Corvil employed 138 people at the end of 2016, up from 112 in the prior year with staff-related costs climbing from €15.7 million to €20.6 million. Directors’ remuneration totalled €589,956, up from €345,496 in 2016. The company was last month awarded a “best financial transaction security platform” prize in the FinTech Breakthrough Awards.