Left High and Dry: Unbanked Forced to Close Doors as Investor Backs Out

"Unbanked Co-Founders Admit Misjudgment in Building Company in the US, Look to Future Expansion Plans"

Unbanked, a fintech startup, has announced that it is relocating its headquarters from the United States to Ireland. The company, which was founded in 2016 by Ian Kane and Daniel Gouldman, initially believed that the US would be the best place to build its business. However, after five years of operation, Unbanked has decided that Ireland would provide a better long-term future for the company.

In a blog post on May 26, Kane and Gouldman explained that they had chosen Ireland due to its favorable regulatory environment, talented workforce, and access to the European market. The decision to move the company’s headquarters was not an easy one, but the founders believe that it is the right choice for Unbanked’s future growth.

Unbanked is a blockchain-based platform that aims to provide financial services to the unbanked and underbanked populations around the world. The company’s flagship product is a mobile app that allows users to send and receive money, pay bills, and buy and sell cryptocurrencies. Unbanked has also developed a suite of APIs that can be integrated into other financial services platforms.

The company has already established a presence in Ireland, having opened an office in Dublin in 2020. The Dublin office currently houses Unbanked’s engineering and product teams, and the company plans to expand its workforce in Ireland over the coming months.

Unbanked’s decision to relocate to Ireland is a significant win for the country’s fintech sector. Ireland has become an increasingly popular destination for fintech startups in recent years, thanks to its supportive regulatory environment and access to the European market. The country is home to a number of high-profile fintech companies, including Stripe, TransferWise, and Revolut.

The Irish government has been actively promoting the country as a destination for fintech investment, and has introduced a number of initiatives to support the sector. These include the establishment of a dedicated fintech unit within the Department of Finance, and the creation of a regulatory sandbox for fintech startups.

In a statement, Unbanked’s founders praised Ireland’s “forward-thinking approach” to fintech regulation, and said that they were excited to be a part of the country’s thriving fintech ecosystem. They also thanked the Irish government and IDA Ireland, the country’s inward investment promotion agency, for their support in making the move to Ireland.

Unbanked’s decision to relocate to Ireland is a reminder of the importance of a supportive regulatory environment for fintech startups. While the US remains a major center for fintech innovation, other countries are increasingly competing for a share of the market. By providing a favorable environment for fintech startups, countries like Ireland are positioning themselves as attractive alternatives to traditional fintech hubs.

Martin Reid

Martin Reid

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