Green fintech Fincovi raises €600,000 in seed funding

Fintech player Fincovi – described as the Irish “State Street for renewables” – has raised €600,000 in seed funding.

The seed investment in Roscommon-based Fincovi was led by the Western Development Commission and a syndicate of private investors, notably Maurice O’ Gorman, who will also join the board.

Fincovi now plans to hire 15 more staff into its headquarters in Monksland and to further develop itsOneView platform.

“Building resilient, sustainable enterprise in the west for the long term is a key goal of the Western Development Commission and Fincovi reflects both that long term view and the transition to a low carbon future as part of it”

OneView is the company’s technology platform which pulls all the investment-grade financial information for a portfolio of wind farms into one place.

A renewables platform that scales

Fincovi is playing in a sector that is growing 10pc per annum with no signs of slowing down, largely driven by global climate targets.

The management team have a combined 50+ years in the renewable energy sector. The company was founded by former bankers John Harney and Ray O’Neill and corporate finance expert Damian Malone.

Fincovi has already hired two more chartered accountants to the team since the investment and has plans to become one of the largest employers of specialised finance skills in the region.

The company is already servicing a number of publicly listed customers, large renewable energy asset managers with large portfolios of wind and solar farms. It manages their financial workflow, everything from processing invoices to producing highly specialised financial analysis.

“For the c-suite, we give them a financial platform that scales with their renewables ambition and gives them investment grade information. For their financial controllers, we enable them to get a good night’s sleep knowing we’re delivering the numbers and keeping them compliant,” explained John Harney.

The Western Development Commission (WDC) is a State agency established under statute to foster and promote the economic and social development of the western region, including Donegal, Sligo, Leitrim, Roscommon, Mayo, Galway and Clare. The work of the WDC focuses on investment, lending, regional development and policy analysis.

“The Western Development Commission is delighted to invest in Fincovi, supporting job creation in Co Roscommon and the surrounding areas,” said Tomás O’Siochán CEO of the WDC.

“Building resilient, sustainable enterprise in the west for the long term is a key goal of the WDC and Fincovi reflects both that long term view and the transition to a low carbon future as part of it.”

Pictured above: Fincovi co-founders Ray O’Neill and John Harney

Written by John Kennedy (john.kennedy3@boi.com)

Published: 3 April, 2020