Seccl launches Irish unit in first Europe expansion

Seccl has launched an Irish business, Seccl Ireland DAC, marking the Octopus-owned investment platform's first formal step into Europe.

It has appointed Irish fintech executive Ronan Gahan as Chief Executive Officer of the new unit and former M&G and Allfunds executive Miguel Ortiz as Senior Adviser. The expansion was driven by demand from existing customers seeking to launch investment offerings outside the UK.

Seccl already supports nearly one million investors in the UK. The Irish business will provide a base for serving customers in European markets with local market and regulatory knowledge.

Gahan is a long-standing figure in Irish financial services. He founded investment platform Conexim in 2010, and the business grew to serve more than 300 regulated entities in Ireland before Irish Life Group acquired it in 2020.

His background spans institutional and retail channels, as well as market structure and regulation. He founded and previously chaired the Irish MiFID Industry Association and sits on the Central Bank of Ireland's Financial Industry Innovation Forum.

Ortiz joins as Seccl builds out its senior team for the next phase of expansion. His previous roles include Group Chief Operating Officer at M&G, Chief Transformation Officer at Allfunds and Partner at BCG.

Customer demand

David Ferguson, Executive Chair at Seccl, outlined the rationale for the launch and the appointments.

"These are the first major steps in a European journey we've been building towards for some time. With Seccl Ireland DAC established and Ronan at the helm, we're putting real structure behind that ambition.

"Our expansion is being shaped by existing customers that want to bring scalable investment propositions to more markets. Ireland is the right place to start: it gives us a strong financial services ecosystem, a clear market opportunity and the foundations to build a repeatable model for further European expansion. There's plenty of work ahead, but the direction is clear and the opportunity is enormous," said David Ferguson, Executive Chair at Seccl.

The company processes around 6 million transactions each month and handles about 25,000 transfers, equivalent to roughly 15% of the UK transfers market.

The Irish launch comes as firms across wealth management and investment administration weigh how to broaden digital investment access across European markets. Ireland has become a common entry point for financial services groups because of its established funds industry, regulatory framework and role as a base for EU operations.

Seccl is also engaging with the development of Ireland's proposed Personal Investment Account, a planned investment structure aimed at widening participation among savers and first-time investors. It wants to be among the first infrastructure providers ready to support firms if the account is introduced.

Irish market

Gahan said the proposed framework could create an opening for a broader range of firms to offer investment products to retail customers.

"Ireland has a strong and established financial services ecosystem and, with the proposed new Personal Investment Account in development, there's a clear opportunity to help more first-time investors and savers access the market, whether through established financial institutions or digital-first firms.

"To do that well requires infrastructure that can support low balances, broad asset choice and efficient operations. Seccl has already proven that model in the UK, where its technology powers investments for platforms including Monzo, GoHenry and Söderberg. I'm looking forward to helping bring that experience to Ireland and to building the foundations for Seccl's wider European ambitions," said Gahan.

Seccl was acquired by Octopus in 2019 and has expanded its presence in the UK market since then. Its platform is used by investment platforms, financial planners and wealth managers, and it has positioned itself as a provider of the underlying systems for digital investment services.

The choice of Ireland gives Seccl a base inside the European Union as it looks beyond its domestic market. For UK fintech and investment firms, that has become a more important consideration when serving customers or partners across the bloc.

For Seccl, the challenge now will be converting customer interest into regulated market entry and distribution in a competitive sector where incumbent administrators, custody providers and investment platforms are also pursuing cross-border growth.

Gahan will work closely with Ferguson and the wider leadership team as Seccl develops its Irish operation.