Seccl, the embedded investment platform owned by Octopus, has created an Irish subsidiary as it seeks to expand into the European market.
Ronan Gahan will lead the new Irish unit, Seccl Ireland DAC, as the chief executive.
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The step follows demand from existing clients seeking to offer investment services outside the UK, noted the company.
Seccl’s systems currently serve around one million investors in the UK.
The new Irish operation is intended to help extend that model into European markets, with local market knowledge and regulatory capability in place.
Gahan previously founded Conexim, an open-architecture investment platform, in 2010.
That business became one of the larger investment platforms in Ireland, serving more than 300 regulated firms, before being bought by Irish Life Group in 2020.
His background covers institutional and retail markets and includes work with large corporations and early-stage companies.
He is the founder and former chair of the Irish MiFID Industry Association and is a member of the Central Bank of Ireland’s Financial Industry Innovation Forum.
He will work alongside executive chair David Ferguson and Seccl’s broader management team.
The company has also appointed Miguel Ortiz as senior adviser.
Ortiz has held senior roles including group COO at M&G, chief transformation officer at Allfunds and partner at BCG.
In Ireland, Gahan and his colleagues are involved in discussions around the proposed Personal Investment Account (PIA), with the aim of being ready to support firms if the new account structure is introduced.
Octopus acquired Seccl in 2019. The company now handles about 6 million transactions and 25,000 transfers each month, representing approximately 15% of the UK transfers market.
Gahan said: “Ireland has a strong and established financial services ecosystem and, with the proposed new Personal Investment Account (PIA) 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.”
