Europe's financial technology (FinTech) sector grew during the first quarter of 2017 as €806m was invested in 89 deals.

Ireland is "gaining prominence internationally" as an important fintech hub, according to the latest quarterly report from KPMG.

It states that fintech venture investment in Ireland reached $5.7m in the first quarter and that Dublin has risen "as an alternative to London," when it comes to the sector.

KPMG believes that there will continue to be a high level of investment in the industry here.

Anna Scally, partner at KPMG said: "The beginning of 2017 saw a number of mature fintech companies announce expansion plans here, including the client lifecycle management company, Fenego. Ireland has also successfully attracted a number of fintechs to set up regional offices here, including Kabbage, and we hope to see further growth as Ireland continues to market its ability to be a bridge to both the UK and Europe."

Elsewhere

The report notes that, "Brexit-related uncertainties appeared to have little impact" on the market and that half of the biggest deals agreed in Europe were in the UK.

Global fintech investment decreased from $4.15bn in the final quarter of 2016 to $3.2bn in the first three months of this year.