Millionaire fintech founder Terry Clune: 'Starting companies is fun. I don't know what else to do'

TAXBACK FOUNDER TERRY Clune is planning to keep starting more businesses, even though he has already made his millions.

The 44-year-old fintech entrepreneur started Taxback.com in 1996 while working in Germany as a student. Based in Dublin, the company provides a range of financial services, specialising in tax refunds and returns.

Since it was founded, the company has expanded relentlessly and is now estimated to have global turnover of about €200 million, while employing around 950 people in 33 offices worldwide.

Clune himself is a multimillionaire, owning a major share in Kilkenny foreign-exchange firm Transfermate, which he co-founder, alongside his Taxback stake.

In its 2016 rich list, the Sunday Independent estimated that his net worth stood at €255 million.

Earlier this week Taxback launched its Immedis brand, a division of the company that is focused on dealing with multi-country payroll and tax obligations for large businesses.

The establishment of Immedis represents an increasingly independent division of the Taxback Group, which is also based in Kilkenny, and CEO Clune said that he is becoming more interested in separating the different parts of his business.

Fun

Speaking to Fora, Clune said he is still eager to start more new companies – despite his ongoing involvement in multiple firms.

Asked about his motivation to keep launching enterprises, he replied: ”I think it’s fun. I wouldn’t know what else to do.”

Terry Clune (far right) at the launch of Taxback's Immedis brand

“Sit on a beach? Jesus Christ … Our original business, Taxback.com, is the most mature one in the group and there’s probably not a huge amount of change in it. It has very strong partnerships and it does exactly what it says on the tin.

“Our TBI (division) does global VAT recovery. VAT recovery sounds kind of boring, but there’s a lot of people very interested in that space and it’s a fintech business that’s growing very quickly. We’re at cutting edge in terms of technology.

“Nobody’s built what we’ve done. Even though there are tens of thousands of companies with loads of staff all over the world, they normally manage it with a big headache process. We’ve cut out a huge amount of that headache.”

In addition to his main business interests, Clune is also the founder – and main financial backer – of ConnectIreland, a not-for-profit scheme that aims to tap into the Irish diaspora and reward people who attract new businesses to the country.

Asked if building something new is the main attraction going forward he said: “Absolutely, absolutely. I enjoy it. I enjoy the area of businesses that are emerging, that are starting.”