U.K.-based PremFina Ltd. applied for a money lending license from the Central Bank of Ireland amid plans to expand in the Irish market.

PremFina expects to be operational in Dublin by the second quarter of 2020 and said it has over 25 insurers and brokers ready to work with it in Ireland.

The plan to expand in Ireland was spurred by the country's "impressive levels of fintech [financial technology] adoption," according to the company's statement.

PremFina has processed over £300 million of insurance premiums since the fourth quarter of 2016. The insurance technology company is eyeing Spain and Poland as its next expansion targets.