The U2 Of FinTech, Fenergo Boosts Capabilities With More Financial Backing

Dublin-based FinTech startup Fenergo has raised $80 million in a round that brings its valuation to around $800 million.

The funding, which is reportedly one of the largest rounds for an Irish FinTech, comes from ABN AMRO’s Ventures arm, and DXC Technology, with both taking a 10 percent stake in the company. Fenergo has raised $155 million in total, with previous backers including Investec, Ergo, BNP Paribas and Insight Partners.

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Fenergo develops solutions for banks and other financial management companies that aim to assist with regulatory compliance, customer onboarding and other “lifecycle management” requirements. It plans to use the new funds to expand product enhancement, as well as potentially acquire new business units and/or capabilities.

“We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward,” said Spencer Lake, vice chairman of Fenergo.

The company had a successful 2019, growing its revenue by 21 percent due to strong performance in Japan, North America, France and the UK. Fenergo entered new locations and markets last year, including commercial, business and retail banking and asset and wealth management.

The company also added to its roster of over 70 clients including ANZ, PNC, Banc of California, National Australia Bank, Canadian Imperial Bank of Commerce, UBS Asset Management, Anglo Gulf Trading Bank, Royal Bank of Canada, First Abu Dhabi Bank, Tricor, Exos Financial and Mizuho.

In addition, Fenergo increased its staff by 44 percent, with new hires added in all 14 offices around the globe. It also launched several client lifecycle management (CLM) software innovations including Hierarchy Manager, Digital Configuration Studio, Rules as a Service (RaaS) and the Fenergo Salesforce Integration App.

“Our commitment to research and development and hiring has helped the business grow significantly. This allows us to remain best in class and extend our global footprint. We will continue to build out our global go-to-market organization and expect further revenue growth next year,” said Eimer McGovern, Chief Financial Officer of Fenergo.

ABN AMRO Ventures’ Director Hugo Bongers said that Fenergo’s work will lead his firm closer to its own work in building a future-proof bank and fighting financial crime.