Fast-growing Dublin fintech Fenergo steps forward in profitability.
Irish financial technology player Fenergo has reported a 17% increase in revenues to €91.3m and has grown gross profits by 20% to €52.1m.
The business reported software licence growth of 22.3% to €41.1m during the financial year ending March 2021. It also achieved a breakeven operating result, a significant step forward in profitability terms.
“The digital transformation and evolving regulation that is happening in the financial sector is continuing to increase our addressable market as financial institutions use our expertise to drive costs from their operating models”
As a result of the strong performance Fenergo says it has created more than 100 new vacancies.
Fenergo attributes its recent growth to rising demand amongst financial institutions for the SaaS edition of its CLM solution, which can be deployed quickly, reduce regulatory costs and enable accelerated onboarding.
With Fenergo CLM SaaS (powered by AWS) financial institutions can deliver a smoother, streamlined onboarding experience, whilst gaining operational efficiencies, satisfying regulatory obligations, and achieving business growth. Fenergo has focused investment on its SaaS strategy, on-cloud and on-premise product line development and team expansion, as it continues on its third chapter of growth.
This follows Fenergo’s recent acquisition by private equity and investment management firms Astorg and Bridgepoint which acquired the firm at a valuation affording it unicorn status.
“The digital transformation and evolving regulation that is happening in the financial sector is continuing to increase our addressable market as financial institutions use our expertise to drive costs from their operating models,” said Fenergo CEO Marc Murphy.
“With the backing of our new investors, we are able to scale faster through the innovation of our platform and by tapping into best-of-breed technology talent. This ultimately allows us to continue to deliver more value and efficiency to the world’s largest financial services firms.”
A borderless business
To fulfil the growing demand for its solutions, Fenergo has embarked on a global recruitment drive to fill over 100 vacancies, 61 of which are based in Ireland. Fenergo’s innovative new model of borderless working means that employees can work on the latest in SaaS and cloud technology from anywhere in Ireland and avoid the challenges linked to commuting to work in the Capital City. As one of many perks, Fenergo supports employees wishing to relocate to any of Fenergo’s offices around the world including Madrid, Sydney, Melbourne, New York, Toronto and more.
Fenergo currently has 850 employees across 14 locations globally.
“Without people, Fenergo wouldn’t be where we are today. We recognise that to tap into the rich pool of technology talent Ireland has to offer, we have to make opportunities accessible beyond the Capital and into the regions. With that, we have launched a hybrid working model, which sets employees up to work from anywhere.
“Fenergo’s advantage is that it is a highly successful, home-grown technology firm blazing a trail by delivering cutting-edge technology to the world’s largest financial institutions. Another major differentiator for us is the ability for staff to deliver these solutions to our clients from any of our global offices where the opportunities arise,” said Murphy.
Main image: Fenergo CEO Marc Murphy