Fenergo, one of Ireland’s fastest growing fintech firms, has secured an $80 million investment with backers including Dutch bank ABN Amro and US firm DXC Technology.
Irish fintech firm Fenergo has secured an $80 million (€73.3m) investment round with backers including Dutch bank ABN Amro and US firm DXC Technology.
The company made the announcement on Wednesday and said the funding will be used to enhance Fenergo’s product offering and may also facilitate the acquisition of new business units.
The latest funding round means the company, whose headquarters are in Dublin, is valued in the region of €800 million, making it one of Ireland’s fastest growing fintech companies.
Fenergo specialises in developing compliance and regulatory software for firms to monitor operations such as anti-money laundering and know-your-customer checks.
“Their pedigrees, deep experience and industry knowledge make them both ideal investment partners for Fenergo”
Founded by chief executive Marc Murphy a decade ago, Fenergo currently employs more than 800 people split across Ireland and 13 overseas locations, with offices in London, New York, Melbourne and Tokyo. It said it now has more than 70 clients globally, including Royal Bank of Canada, First Abu Dhabi Bank and Japan’s Mizuho.
The company’s latest accounts showed that its revenues were €70.1 million for the year ended March 2019, up from €57.8 million but with an operating loss of €5.4 million.
CEO Marc Murphy said that the company was delighted to join ABN AMRO Ventures and DXC Technology’s investment portfolio.
“Their pedigrees, deep experience and industry knowledge make them both ideal investment partners for Fenergo,” he said.
ABN Amro, which was founded in 1991 when ABN and AMRO Bank agreed to merge, has €197.3bn in assets under management, and director of ventures Hugo Bongers said this investment will contribute to the company’s strategic priority to “build a future-proof bank and fight financial crime”.
“We are impressed with the management team and solution Fenergo offers. In addition, this gives us additional exposure to a group of tier one investors,” he added.
New York venture-capital firm Insight Partners has been Fenergo’s major external investor since 2015, which retains more than 50 per cent of equity, while PNB Paribas is another equity holder.
By Stephen Larkin
Published: 12 February, 2020