Banking Solution Provider Fenergo Nabs $80 Million

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Fenergo

Dublin-based Fenergo, the firm that makes solutions for banks and other financial management companies in order to help them with regulatory compliance has announced picking up $80 million in a fresh round of funding. ABN AMRO and DXC Technology are the backers of the round.

Before this round, the firm had raised close to $75 million in July last year. As per Crunchbase, the current infusion takes the total amount raised by the firm to $234.5 million. The current round now values Fenergo around $800 million. CSC, Aquiline Capital Partners, Insight Partners, Ulster Bank Diageo Venture Fund, and Investec are the other backers of the firm who have infused sum in the company.

Founded by Marc Murphy in 2009, Fenergo offers client onboarding lifecycle management software for corporate, investment and private banks. The firm plans to use the freshly raised funds for launching new products and making acquisitions.

Fenergo vice-chairman Spencer Lake commenting on the funding through a statement said, “ABN AMRO and DXC Technology’s investment and partnership with Fenergo is testament to the credibility of both firms. They will be joining the ranks of BNP Paribas, Insight Venture Partners and our other equity holders. We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward.”

ABN AMRO Ventures director Hugo Bongers talking about the financing said, “This investment will contribute to ABN AMRO’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.”

The firm counts names like 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 among its customers.

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