Based out of Dublin, Fenergo is the provider of digital transformation, customer journey, and client lifecycle management (CLM) solutions for financial institutions. Recently, the company has raised $80 million (approx €73.35 million) led by ABN AMRO Ventures and DXC Technology.
The funding will facilitate further product enhancement and the potential acquisition of new business units and capabilities that are strategically important.
Notably, Fenergo’s CLM solutions enable global financial institutions to digitally transform client onboarding while optimizing customer experiences and ensuring regulatory certainty. The company expanded into new markets, including asset and wealth management, private, retail, business, and commercial banking, and appointed global team leaders to spearhead growth.
In the past calendar year, Fenergo added key global customers to its roster of over 70 clients, including ANZ, PNC, Banc of California, National Australia Bank, Canadian Imperial Bank of Commerce, and much more. It’s worth mentioning that the Irish company grew its revenue by 21% in 2019.
Marc Murphy, CEO, Fenergo, said:
We are 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. ABN AMRO joins BNP Paribas on our list of clients that are also investors. Ultimately, we only exist to serve the needs of our customers. Our goal is to ensure they can digitally transform, be regulatory assured, and able to deliver award-winning customer experiences.
Spencer Lake, Vice Chairman, Fenergo, added:
ABN AMRO and DXC Technology’s investment and partnership with Fenergo is a 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.
Hugo Bongers, Director, ABN AMRO Ventures said:
We are very happy to add Fenergo to our investment portfolio. 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 the solution Fenergo offers. In addition, this gives us additional exposure to a group of tier-one investors.
Dmitry Loschinin, Executive Vice President, DXC Technology, said:
We believe that Fenergo shares our vision to provide clients transformative digital solutions at scale by deploying best-in-class KYC, AML, and digital onboarding capabilities with an outcome-based approach. Our decision to invest and partner with Fenergo aligns with our strength and success in financial services. It also presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients.
Main image credits: Fenergo
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