- Fenergo — a Dublin-based financial technology company that helps banks in handling regulatory compliance and lifecycle management — announced it raised $80 million at an $800 million valuation
Fenergo — a Dublin-based financial technology company that helps banks in handling regulatory compliance and lifecycle management — announced it raised $80 million and an $800 million valuation according to TechCrunch. This round of funding was provided by ABN AMRO and DXC Technology.
“Ultimately, we only exist to serve the needs of our customers,” said Marc Murphy, Fenergo founder and CEO in a statement via TechCrunch. “Their pedigrees, deep experience, and industry knowledge make them both ideal investment partners for Fenergo. ABN ARMO joins BNP Paribas on our list of clients that are also investors. Our goal is to ensure they can digitally transform, be regulatory assured and able to deliver award-winning customer experiences.”
With this funding round, Fenergo is planning to build more products and acquire other companies. Including this round of funding, the company has raised a total of $155 million.
“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,” added Spencer Lake, vice chairman of Fenergo. “We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward.”
Along with being an investor in the company, ABN AMRO is now one of Fenergo’s 70 clients. Some of the company’s other customers include PNC, ANZ, UBS Asset Management, BNP Paribas, and BBVA.
“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,” explained Hugo Bongers, director of ABN AMRO Ventures. “In addition, this gives us additional exposure to a group of tier-one investors.”