Fenergo, a Dublin-based FinTech startup that helps other banking organizations deal with regulatory compliance, onboarding and “lifecycle management,” has raised $80 million and has a valuation of $800 million, according to a report.
This round is reportedly one of the larger ones completed for an Irish FinTech. ABN AMRO and IT and tech consulting company DXC Technology were investors, and each received a 10 percent stake in the company.
Fenergo plans to use the money to create more products, to expand and to complete some acquisitions. The firm has raised $155 million so far; previous backers have included Investec, Ergo, BNP Paribas and Insight Partners.
“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,” said Spencer Lake, vice chairman of Fenergo, in a statement. “We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward.”
While it’s a FinTech in the banking industry, Fenergo provides banks with technologies rather than competing directly with them, which has helped to boost its success.
“Ultimately, we only exist to serve the needs of our customers,” said Marc Murphy, Fenergo’s founder and CEO. “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.”
Fenergo’s goal is to help banks deal with challenges in the digital world, including cybercrime.
“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,” said Hugo Bongers, director of ABN AMRO Ventures. “In addition, this gives us additional exposure to a group of tier-one investors.”