Fintech and regtech player Fenergo is nearly doubling its workforce. It is to hire 200 staff over the next 18 months.
Regulating the fintech world – commonly known as regtech – will define many financial institutions and players in the years to come, with the advent of initiatives like PSD2 and the Markets in Financial Instruments repealing Directive (MiFID II) landing in 2018.
One Irish company looking to be on top of this is Fenergo, which provides software solutions for investment, corporate and private banks to manage the regulatory onboarding and entity data management processes.
Now, the company – which has received funding close to $80m so far – has announced plans to almost double its global staff to 500 with the creation of 200 new jobs at its Dublin headquarters.
Recruitment is expected to get underway immediately, with plans for all of the positions to be filled over the next 12 to 18 months.
The roles that Fenergo is looking to fill include product management, software engineering, implementation, consulting and marketing.
This Enterprise Ireland-backed move will be something of a rapid expansion for the start-up. In 2013, it employed just 36 people, but it has since opened six new offices in New York, Boston, Sydney, Singapore, Japan and Abu Dhabi.
Putting Irish fintech and regtech on the global map
The company plans to IPO in 2020, with expectations of repeating its 100pc year-on-year growth in 2017.
“The demand for Fenergo’s client lifecycle management technology solutions is global and immediate, driven by regulatory change and banks’ desires to be able to comply fully with new and enhanced regulations,” said Fenergo CEO Marc Murphy.
“We anticipate continued significant growth across all of the regions we serve – Americas, Europe, UK, APAC and the Middle East – over the next 36 months.”
Speaking at this morning’s (22 March) announcement, Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor, TD, said: “Over the last five years, Fenergo has become an indigenous Irish success story, achieving phenomenal global sales success and putting Irish fintech and regtech firmly on the global map.”