Irish fintech player Fenergo has raised US$75m in an equity investment from New York venture capital firm Insight Venture Partners.
The company, which specialises in providing Client Lifecycle Management software, will use the new capital to grow its global footprint and expand its presence in new and existing markets.
Fenergo also intends to create a new partner ecosystem, which includes a Fenergo University and consulting accreditation programme to implement its technology.
Headquartered in Dublin, the company has recently expanded globally to include offices in London, New York, Boston, Sydney and Wroclaw.
Fenergo serves a worldwide base of financial customers, including Scotiabank, Bank of Montreal, State Street, SunTrust, Barclays and Royal Bank of Canada.
“Fenergo is an organisation with a leading brand, product and management team,” said Peter Sobiloff, managing director at Insight Venture Partners.
Fenergo’s ambition to be fintech’s industry standard
It will also invest in R&D to make its top products, Fenergo Client Lifecycle Management and Regulatory Onboarding, the industry standard.
“We are thrilled to have a firm like Insight Venture Partners join our team,” said Marc Murphy, CEO of Fenergo.
“Having undergone significant growth over the last few years, Fenergo has proven that it can deliver the solutions that financial institutions need and want to solve challenges around regulatory onboarding and client lifecycle management.
“Based on this demand, the market is encouraging us to find a strategic partner that will enable us to become the industry standard for Client Lifecycle Management solutions.
“We believe we have found that partner in Insight Venture Partners and we look forward to working closely with them as we scale our business into the global industry standard,” Murphy said.
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