Fenergo secures $80m from backers in finance and IT

12 Feb 2020

Marc Murphy, CEO of Fenergo. Image: Colm Mahady/Fennell Photography

The award-winning Irish company has added ABN Amro Ventures and DXC Technology to its list of investors.

Fenergo’s latest funding round has raised a total of $80m in investment from ABN Amro Ventures and DXC Technology.

The funding will be used to enhance Fenergo’s product offering and may also facilitate the acquisition of new business units and capabilities of strategic importance.

‘We are impressed with the management team and solution Fenergo offers. In addition, this gives us additional exposure to a group of tier-one investors’

Working in the space where IT meets financial services, Fenergo provides enterprise software solutions to more than 70 financial institutions around the world. Its client lifecycle management suite covers initial onboarding, know-your-customer and anti-money laundering features, regulatory compliance and data management.

Fenergo reports that its revenue grew by 21pc in 2019 and the company recently saw expansion into new markets and a global team appointed to spearhead its growth.

New investment partners

Dutch bank ABN Amro is now both a client of and investor in Fenergo. Links between Fenergo and US IT services company DXC Technology were revealed in company filings last year, which highlighted a €66m investment.

Fora reported that CSC Computer Sciences International, a subsidiary of DXC, was allotted shares in Fenergo in June and Edward Ho, executive vice-president and general manager of the Americas region at DXC, was appointed as a director at the Dublin-headquartered company.

Fenergo CEO Marc Murphy commented that the “pedigrees, deep experience and industry knowledge” of ABN Amro Ventures and DXC Technology make them ideal investment partners for the company’s future plans.

No stranger to investing in strategic digital technologies, ABN Amro has €197.3bn in assets under management. Hugo Bongers, director of the ventures arm, said this investment will contribute to its strategic priority to “build a future-proof bank and fight financial crime”.

“We are impressed with the management team and solution Fenergo offers. In addition, this gives us additional exposure to a group of tier-one investors,” Bongers added.

Other equity holders in Fenergo include client company BNP Paribas and Insight Venture Partners.

“We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward,” said Fenergo vice-chair Spencer Lake.

Elaine Burke is the host of For Tech’s Sake, a co-production from Silicon Republic and The HeadStuff Podcast Network. She was previously the editor of Silicon Republic.