Fenergo has secured €4 million of new equity funding from the Ulster Bank Diageo Venture Fund with co-investment from existing shareholders. The investment is the 16th from the fund, managed by Investec Ventures.
The Dublin-based company plans to use the funds to expand its global footprint across North America, Europe and Asia Pacific, and further develop its enterprise platform.
Marc Murphy, co-founder and CEO of Fenergo, said: "We aim to use this new injection of capital to further enhance our solutions in line with client and market needs, accelerate our global growth strategy and consolidate our position as market leader. This is a significant milestone in our company’s development and I am looking forward to shaping Fenergo into a global force in the fintech space.
"Fenergo offers a single enterprise platform that enables financial institutions to significantly improve efficiencies and reduce operational costs. Our world-class client onboarding workflow technology streamlines onboarding, account opening and client maintenance processes for global banks and delivers regulatory onboarding processes that ensure global compliance with regulations such as KYC, AML, Dodd-Frank, MiFID, FATCA and EMIR with clean, golden source client and counterparty data. By offering all of this on one platform solution, financial institutions can get on with the business of banking and generating revenues, while complying fully with all regulatory obligations."
Fenergo’s existing client base includes RBS, Lloyds Banking Group, Investec and Rabobank. The company is also an Enterprise Ireland client.
Following the investment, John Dolan of Investec Ventures will join the Board of Fenergo.
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