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Fenergo raises $80 million in funding

Irish start-up Fenergo has raised $80 million in its latest funding round, with investments from ABN AMRO Ventures and DXC Technology.

Fenergo provides digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions. Its CLM solutions enables client onboarding transformation, optimises customer experiences and ensures regulatory certainty.Fenergo logo

ABN AMRO and DXC Technology both join BNP Paribas on Fenergo’s list of clients that are also investors.

Commenting on the funding, Spencer Lake, Vice Chairman at Fenergo said the investors have the experience and knowledge to make them ideal partners and is a testament to their credibility.

“They will be joining the ranks of BNP Paribas, Insight Venture Partners and our other equity holders”, he said. “We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward.”

The investments will allow Fenergo to further product enhancement and potentially acquire new business units and strategic capabilities.

ABN AMRO Ventures, a EUR 100 million fund, makes strategic investments in companies that can accelerate ABN AMRO’s own digital transformation.

“This investment will contribute to ABN AMRO’s strategic priority to build a future proof bank and fight financial crime,” Hugo Bongers, Director, ABN AMRO Ventures, said. “In addition, this gives us additional exposure to a group of tier-one investors.”

End-to-end IT services company DXC Technology helps global companies run their mission-critical systems and operations to achieve better performance, competitiveness and customer experiences.

Dmitry Loschinin, Executive Vice President at DXC Technology said: “We believe that Fenergo shares our vision to provide clients transformative digital solutions at scale by deploying best-in-class KYC, AML, and digital onboarding capabilities with an outcome-based approach. Our decision to invest and partner with Fenergo aligns with our strength and success in financial services. It also presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients.”

Fenergo recently expanded into asset and wealth management, private, retail, business and commercial banking, and expanded its customer base to over 70 clients in the past calendar year. In January, it also launched an e-KYC Connect solution for standardising KYC data.

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