Venture

Irish Fintech Startup Fenergo Raises $80M

Irish fintech startup Fenergo has raised $80 million in a new funding round, the company announced Wednesday.

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The fresh cash brings Fenergo to about an $800 million valuation, according to the Irish Times. ABN AMRO Ventures and DXC Technology led the round for the company, which was founded in 2009 and is based in Dublin.

Fenergo makes “lifecycle management software” and handles compliance for banks and other financial institutions. It last raised nearly $72 million in an investment from DXC Technology in July 2019, according to Crunchbase. Now, the company has nearly $155 million in total funding.

“We are delighted to join ABN AMRO Ventures and DXC Technology’s investment portfolio. Their pedigrees, deep experience and industry knowledge make them both ideal investment partners for Fenergo,” CEO Marc Murphy said in a statement. “ABN AMRO joins BNP Paribas on our list of clients that are also investors. Ultimately, we only exist to serve the needs of our customers. Our goal is to ensure they can digitally transform, be regulatory assured and able to deliver award-winning customer experiences.”

ABN AMRO Ventures and DXC Technology join firms like Insight Venture Partners and BNP Paribas as investors.

The new funding will be used for more “product enhancement” and potentially for acquisitions of businesses that fit into Fenergo’s strategy.

Fenergo clients include Banc of California, Royal Bank of Canada and First Abu Dhabi Bank. The company grew its revenue by 21 percent in 2019, according to a statement.

Illustration Credit: Li-Anne Dias

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