3/10/2024 0 Comments Dxc register vip accessThe growth of the company is also coming at a notable time for financial technology startups in Europe. ABN AMRO alone has nearly €200 billion in assets under management, so providing services for this small but at the same time huge list has proven to be a lucrative route for Fenergo, which has had growth of 21 percent in its revenues this year. The company today has 70 customers on its books, which may not sound like a lot until you consider that the customers are leviathans like ANZ, PNC, Banc of California, National Australia Bank, Canadian Imperial Bank of Commerce, UBS Asset Management, Anglo Gulf Trading Bank, Royal Bank of Canada, First Abu Dhabi Bank, Tricor, Exos Financial and Mizuho, in addition to the two strategics announced today. Fenergo also, critically, covers internal-facing services, too, so that the data gleaned from the client-facing products can more easily parsed. That includes a host of regulatory requirements client lifecycle management (onboarding and making digital interfaces usable) and rolling out digital interfaces for the services that banks typically offer (corporate/institutional banking, asset management, private banking and wealth management) as well as client and regulatory technology for financial services. “In addition, this gives us additional exposure to a group of tier one investors.”įenergo’s services speak to a lot of the headaches that banks have to deal with in the new era of digital banking. We are impressed with the management team and solution Fenergo offers,” Hugo Bongers, Director, ABN AMRO Ventures, said. ![]() “This investment will contribute to ABN AMRO’s strategic priority to build a future proof bank and fight financial crime. So while you might think of Fenergo as sitting in the same “fintech” category as Transferwise, Starling and the many other startups building services that are disrupting and stealing away customers from traditional financial services providers, it’s more of a financially-focused enterprise services business, giving bigger banks the tools to help compete and generally run their businesses better. Our goal is to ensure they can digitally transform, be regulatory assured and able to deliver award-winning customer experiences.” ABN ARMO joins BNP Paribas on our list of clients that are also investors. “Their pedigrees, deep experience and industry knowledge make them both ideal investment partners for Fenergo. “Ultimately, we only exist to serve the needs of our customers,” said Marc Murphy, Fenergo’s founder and CEO, in a statement. That is one reason why Fenergo has so many strategic investors. ![]() While banks might, in some regards, look a lot like tech companies - and for that reason, in places like London, there has long been a push and pull between tech and finance when it comes to recruiting top tech talent - there is a case to be made for startups that are built around the idea of hatching and developing interesting technology for the banking sector, while at the same time not competing against it directly. “We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward.” They will be joining the ranks of BNP Paribas, Insight Venture Partners and our other equity holders,” said Spencer Lake, vice chairman of Fenergo, in a statement. “ABN AMRO and DXC Technology’s investment and partnership with Fenergo is testament to the credibility of both firms. ![]() With this round, Fenergo has raised around $155 million to date, with previous backers including strategics like BNP Paribas, Investec, Ergo and Insight Partners. It will be used to continue building more products and for acquisitions-a notable point as we are in the middle of a strong period of consolidation in the world of fintech. The pair has taken a 10 percent stake in the company. The funding is coming from two investors: the multinational banking giant ABN AMRO (via its Ventures arm) and DXC Technology, which provides a wide range of IT, systems integration and consulting services to businesses (and thus a key partner for a company like Fenergo). (I’m not counting Stripe, which was founded by Irish brothers but is based out of San Francisco.) ![]() It has raised $80 million in funding at a post-money valuation of around $800 million, one of the bigger rounds for an Irish fintech company to date. And today, one of the more prominent fintech startups is announcing a large round of funding, from a mix of strategic investors, to keep growing its business.ĭublin-based Fenergo builds solutions for banks and other financial management companies to help with regulatory compliance, customer onboarding and other “lifecycle management” requirements. Europe has emerged as a key region for hatching and scaling fintech companies.
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