Dublin-based fintech Fenergo has just completed an $80mn fundraising round. That merits a closer look at the innovative software solutions business
Fundraising rounds tell you a lot about a business, as well as the market in which they operate. In the case of Fenergo, the closing of the latest round - which saw it raise $80mn at a post-money valuation of around $800mn - is yet another indicator of the strength of this innovative business. it also continues Europe's streak as a key region in the scaling of fintechs.
In this instance, Fenergo reports the funding as coming from multinational banking company, ABN AMRO Venture and DXC Technology; it will be used for product enhancement activities and the possible acquisition of new business units or capabilities.
Solving the 'perfect storm'
Fenergo offers a host of software solutions aimed specifically at helping banks and other's in the financial services sector, operate effectively in an increasingly busy environment. Every company in the sector, it says, is facing a 'perfect storm' that includes increased regulation and the complexity it brings.
The solutions that Fenergo offers improve compliance, increase operational efficiency and client experience, and improve time to revenue. They do this by streamlining the end-to-end client lifecycle management processes, from regulatory onboarding, data integration and client and counterparty data management through to client lifecycle reviews and offboarding.
Fenergo's suite of solutions includes:
- Global KYC, AML and tax engine
- Digital client onboarding and lifecycle management
- Automated client orchestration
- Digital client and account journeys and experiences
On the announcement of the latest funding round, Fenergo CEO Marc Murphy said the company only exists "to serve the needs of our customers. Our goal is to ensure they can digitally transform, be regulatory assured and able to deliver award-wining customer experiences."
It's a line that neatly summarises the company's USPs. Fenergo works closely with its customers, for example, to ensure that their regulatory compliance and entity data management requirements are met and that they observe the most stringent of regulatory scrutiny.
With regards to technology, the business aligns its client lifecycle management ecosystem to all major data providers, which ensures that a single client view is available throughout the entire institution - Fenergo also hires and cultivates "financial technology specialists with global experinece", creating a team that works towards its overriding vision: to be the industry standard for client lifecycle management.
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