Regulatory compliance software developer Fenergo wants ‘standard’ status
A Dublin based software developer helping capital market and private banking players with regulatory compliance secured a $75m investment from Insight Venture Partners.
The capital will be used to grow the company’s global footprint, expand into new markets and develop a partner ecosystem around a consulting accreditation program.
The firm says financial institutions are grappling to understand and comply with new and changing regulatory obligations, resulting in the inability to onboard legal entity clients in a timely and cost effective manner.
It provides Client Lifecycle Management and Regulatory Onboarding solutions which centralize client and counterparty data to support regulatory compliance, onboard clients efficiently and quickly, and ensure legal entity compliance through the client’s full lifecycle with the bank.
Fenergo has emerged as a market leader in the Client Lifecycle Management solutions space for financial institutions, with year-over-year growth of 100% for the last three consecutive years.
Headquartered in Dublin, Ireland, the company has recently expanded globally to include offices in London, New York, Boston, Sydney and Wroclaw. Fenergo serves a worldwide base of financial customers including Scotiabank, Bank of Montreal, State Street, SunTrust, Barclays and Royal Bank of Canada.
"We are thrilled to have a firm like Insight Venture Partners join our team," said Marc Murphy, CEO of Fenergo. "Having undergone significant growth over the last few years, Fenergo has proven that it can deliver the solutions that financial institutions need and want to solve challenges around regulatory onboarding and client lifecycle management."
"Fenergo is an organization with a leading brand, product, and management team," said Peter Sobiloff, Managing Director at Insight Venture Partners. "We are pleased to partner with the company’s team in order to achieve continued growth and innovation in the Client Lifecycle Management solutions market."