Dublin-based fintech agency Fenergo, which helps international banks with regulation, on Wednesday stated that it had raised $80m (£62m) in a funding spherical involving Dutch financial institution ABN Amro (ABN.AS).
The funding, Fenergo stated, might be used to boost its merchandise and doubtlessly enable it to amass new enterprise models.
The funding represents a 10% stake, valuing the agency at round $800m, in accordance with an individual with data of the deal.
The fintech agency is one among Eire’s fastest-growing expertise corporations, and describes itself as a “digital enabler” of shopper and regulatory expertise for monetary providers corporations.
New York-based enterprise software program agency DXC Know-how additionally invested within the firm as a part of the funding spherical.
Fenergo says it has over 70 shoppers, and famous on Wednesday that it added the asset administration division of UBS (UBS), Nationwide Australia Financial institution (NAB.AX), and Royal Financial institution of Canada (RY) as clients, amongst others, in 2019.
World banks HSBC (HSBA.L), Spanish financial institution BBVA (BBVA) and RBS (RBS.L) are additionally shoppers.
“We’re delighted to hitch ABN Amro Ventures funding portfolio,” stated Marc Murphy, the CEO of Fenergo.
Murphy famous that ABN Amro’s expertise and trade data made them “preferrred funding companions” for Fenergo.
“Finally, we solely exist to serve the wants of our clients. Our objective is to make sure they’ll digitally remodel, be regulatory assured and capable of ship award-winning buyer experiences,” he stated.
Fenergo beforehand raised funding from main enterprise capital agency Perception Enterprise Companions, and in 2018 raised debt funding from Silicon Valley Financial institution and Goldman Sachs.
The corporate’s most up-to-date accounts, for its 2018 monetary 12 months, present that Fenergo is near being worthwhile, in contrast to many fintech corporations which have raised enterprise capital funding.
It made a pre-tax lack of €12.9m (£10.9m) on revenues of €70.1m. It had made a revenue of €2.6m in 2017.
“We look ahead to additional accelerating digital transformation, enabling higher shopper experiences and delivering even larger worth to our shared clients going ahead,” stated Spencer Lake, the vice-chairman of Fenergo, on Wednesday.
“Our determination to speculate and companion with Fenergo aligns with our power and success in monetary providers,” stated Dmitry Loschinin, an govt vice-president of DXC Know-how.