Fenergo, a provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, has closed its latest funding round led by ABN AMRO Ventures and DXC Technology (DXC). ABN AMRO’s investment follows the investment by DXC into Fenergo in the summer of 2019.
The funding will facilitate further product enhancement and the potential acquisition of new business units and/or capabilities that are strategically important.
ABN AMRO Ventures is the bank’s corporate venture fund that makes strategic investments in innovative technology companies to boost and accelerate ABN AMRO’s digital transformation. The fund is EUR100 million. As the world’s leading independent, end-to-end IT services company, DXC Technology helps global companies run their mission critical systems and operations to deliver new levels of performance, competitiveness and customer experiences.
Hugo Bongers, Director, ABN AMRO Ventures, says: “We are very happy to add Fenergo to our investment portfolio. This investment will contribute to ABN AMRO’s strategic priority to build a future proof bank and fight financial crime. We are impressed with the management team and solution Fenergo offers. In addition, this gives us additional exposure to a group of tier one investors.”
Dmitry Loschinin, Executive Vice President, DXC Technology says: “We believe that Fenergo shares our vision to provide clients transformative digital solutions at scale by deploying best-in-class KYC, AML, and digital onboarding capabilities with an outcome-based approach. Our decision to invest and partner with Fenergo aligns with our strength and success in financial services. It also presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients.”
ABN AMRO’S Erik van Gelein Vitringa, Product Owner, KYC and Client Acceptance, outlines how ABN AMRO leverages Fenergo’s unique enterprise software solution to solve its KYC and Client Lifecycle Management challenges in this video.
Marc Murphy, CEO, Fenergo, says: “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. 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 and DXC Technology’s investment and partnership with Fenergo is testament to the credibility of both firms. They will be joining the ranks of BNP Paribas, Insight Venture Partners and our other equity holders,” says Spencer Lake, Vice Chairman, Fenergo. “We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward.”
Fenergo’s market leading CLM solutions enable global financial institutions to digitally transform client onboarding while optimising customer experiences and ensuring regulatory certainty. Fenergo recently expanded into new markets including asset and wealth management, private, retail, business and commercial banking and appointed global team leaders to spearhead growth.
In the past calendar year Fenergo added key global customers to its roster of over 70 clients including 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. Fenergo grew its revenue by 21 per cent