Fenergo, a digital transformation and client lifecycle management (CLM) solution developer, has closed a funding round to support product enhancements.
The capital was supplied by ABN AMRO Ventures and DXC Technology.
With the new proceeds, the RegTech company is looking to increase product developments and potentially make acquisitions of new business units and capabilities.
The startup offers financial institutions with a series of CLM solutions which can transform their client onboarding process while optimizing customer experience and ensuring regulatory compliance. Fenergo provides tools to meet compliance with regulations including KYC, AML, Dodd-Frank, MiFID II and GDPR.
Fenergo vice chairman Spencer Lake said, “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. We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward.”
The RegTech grew its revenue by 21% in 2019 and added several global customers to its client base of over 70. Its clients include PNC, Banc of California, National Australia Bank, Canadian Imperial Bank of Commerce, UBS Asset Management, Anglo Gulf Trading Bank, Royal Bank of Canada and First Abu Dhabi Bank.
AMRO Ventures is the corporate venture arm of the ABN AMRO, which has a €100m fund targeting companies in the technology space.
Hugo Bongers, director at ABN AMRO Ventures, said, “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”
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