Fenergo closes $80m funding from ABN AMRO Ventures and DXC Technology bringing valuation to $800m

– IRELAND, Dublin –  Fenergo, the leading provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, today announced that the company has closed its latest funding round from ABN AMRO Ventures and DXC Technology.  ABN AMRO’s investment follows the investment by DXC Technology (NYSE: 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.

Marc Murphy, CEO Fenergo, said: We are delighted to join ABN AMRO Ventures and DXC Technology’s investment portfolioTheir pedigrees, deep experience and industry knowledge make them both ideal investment partners for FenergoABN AMROjoins BNP Paribas on our list of clients that are also investorsUltimately, wonly 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 Ventures is the banks corporate venture fund that makes strategic investments in innovative technology companies to boost and accelerate ABN AMRO’s digital transformation. The fund is EUR 100 millionAs 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 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

Dmitry LoschininExecutive Vice President, DXC Technology said: 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

Spencer Lake, Vice Chairman Fenergo added: 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.

Fenergo’s market-leading CLM solutions enable global financial institutions to digitally transform client onboarding while optimizing 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. 

For more information: https://www.fenergo.com

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