Fenergo expands into asset and wealth management
Fenergo, a Dublin-headquartered provider of client lifecycle management (CLM) solutions for financial institutions is to expand into new market segments including asset and wealth management, as well as a move into commercial, business, private and retail banking.
It is also planning to expand its global footprint into key regions across the Asia Pacific region, Europe, and North America and has doubled its revenue to €58m for the year, with an increasing proportion of revenue resulting directly from recurring software fees.
The Irish fintech company added over 200 employees to its workforce during this period and now operates from offices in New York, Boston, Cape Town, Dublin, Madrid, London, Singapore, Sydney, Tokyo, Toronto and Wroclaw.
Marc Murphy, CEO of Fenergo, said: “This year has been about building on our strengths. We have increased our global footprint specifically across the Asia Pacific region and Europe as we work to meet growing demand and customer requirements across multiple banking segments and better serve our clients in their respective markets.”
He added: “Given our strategic hires and expanded workforce, we are now extending our CLM platform to serve the asset management, commercial, private and retail banking segments. Our diverse leadership team brings a wealth of expertise and experience in financial regulatory technologies that deliver end to end CLM for multiple segments.”
The move comes as the growing company announced a doubling of revenues for the second year in succession, and as it rebounded from a €2.4m pretax loss to record a €2.6m profit gain.
Fenergo, which was spun out of Irish tech veteran John Purdy’s Ergo Group in 2009, provides software solutions for corporate and institutional banking clients, including HSBC, UBS, BNY Mellon, Scotiabank, Bank of Montreal, BBVA and RBS.
It has ambitions to launch an initial public offering by 2020.