Irish Fintech, Fenergo to step into Assets and Wealth Management business

Irish Fintech, Fenergo to step into Assets and Wealth Management business

Fenergo, the Irish Fintech Company, has recently announced to staff 300 more people before the end of its fiscal 2018.

The multinational firm is planning bring its total staff headcount to 1000, as it is ideating to expand in new sectors. The company’s new segments for expansion are assets and wealth management, in which it has already invested €30 million. The fast-growing company announced a doubling of revenues for the second year in succession, which resulted in the move to employ more staff for the company.

Fenergo, headquartered in Dublin, Ireland, and founded in 2009, is a leading provider of Client Lifecycle Management software solutions for investment, corporate and private banks, and helps efficiently manage the end-to-end regulatory onboarding and data management processes. Some of its clients are BBVA, UBS, BNY Mellon, HSBC, Westpac, Scotiabank, and BNP Paribas.

Fenergo’s proximate strategy

Fenergo is ambitious for launching an initial public offering by 2020, so is targeting turnover of €100 million by 2019. Until the end of its financial year 2018, it has estimated revenues of €58 million, up from €30 million a year ago and €18.7 million in 2015.

Marc Murphy, CEO, Fenergo, said, “Ultimately our approach is about mutualizing the cost to be compliant and so regulators and banks love us. Between that and the digital transformation journeys that financial institutions are on, it means our technology is in demand.” According to him, an increasing proportion of group revenues are coming from recurring software fees. “We’ve emerged as the market leader in the client lifestyle management space for financial institutions, and are now looking to go beyond this,” Murphy added.

Fenergo CEO further quoted, “We’re building a multinational in our hometown and that is something I’m extremely proud of,” he reported, Fenergo has added more than 200 employees to its workforce over the last year to bring headcount to 700.

Further, stating about the future acquisitions, Murphy added, “We’re looking at one or two acquisitions on a weekly basis. I guess we are in the phase where we haven’t fallen in love yet, but we’re definitely looking to do so.”