Fenergo raises $80M at an $800M valuation for compliance and other fintech services aimed at banks –
Summary
) The funding is coming from two investors: the multinational banking giant ABN AMRO (via its Ventures arm) and DXC Technology, which provides a wide range of IT, systems integration and consulting services to businesses (and thus a key partner for a company like Fenergo). With this round, Fenergo has raised around $155 million to date, with previous backers including strategics like BNP Paribas, Investec, Ergo and Insight Partners. They will be joining the ranks of BNP Paribas, Insight Venture Partners and our other equity holders,” said Spencer Lake, vice chairman of Fenergo, in a statement. ABN AMRO alone has nearly €200 billion in assets under management, so providing services for this small but at the same time huge list has proven to be a lucrative route for Fenergo, which has had growth of 21 percent in its revenues this year. They have turned to the city to base their international HQs, to tap into its lower cost of living, English-language lingua franca, ability to attract talent, and sympathetic tax policies.
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