INSUBCONTINENT EXCLUSIVE:
Europe has emerged as a key region for hatching and scaling fintech companies
And today, one of the more prominent fintech startups is announcing a large round of funding, from a mix of strategic investors, to keep
growing its business.Dublin-based Fenergo builds solutions for banks and other financial management companies to help with regulatory
It has raised $80 million in funding at a post-money valuation of around $800 million, one of the bigger rounds for an Irish fintech company
and consulting services to businesses (and thus a key partner for a company like Fenergo)
as we are in the middle of a strong period of consolidation in the world of fintech
With this round, Fenergo has raised around $155 million to date, with previous backers including strategics like BNP Paribas, Investec, Ergo
made for startups that are built around the idea of hatching and developing interesting technology for the banking sector, while at the same
time not competing against it directly
ABN ARMO joins BNP Paribas on our list of clients that are also investors
banks have to deal with in the new era of digital banking
That includes a host of regulatory requirements; client lifecycle management (onboarding and making digital interfaces usable); and rolling
out digital interfaces for the services that banks typically offer (corporate/institutional banking, asset management, private banking and
wealth management); as well as client and regulatory technology for financial services
Fenergo also, critically, covers internal-facing services, too, so that the data gleaned from the client-facing products can more easily
parsed.The company today has 70 customers on its books, which may not sound like a lot until you consider that the customers are leviathans
like ANZ, PNC, Banc of California, National Australia Bank, Canadian Imperial Bank of Commerce, UBS Asset Management, Anglo Gulf Trading
Bank, Royal Bank of Canada, First Abu Dhabi Bank, Tricor, Exos Financial and Mizuho, in addition to the two strategics announced today
proven to be a lucrative route for Fenergo, which has had growth of 21 percent in its revenues this year.The growth of the company is also
centers, a focus specifically around its position in investment banking
Departures of ventures like N26 from the U.K
market would seem to underscore that idea
If a company is thriving, would it leave, for example? Or is the implication here that the prospects for thriving have now been cut?In any
case, Dublin has, for the last several years, emerged as a very critical hub for a number of technology and other businesses
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
