4 C
March 31, 2023
Finance Technologies

Irish fintech Fenergo acquired by two private equity firms in $600m deal

Fenergo, the Irish fintech start-up focused on regulatory compliance, is to be acquired by a pair of private equity firms in a deal worth $600 million. Marc Murphy, Fenergo founder and CEO According to the Irish Times, whose sources estimated the sum of the undisclosed deal, Fenergo now sits at a value of around €900 million. That figure tips Fenergo into unicorn status, at least in US dollars. Until now, New York-based venture capital firm Insight Partners owned Fenergo. But Paris-based Astorg and London-based Bridgepoint will soon co-own the 2009-founded fintech. The software-as-a-services firm’s clients include UK insurance company Aviva, the Americas division of Mizuho Financial Group, and major European banks such as Santander, ABN AMRO, and BNP Paribas. In the financial year to March 2021, Fenergo’s revenue grew 17% to $107 million. Marc Murphy, Fenergo’s founder and CEO, says the deal is in an effort to “pursue our ambitious high-growth strategy”. Astorg cites the company’s “strong market position” and “consistent strong positive feedback from a customer base of large financial institutions” as key reasons for the deal. A growing need Fellow owner-to-be Bridgepoint mentions the “continued pressure on financial institutions to improve their compliance work”. While at the same time, managing margins and increased regulation. Fenergo’s latest report found AML fines set new records in 2020, in turn proving the growing need for its services. Financial firms parted with some $10.4 billion over breaches spanning financial crime, the Second Markets in Financial Instruments Directive (MiFID II) and data privacy. There was…
Irish fintech Fenergo acquired by two private equity firms in 0m deal

Related posts

Ondot Sytems launches digital card services platform

Amme Jhonson

Monzo hires Visa exec to lead US push

Amme Jhonson

Irish insurtech hub brings feast in southeast

Amme Jhonson

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Policy