Fenergo Lands $75 Million in Private Equity Funding

After showing consecutive, year-over-year growth of 100% for the past three years, know your customer (KYC) management software vendor Fenergo has secured a $75 million investment from Insight Venture Partners, a New York-based private equity and venture capital firm.

After showing consecutive, year-over-year growth of 100% for the past three years, know your customer (KYC) management software vendor Fenergo has secured a $75 million investment from Insight Venture Partners, a New York-based private equity and venture capital firm.

The transaction is expected to close within the next few weeks, Fenergo officials say.

Insight Venture Partners invests in “high-growth technology and software companies,” Insight officials say. Founded in 1995, Insight has raised more than $10 billion and invested in more than 200 companies worldwide.

The private equity money will be used to grow Fenergo’s global footprint and presence in new and existing international markets and to “develop a partner ecosystem, which includes establishing Fenergo University and consulting accreditation program” to help the vendor’s partners implement Fenergo solutions, say vendor officials.

“Financial institutions are grappling to understand and comply with new and changing regulatory obligations, resulting in the inability to onboard legal entity clients in a timely and cost-effective manner,” say Fenergo officials in a prepared statement.

Fenergo’s solution is to centralize client and counterparty data to support regulatory and legal compliance, and facilitate efficient client onboarding, vendor officials say.

Given the company’s growth pattern, “the market is encouraging us to find a strategic partner that will enable us to become the industry standard for client lifecycle management solutions,” says Marc Murphy, CEO of Fenergo, in a prepared statement. “We believe we have found that partner in Insight Venture Partners and we look forward to working closely with them as we scale our business into the global industry standard.”

Headquartered in Dublin, Ireland, the company has recently expanded globally to include offices in London, New York, Boston, Sydney and Wroclaw, vendor officials say. Fenergo serves Scotiabank, Bank of Montreal, State Street, SunTrust, Barclays and Royal Bank of Canada.

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Fenergo Lands $75 Million in Private Equity Funding

After showing consecutive, year-over-year growth of 100% for the past three years, know your customer (KYC) management software vendor Fenergo has secured a $75 million investment from Insight Venture Partners, a New York-based private equity and venture capital firm.

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