In its first external funding round, customer onboarding specialist Fenergo announced this morning that they had raised €4 million ($5.43 million USD). The new equity investment comes courtesy of Investec Ventures, and includes co-investment from current shareholders.
Fenergo plans to use the additional investment to expand their global presence in North American, Europe, and the Asia-Pacific region. Fenergo is based in Dublin, Ireland.
Investec Ventures partner John Dolan, who will be joining the Fenergo board, said, “(Fenergo) has proven deployments with large global tier one banks and is solving a real pain point for financial institutions who have relied primarily on labor intensive manual processes in onboarding new clients.”
Fenergo develops software that helps financial institutions better meet regulatory and compliance requirements during the onboarding process. The company demoed its Deal Manager software as part of the FinovateEurope 2012 show (see their presentation here), and is looking to accelerate development of its enterprise platform.
Fenergo is chaired by former founder and CEO of Norkom Technologies, Paul Kerley. Marc Murphy is the company’s co-founder and CEO. Fenergo’s clients include RBS, Lloyds Banking Group, Investec, and Rabobank.