Accelerating Digital Transformation in the COVID-19 Era

What do mid-tier and boutique banks need in order to enhance their ability to onboard new customers quickly and efficiently? What solutions are available to enable them to remain compliant with an ever-changing set of regulations while at the same time keeping up with even faster changes in customer expectations? And how has the global health pandemic made these challenges all the more complicated for financial institutions of all sizes?

We caught up with James Follette, Head of North American Sales and Global Head of Commercial, Business, and Retail Banking with Fenergo. A Finovate alum since 2012, the Dublin, Ireland-based company specializes digital transformation, customer journey, and client lifecycle management (CLM) solutions for banks and other financial institutions.

Finovate: Fenergo secured a major investment earlier this year – the largest in the company’s history, I believe. What was the significance of this fundraising in terms of helping Fenergo reach its goals for 2020 and beyond? 

James Follette: Fenergo received $80 million in funding from DXC Technology and our client, ABN AMRO at a valuation of just under $1 billion, so it was of huge significance for the business. Both firms’ pedigrees, deep experience and industry knowledge made them the ideal investment partners for Fenergo. Apart from the continuous enhancement of our product, the funding will go towards recruitment and growth initiatives. 

Finovate: The company just released a cloud-based version of its CLM solution, Fen-Xcelerate. What does the technology do? Who does it do it for? And why make the solution available now? 

Follette: Fen-Xcelerate is a lower cost, cloud-based SaaS version of Fenergo’s client lifecycle and journey management (CLM) solution. It is tailored specifically to mid-tier, community and boutique commercial, business and retail banks seeking to accelerate digital transformation, so they can offer digital services and open accounts remotely. 

Fenergo launched Fen-Xcelerate in response to a growing demand amongst mid-tier and boutique banks for a digitally enabled CLM solution that could be up and running in weeks. This cohort of banks, heavily reliant on manual processes for onboarding and compliance, were also looking for an off-the-shelf solution that was plugged into Customer Relationship Management (CRM), data and screening providers such as Salesforce, Microsoft, Refinitiv and RDC, at a price point more suited to their budgets. Fen-Xcelerate addresses these challenges, enabling banks to more readily step up and support businesses and the community in their hour of need. 

Finovate: What is required on the bank’s part in terms of deployment and integration? How much work and how much time is involved? 

Follette: With minimum customization, Fen-Xcelerate can be deployed in six to twelve weeks. It removes the need for banks to spend time and resources plugging into services such as Salesforce, RDC and World-Check One. As a result, banks can very quickly switch to a digital onboarding and client journey management model, while performing client due diligence (CDD) for KYC and Anti-Money Laundering (AML) compliance, digitally and seamlessly. Deployment will typically be carried out by Fenergo’s professional services team. 

Finovate: The combination of rapid technological advancement, accelerating customer expectations, and ever-changing regulatory obligations can create a challenging environment for mid-tier business and retail banks. How does Fenergo, both specifically with Fen-Xcelerate and more generally, help these FIs successfully navigate this territory? 

Follette: Many mid-tier commercial, business and retail banks lack the wholistic solution required to offer digital services and open accounts remotely, while being able to meet regulatory obligations and detect financial crime. With Fen-Xcelerate, mid-tier and boutique banks can benefit from Fenergo’s deep financial services heritage and best-in-class CRM, data, screening and identity and verification (ID&V) integrations in one solution. Validated by the industry, Fen-Xcelerate can be quickly deployed to digitalize account opening while delivering a seamless customer experience and regulatory  compliance across 100+ jurisdictions and offering access to Fenergo’s community of global banks and regulators. By leveraging Fen-Xcelerate, the goal posts for digitalization within these banks could move from months to just weeks. 

Finovate: This territory has become all the more complicated with the global public health crisis – and the economic consequences of fighting it. What has Fenergo done to help its customers and partners manage this challenge specifically? 

Follette: Our community of clients, partners, regulatory and financial services experts means that we are very tuned in to the needs of the industry. We are continuously enhancing our solution according to the rapidly evolving technology and regulatory needs of financial institutions – and today is no different. Many of our clients have had to pivot to a remote account opening model overnight, this is why we brought forward the launch of Fen-Xcelerate. Banks need to be up and running with a client onboarding and journey management solution very quickly, so that they can provide support to their customers when they need it most. 

Finovate: This year Fenergo has introduced its remote account opening solution, partnered with the likes of IBM, PwC, and Aviva, and of course, released Fen-Xcelerate. What can we expect to see from Fenergo in the second half of 2020? 

Follette: We are experiencing very high demand and have signed 16 new clients since the beginning of the year. The second half of the year will be spent doubling down on supporting our clients in their digital transformation journeys, as they navigate uncertain territory.

Mambu Teams Up with Tide; Europe’s Top Regtechs; Buy Now Pay Later Goes Global

Mambu, the cloud-based banking platform based in Germany, is partnering with U.K. business banking platform Tide to power the company’s revolving credit facilities and overdrafts for small businesses.

“There is a need to be flexible, agile, and customer-centric in the design of financial products,” Managing Director of Mambu EMEA Eelco-Jan Boonstra explained. “Legacy technology constraints can undermine even the best innovation strategy.”

The collaboration will enable Tide to overhaul its product suite in order to better serve customers in a number of locations around the world. This includes offering larger overdrafts, credit cards, and invoice financing, as well as enabling Tide members to lend to each other leveraging solutions managed by Mambu.

“When today’s customers evaluate financial institutions, they no longer compare different banks, they compare experiences,” Boonstra said. “We see this partnership approach as the future of banking technology.”


Regtech is all the rage in fintech these days. From helping businesses negotiate a wave of new regulation – from GDPR to PSD2 – to empowering firms to combat fraud, companies involved in developing technologies to ensure that businesses are getting and staying compliant are enjoying rare attention from the rest of the industry.

A recent review of top regtech startups in Europe in Fintech News was an example of the light increasingly shining on these companies and their vital role in supporting a fintech industry that a growing number of financial services customers – and other businesses – are relying on.

The review cited research from KPMG that anticipates regtech spending in 2022 climbing to $76 billion. Analysis from XAnge, a European VC firm, finds approximately 140 regtech startups in the E.U., divided fairly equally between compliance management, KYC/AML, and risk management solutions.

We were especially please to see that, of the ten regtech startups highlighted in the feature, four of the companies are Finovate alums. Apiax and NetGuardians, which most recently demoed at FinovateEurope and at FinovateAsia respectively, both hail from Switzerland. Apiax, recently profiled here on the Finovate blog, offers a comprehensive compliance solution that leverages APIs to integrate its compliance rules into digital processes. NetGuardians focuses on Big Data and uses it to help banks fight fraud and automate compliance.

Also earning recognition on the top European regtech list was Ireland’s Fenergo. The company, founded in 2009 and having made its Finovate debut back in 2012, specializes in client onboarding and account opening solutions for banks and financial services companies. Just this week, Fenergo announced that it was launching a new remote account opening solution in both the EMEA and APAC regions.

Half of the companies on Fintech News’ regtech roster are from the U.K. The Finovate alum among this group, Onfido, leverages automated machine learning, optical character recognition (OCR), and other technologies to provide identity verification to combat fraud. Demoing its technology at both FinovateEurope and FinovateFall in 2018, the company earlier this month announced a major $100 million fundraising that brought the company’s total capital to more than $182 million.

“We’ve naturally chosen the grow-fast path because we strongly feel that the time to solve the digital access problem is overdue, and urgently needs to be solved, for good,” Onfido CEO and co-founder Husayn Kassai said. “We didn’t fundraise to just get to the next milestone, we need the funding as we’re changing the world.”


The Buy Now Pay Later Revolution is sweeping the world. Check out Finovate Senior Research Analyst Julie Muhn’s coverage of Tencent’s $300 million investment in Australia-based Afterpay this week:

Tencent’s move comes shortly after its rival Ant Financial took a minority stake in Afterpay competitor Klarna. Afterpay has 3x the web traffic of Klarna and 1.5x the traffic of its other major competitor Affirm.

The buy-now-pay-later segment of fintech has been heating up this year, despite– or perhaps because of– the current economic and health crises.


Here is our weekly look at fintech around the world.

Asia-Pacific

  • V Capital, and advisory firm based in Malaysia, and U.S.-based Cross River Bank partner to apply for a digital banking license in the country.
  • Hong Kong-based Oriente, a fintech that provides digital infrastructure for financial services, secures $50 million in its still-open Series B round.
  • South Korean cryptocurrency startup Childly teams up with blockchain analysis company Chainalysis.

Sub-Saharan Africa

  • Nigerian fintech startup Okra, which facilitates the exchange of real-time financial between banks, customers, and apps, locks in $1 million in pre-seed funding in a round led by TLcom Capital.
  • Flutterwave, based in San Francisco, California and Lagos, Nigeria, introduces new portal for African e-commerce merchants.
  • Visa and Kenya’s Pesapal team up to support connected digital payments.

Central and Eastern Europe

  • Resistant AI, a cybersecurity startup based in the Czech Republic, raises $2.75 million in funding.
  • Azer Turk Bank (ATB), based in Azerbaijan, deploys technology from Lithuania’s Ashburn to manage EFTPOS networks.
  • Germany’s Celonis leverages its process mining platform to develop new AI-powered accounts payable solution.

Middle East and Northern Africa

  • Egypt’s Commercial International Bank acquires 51% stake in Kenya’s Mayfair Bank.
  • BenefitPay, Bahrain’s national electronic wallet, announces 1257% increase in remittance volume in March.
  • Tata Consultancy Services to launch a digital only bank in Israel.

Central and Southern Asia

  • Indian cryptocurrency exchange CoinDCX announces trading availability of two native tokens from Crypto.com, MCO and CRO, on its platform.
  • Amazon launches new credit service, Amazon Pay Later, in India.
  • India-based ecommerce firm Paytm unveils contactless dining solution for restaurants in the coronavirus era.

Latin America and the Caribbean

  • paysafecard brings its payments platform, Paysafe, to Paraguay.
  • Latin Post looks at the use of fintech apps in Mexico.
  • Financial markets solutions provider Calypso Technology inks partnership agreement with Colombia-based consultancy Sophos Solutions

Top image designed by Freepik

Fenergo Raises $80 Million from ABN AMRO Ventures and DXC Technology

Digital banking and client lifecycle management solutions provider Fenergo brought in $80 million in funding today, bringing its total raised to $155 million and boosting its valuation to $800 million.

The funds come from new investor ABN AMRO Ventures and existing investor DXC Technology, which have taken a 10% stake in Fenergo. “We are very happy to add Fenergo to our investment portfolio,” said Hugo Bongers, Director at ABN AMRO Ventures. “This investment will contribute to ABN AMRO’s strategic priority to build a future proof bank and fight financial crime. We are impressed with the management team and solution Fenergo offers. In addition, this gives us additional exposure to a group of tier one investors.”

Fenergo will use the funds to bolster its products and hinted that the money will also fuel future company and product acquisitions.

Founded in 2009, Fenergo aims to help financial institutions revamp their client onboarding process by creating a seamless user experience while maintaining regulatory compliance. Demand for the company’s modern onboarding tools can be seen in the growth of its bottom line; last year, Fenergo grew its revenue by 21%.

The Dublin-based company boasts 70 clients, including two of its investors, ABN AMRO and BNP Paribas. Also on the list are 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.

Finovate Alumni News

On Finovate.com

  • Zopa Raises $182 Million En Route to Full Bank Launch
  • Banks Shift to Automation in 2020

Around the web

  • Fenergo teams up with PwC to provide KYC compliance and client onboarding as managed services.
  • SumUp forges partnership with German fintech Penta which will offer the company’s card reader to its customers.
  • Personetics joins Amazon Web Services (AWS) Partner Network (APN) Global Startups Program.
  • Temenos inks partnership with Egyptian National Post Organization.
  • Maybank Group, the fourth largest bank by assets in Southeast Asia, goes live with Avaloq’s banking suite.
  • Installment payment specialist Splitit partners with smart bed solution provider ReST.
  • SoFi scores New York BitLicense, which will permit the company to offer crytocurrency trading services in the state.
  • Jack Henry to provide a comprehensive technology upgrade, including deployment of its SilverLake core system, for Parkside Financial Bank & Trust.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Finovate Alums Earn Spots on Deloitte’s 2019 Technology Fast 500
  • TransferWise Teams Up with GoCardless to Launch Global Network for Bank Debits
  • Finovate Global: Saudi Arabia Bets Big on Fintech; Sberbank Unveils Russian Supercomputer

Around the web

  • Worldline and Bitcoin Suisse partner to enable use of cryptocurrencies at the point of sale.
  • Ripple’s RippleNet tops 300 customers.
  • Tink hires Stripe’s former head of EMEA banking as its new Country Manager for the U.K. and Ireland.
  • DemystData makes Equifax data assets available on its marketplace in expansion of current partnership.
  • Fenergo earns recognition from Chartis Research in its RiskTech 100 2020 report as a category leader for Client Lifestyle Management and Know Your Customer.
  • RISQ Intelligent Software International and Compliy win finalist spots in the Monetary Authority of Singapore’s Global FinTech Hackcelerator.
  • Sensibill named a “Company to Watch” in Deloitte’s Technology Fast 50 Awards.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Currencycloud’s Currencycloud Spark Powers Multi-Currency Accounts.
  • The Tightly-Knit Mortgagetech Sector Gets Even Tighter as Ellie Mae Acquires Capsilon.

Around the web

  • Tradeshift teams with Genpact to help clients enhance accounts payable and procurement processes.
  • OurCrowd to join the Millennium Alternative Investment Networkto increase VC opportunities in the U.S.
  • Finextra talks to Nutmeg about expanding the human side of its roboadvisory.
  • Dwolla unveils The Integration Partner Program for more seamless technical integrations between Dwolla, its partners, and their clients.
  • Finantix appoints Christine Ciriani as Chief Commercial Officer.
  • NCR teams with Brightwell to supply ATMs and managed services for Brightwell’s largest cruise line clients.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Luxoft and Fenergo Team Up

Digital transformation strategist Luxoft and client lifecycle management specialist Fenergo are joining forces. The agreement, announced earlier this week, makes Luxoft the latest to join Fenergo’s 300-member, worldwide partnership ecosystem.

Luxoft will act as a consulting partner to provide expertise, practical experience, and advice to Fenergo’s clients when its comes to initiatives such as data migration, IT architecture, and change readiness. Other such partners on Fenergo’s platform include Accenture, Capgemini, and Genpact. Fenergo CEO Marc Murphy described Luxoft as an “ideal partner” that will help the company “scale… business at a greater pace.”

Luxoft not only gains a way to fulfill its clients’ needs for digital transformation, the company also stands to gain new clients of its own by becoming a member of Fenergo’s ecosystem. “Our partnership with Fenergo aligns with our strength and success in financial services, and presents new opportunities to grow our business, expand our partner ecosystem, and deliver exceptional value to our clients,” said Dmitry Loschinin, executive vice president of DXC Technology, and president and CEO of Luxoft.

Luxoft was acquired by DXC Technologies (NYSE: DXC) which holds a market capitalization of $8.5 billion. At FinovateFall 2014, Luxoft debuted Horizon, a data visualization framework for banking executives.

Founded in 2009, Ireland-based Fenergo debuted its Deal Manager at FinovateEurope 2012. We featured Fenergo’s onboarding technology in our post Yes, Banks Can Compete with Apple’s New Credit Card earlier this year.

Finovate Alumni News

On Finovate.com

  • HackerOne Cracks into $36.4 Million in Funding.
  • Arival Bank Nets $2.3 Million in Equity Crowdfunding Campaign.
  • Winners Circle: Finovate Honors Fintech’s Finest with New Awards Series.

Around the web

  • Cinchy voted “Top Pick” for TechCrunch Disrupt SF 2019 and selected as a CIX Top 20 company for 2019. Check out Cinchy’s upcoming demo at FinovateFall later this month!
  • ThetaRay unveils new office in Mexico City.
  • Epcor partners with data-driven solution provider Segmint to help FIs better leverage payment data.
  • Dwolla teams up with Currencycloud to make international payments easier for businesses.
  • Luxoft to collaborate with Fenergo as part of the company’s Global Platinum Partner program.
  • Meniga helps Grupo Crédito Agrícola launch its new banking app, moey!.
  • Nomis Solutions expands presence in the Midwest with the opening of a Center of Excellence in Cleveland, Ohio.
  • WePay launches same-day deposits to Chase bank accounts for free.
  • Blackhawk Network appoints Harel Kodesh as chief technology officer.
  • Lendio Southwest Michigan franchise opens to offer funding to local businesses.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Namaste Credit Becomes Challenger Bank.
  • Chatbots.Studio Partners with Yozobi. Check them out at FinovateFall later this month!
  • Credit Sesame Raises $43 Million in Advance of IPO.

Around the web

  • Salt Edge marks 400+ integrations with open banking APIs.
  • Payfone teams up with Digital Matrix Systems to help companies fight fraud.
  • Fenergo appoints Louise O’Connell to the newly created role of Chief Customer Officer.
  • StrategyCorps brings on former Geezeo executive, Bryan Clagett.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • CallVU Teams Up with Banca Transilvania to Boost Mobile Banking.
  • Finovate Global: Fintechs Merge and Rebrand in Vietnam; Tinkoff Launches New Voice Assistant Oleg.
  • Hi Oleg! Tinkoff Launches Virtual Assistant.

Around the web

  • Jscrambler introduces self-healing JavaScript to fight code tampering.
  • AlphaPoint sets up shop in Switzerland to access the growing market for tokenization in the country.
  • BlueRush announces that its Best of Show winning IndiVideo platform has topped $100,000 in committed monthly recurring revenue.
  • AiThority interviews founder and CEO of Arkose Labs, Kevin Gosschalk.
  • Global alternative asset manager EJF Capital joins the Artivest platform.
  • INTELid Digital ID blockchain platform integrates ValidSoft’s voice recognition technology.
  • Choosemycompany.com recognizes YSEOP on itsAtWork and HappyIndex.
  • Ayondo’s COO and CFO resign.
  • NDGIT receives Finance IT Innovation Award 2019.
  • Fenergo enters the Taiwanese market through a partnership with TUNG-I Information Services (TUNG-I).

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • SoFi Announces $500 Million Investment Led by Qatar.

Around the web

  • Trustly launches automated invoice payment solution, Pay Your Invoice.
  • PayPal reaches $10 billion in small business loans issued via its business financing offerings.
  • Mastercard and UOB partner to introduce the UOB Retail Business Metal Card designed for APAC SMEs.
  • Kofax launches its Intelligent Automation software platform.
  • Brazilian exchange brokerage, Frente Corretora de Cambio, goes live with cross-border remittance solution powered by Ripple technology.
  • Fenergo unveils a new suite of CLM tools, Digital Client Orchestration.
  • Trulioo named best identity verification and authentication solution at 2019 CNP Expo.
  • KyckGlobal partners with InComm to provide same-day pay to gig workers.
  • Sam Kilmer offers 3 takeaways of FinovateSpring 2019 in 3 minutes.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Vymo Partners with Microsoft to Help Sales Teams Leverage AI.
  • Trustly and Collector Bank Bring Instant Payments to Nordic Merchants.
  • Fiserv Teams Up with Allegacy Federal Credit Union.

Around the web

  • Gartner recognizes Jscrambler in its 2019 Market Guide for Online Fraud Detection.
  • Fenergo launches new suite of CLM tools, Digital Client Orchestration, leveraging APIs to integrate front, middle, and back office systems.
  • Ping Identity unveils new cloud-based multi-factor authentication and single sign-on bundle do defend against identity-based cyberattacks.
  • Tinkoff Bank introduces its own branded online travel agency.
  • RightCapital announces technology integrations with advisor technology platform Capitect and independent research firm Morningstar.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.