Start-up receives €4m investment for software

A start-up has received €4m in investment for its software that helps financial institutions to meet regulatory compliance and data requirements.

The company, Fenergo, will receive the investment from Ulster Bank Diageo Venture Fund, managed by Investec Ventures, with co-investment from existing shareholders.

Co-founder and CEO of Fenergo Marc Murphy said they were looking forward to working with Investec who already have contacts throughout the global financial sector.

“Having won a number of new clients this year in the US and Canada, we have reached a critical juncture in the company’s journey. We aim to use this new injection of capital to further enhance our solutions in line with client and market needs, accelerate our global growth strategy and consolidate our position as market leader.”

Fenergo is hoping to capitalise on the strengthening of requirements in the wake of the financial crisis. Increased regulations — such as anti-money laundering and know your customer — are driving the demand for client on-boarding, compliance and reference data management solutions. With the increasing fines for any breaches in regulations, Investec believe that Fenergo has found a niche that will grow rapidly, said partner in Investec Ventures John Dolan.