Irish RegTech Fenergo hits $1bn valuation

Fenergo, a Dublin-based FinTech, has achieved unicorn status after selling a $600 million stake in its business.

The RegTech, founded in 2009, provides regulatory compliance solutions for KYC and AML and claims to work with 32 of the 50 largest banks globally, including Credit Suisse, UBS, and Santander.

Fenergo currently employs around 1,000 people across 14 offices.

The deal valued the company at $1.17 billion, according to sources reported by the Irish Times.

This makes Fenergo the third unicorn that Ireland has produced to date, alongside messaging platform Intercom and human capital management (HCM) vendor Workhuman.

The stake was purchased by UK private equity (PE) firm Bridgepoint, who focus on mid-level businesses and recently owned Pret a Manger, and French PE firm Astorg.

The stake was previously owned by Insight Venture Partners, who invested $75 million in Fenergo in 2015, and B2B IT firm DXC.

Chief executive Marc Murphy, who has a 10 per cent stake in the RegTech, has reportedly reinvested his earnings from the sale.

The news comes after the company raised $80 million at a valuation of around $800 in February 2020.

RegTech continues to be a large and growing market internationally. KMPG research has estimated that financial institutions spent $270 billion annually on compliance in 2018, and that $76 billion will be spent on RegTech by 2022 - up from $10.6 billion in 2017.

    Share Story:

Recent Stories


The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.