Tag: Fenergo

Ireland Opens Markets at the London Stock Exchange

Ireland’s Minister for Financial Services Robert Troy, today became the first Irish government minister to open markets at the London Stock Exchange (LSE), marking Ireland Day and the growing innovation partnership between the UK and Ireland’s financial services sectors.

Hosted by Enterprise Ireland – the Irish government’s trade and innovation agency and Europe’s third-most active VC investor in fintech – the event highlighted record investment, expansion and landmark acquisitions by Irish financial services and fintech firms in the UK, including Ireland’s Fexco Group’s acquisition of Sainsbury’s Travel money this year. The acquisition marks a major expansion for Fexco in the UK’s retail foreign exchange market. The deal announced during the summer, increases Fexco’s UK retail footprint to more than 460 locations, as well as introducing over 18 million Nectar members to Fexco’s travel money services.

Minister Robert Troy commented: “Ireland and the UK are indispensable partners in today’s financial services ecosystem. Sustained investment in Irish fintech and their growth and expansion in the UK, has played a pivotal role in shaping excellence across the City and the wider UK market. Today’s announcements demonstrate how Irish firms are not only investing at home but are also creating jobs and establishing a permanent presence in the UK, benefiting both the UK and Irish economies.”

Supported by nearly €1 billion in VC funding over the past five years, Enterprise Ireland-backed fintech companies are tackling critical industry challenges in compliance, data analytics, cybersecurity, risk management and digital transformation across the UK and global markets.

More than 200 Enterprise Ireland financial services and fintech clients are now active in the UK, investing, scaling and partnering with the country’s leading financial institutions. Today’s ceremony coincided with significant announcements from four Irish firms addressing pressing UK market needs:

•    Version 1, Ireland’s largest home-grown technology company, will mark its 30th anniversary in 2026 and continues to deliver on its major announcement of 1,000 UK AI-related jobs and a £40 million investment programme. Recently its collaboration with NatWest to embed responsible AI governance across the organisation won “Best Data Governance with AI Initiative” at the DataIQ awards.

•    Fenergo, the global leader in client lifecycle management, currently employ 35 people in the UK and will 10-15 new UK roles over the next year.

•    CWSI, a leading Irish cyber security provider today announced a strategic partnership with Bristol based Changing Social, an AI Workplace Transformation consultancy. The collaboration is expected to generate revenues in excess of $40m in the next 24 months across Licencing, Consultancy and Associated Services. Together, the two Microsoft partners will help organisations unlock the productivity and innovation potential of Microsoft Copilot and other AI-driven technologies without compromising on security, compliance, or control.

•    Clear Strategy, a leading Irish data and AI consultancy, is expanding from 34 to 50 specialists in the coming quarter as it grows its UK presence and launches ‘Tempo’, its reference data management solution, into the UK market.

•    ID-Pal, the global leader in AI-powered identity verification, has unveiled the latest enhancements to its fraud detection feature, ID-Detect. Fresh off winning Biometric Authentication Innovation of the Year at the 2025 Payments Awards, ID-Detect’s authentication engine identifies signs of digital manipulation and the markers of AI-driven document fraud. Recent results include preventing fraud valued at +£3m for car-financing platform Finset.

Kevin Sherry, Executive Director, Enterprise Ireland, added: “The UK is Ireland’s largest country export market and a strategic priority for Irish tech, financial services and fintech companies. We are laser-focused on forging high-value business connections and supporting Irish firms to enter, scale and invest in the UK.

“The global financial industry faces a number of mounting pressures – regulatory complexity, escalating cyber and fraud risks, green compliance, data silos and AI bias. Irish firms are building world class customer solutions that are agile, scalable, and secure. They’re helping UK institutions navigate regulatory complexity, unlock new efficiencies, and stay competitive in a fast-moving landscape.”

Hosting the Irish delegation at the London Stock Exchange today, Dame Julia Hoggett, CEO of the London Stock Exchange said: “Today has been a historic day. We are delighted to have welcomed Minister Robert Troy, the first Irish government Minister to open our markets, alongside Enterprise Ireland and some of Ireland’s most innovative companies. This celebration reflects the long-standing and important ties between the financial services industries of the UK and Ireland.”

The UK market is the largest country export market for Enterprise Ireland backed client companies. In 2024, 29% of total client exports, valued at €10.52bn, went to the UK and representing a 4% increase on 2023. Tech, financial services and business services exports to the UK accounted for €1.2 billion in 2024, with tech increasing by 12% and fintech increasing by 5% on the previous year.

Ireland Day at the London Stock Exchange will conclude with a dinner reception at the Irish Embassy in London, hosted by the Ambassador to Great Britain, Martin Fraser, attended by close to 100 senior leaders from across the UK and Ireland’s financial services industry.

Irish companies participating in Ireland Day at the London Stock Exchange, included: Binarii Labs, Clear Strategy, CWSI, Daon, Fenergo, Fexco, Fund Recs, ID Pal, and Tines.

Fenergo creates 300 new jobs in Ireland with €100 million investment

Leading Irish Software as a Service (SaaS) financial technology solutions provider Fenergo, has today announced 300 new jobs at its global HQ in Dublin. This is part of a €100 million Research, Development & Innovation (RD&I) expansion plan supported by Enterprise Ireland. In addition to the new roles in Ireland, which will double the domestic headcount, Fenergo is creating new jobs across its international markets to meet increasing demand for its AI-powered solutions. A total of 500 new positions will be filled by the company globally within the next three years.  

With support from Enterprise Ireland, Fenergo has also invested in a new RD&I Centre of Excellence at its Dublin HQ where the new Irish roles will be based, supporting Fenergo’s innovation strategy. The new roles will enable Fenergo to further deliver on its mission to support financial institutions in fighting financial crime and creating a safer world. Fenergo will continue to build out its intelligent, AI-powered solutions for client lifecycle management (CLM), anti-money laundering (AML) and Know your Customer (KYC). This suite of solutions forms Fenergo’s FinCrime Operating System, which addresses all anti-financial crime events and operations, transforming compliance from a burden into a strategic competitive advantage. 

Recruitment for the new roles is now underway, with candidates being sought for a wide range of mid-level engineering and R&D positions. Fenergo is also rolling out a graduate programme with the intention to appoint up to 30 university graduates. Interested candidates can find more information about the new jobs and submit applications via: Let’s Grow Together | Fenergo. 

Minister for Enterprise, Tourism and Employment Peter Burke TD welcomed the jobs announcement: “The government and Enterprise Ireland are committed to supporting and accelerating the scaling of ambitious, innovation-led Irish companies. Fenergo is a clear example of ambition in action – a company that has expanded at pace since it first launched in 2009, and one which today represents a standout financial technology solutions provider both globally and domestically. Today’s announcement not only represents significant job creation within the Irish market and excellent opportunities for our homegrown talent, but it also reinforces our position as one of the largest and most important tech hubs in Europe. I would like to commend Fenergo on this milestone expansion and their continued investment in Ireland, which I’m confident will underpin further growth for the company while supporting our economy.”  

Marc Murphy, CEO and Founder of Fenergo, said: “I am delighted to announce Fenergo’s significant expansion in Ireland with the creation of 300 jobs at our new RD&I Centre of Excellence, which was made possible with the considerable support and investment we have received from Enterprise Ireland. This investment and growth of our Irish operations reflect our confidence in the excellent talent pool we have in this country, and a market where innovative thinking, entrepreneurship and evolving technology will propel Fenergo to new heights. With AI at the core of our RD&I strategy, we are committed to delivering future-proof solutions for financial institutions in Ireland, across Europe, the UK, America, Middle-East and Asia – supporting them during times of intensifying geopolitical tension and regulatory uncertainty.  

“We are actively recruiting for the new roles already, and I would strongly encourage prospective candidates to consider applying and join our world-class team of change-makers at Fenergo – shaping the future of financial services operations through innovation and AI.” 

Kevin Sherry, Interim CEO, Enterprise Ireland said, “Ambitious companies like Fenergo embody Enterprise Ireland’s mission that Irish owned, globally focused companies will be the primary driver of our economy. Fenergo, announcing 500 new jobs today, is a great example of an innovative Irish company growing customers, adding RD&I to drive forward AI powered solutions and creating an impact in global markets. I’d like to congratulate Marc and the team on this expansion and we look forward to working with them.” 

Due to the continued strength of Fenergo’s export activity, along with a growing portfolio of financial services clients in the Irish market over the past two years, Fenergo delivered a substantial profit in FY25 and is tracking well to deliver strong EBITDA profitability in this financial year, FY26.  Fenergo’s investment in its Irish and international expansion is expected to further bolster its ability to serve international markets while also growing its domestic business. 97% of Fenergo’s revenue in the year ending March 2025 was generated from exported business. 

Enterprise Ireland Export Results 

This expansion announcement was made in conjunction with Enterprise Ireland’s client company export results for 2024. Enterprise Ireland today announced that its clients have achieved record exports of €36.75bn in 2024, up 7% on 2023, with all territories and major sectors recording increases, surpassing the 2022 – 2024 strategy target of €30bn exports.  

Exports to Europe, grew by 8% to €10.63bn representing 29% of total exports. This is the first time that exports to this region have surpassed the UK, making Europe now the largest export territory for Enterprise Ireland’s client base. 

·       Within Europe, the Eurozone, which represents 26% of total exports, continued to perform. Exports increased by 9.6% to €9.42bn in 2024 with growth across the majority of countries, including Germany, the Netherlands and France. 

·       The UK, now the second largest export territory for clients achieved €10.52bn exports in 2024, up 4% on 2023 and surpassing the €10bn mark for the first time.  

·       North America also delivered growth, with exports of €7.30bn in 2024, up 8% on 2023. USA, the main export market had exports of €6.66bn, up 8% on 2023. 

 

All sectors showed strong export growth. The Food and Sustainability sector reached €16.25bn, up 5% on 2023. Non-food exports surpassed this, achieving €20.5bn, up 8%, with the Industrial and Lifesciences sector recording €11.46bn exports, up 9%. Of this, High Tech Construction exports increased by 20% to €4.66bn. 

The Technology and Services sector also grew, with exports of €9.05bn achieved in 2024, up 7% on 2023. Of this, Digital Tech exports reached €3.16bn in 2024, up 9% on 2023. Fintech, Financial & Business Services also saw an increase, up 5% to €2.90bn in 2024.  

Enterprise Ireland client companies spent €42.65bn in the Irish economy in 2024, including €13bn on payroll.  

 

Welcoming Enterprise Ireland’s export results, Minister Burke said: “The strength of Ireland’s exporting base of companies is reflected in Enterprise Ireland’s strong 2024 export performance results. Despite a more challenging international environment, Irish exporters have made significant gains and continue to grow their influence internationally. These companies are a critical part of the Irish economy, and the government through Enterprise Ireland is committed to supporting this sector to scale further, while preparing for and mitigating against disruption in global trade tariffs.” 

 

Announcing Enterprise Ireland’s export results today, Kevin Sherry Interim CEO of Enterprise Ireland said: “Despite ongoing challenges in recent years, such as economic headwinds and rising costs our client companies continue to show their agility and resilience as they scale internationally, achieving yet another year of record export growth with €36.75bn in exports in 2024. This robust performance by clients like Fenergo, reflects a strong and resilient exporting base which fuels our economy, delivering sustainable prosperity nationwide.” 

 

“Our results show that for the first time Europe has surpassed the UK as the number one export territory. This demonstrates that while our client base continues to grow exports in the UK, there is less reliance and dependency on this one market with many clients broadening their base and winning business in other markets. Amid future geopolitical instability, Irish businesses proven ability to diversify across markets will stand to them when facing challenging and uncertain times. Enterprise Ireland remains committed to supporting companies as they explore potential mitigation and market diversifications strategies to navigate the challenges of export tariffs.” added Kevin Sherry.

Fenergo and Deloitte join forces to deliver greater efficiency through client lifecycle management automation

Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring (TM) and Client Lifecycle Management (CLM), and Deloitte Ireland, have announced an agreement to deliver Fenergo’s AI-powered CLM solutions to financial institutions across EMEA.

The alliance combines Fenergo’s best-in-class technology with Deloitte’s technology-enabled business transformation expertise to create a Centre of Excellence for CLM

The alliance responds to increasing demand for optimised digital client onboarding and the need to drive efficiency across KYC and AML operations. Fenergo’s research has found that slow and inefficient onboarding processes have caused nearly half (48%) of global financial institutions to lose clients. To address this challenge, Fenergo and Deloitte Ireland will deploy AI-powered Software as a Service (SaaS) CLM, which will digitalise client onboarding and lifecycle management journeys, and in turn accelerate the time it takes to generate revenue while enabling firms to better identify and mitigate risk.

“We’re excited to collaborate with Deloitte Ireland to deliver our AI-powered CLM solutions to financial institutions and corporates across EMEA,” said Matt Edwards, Global VP of Partnerships and Alliances, Fenergo. “With the unrelenting evolution of global regulation and the need for firms to simultaneously drive growth, the demand for our CLM solutions has risen exponentially and expanded beyond financial services. With the addition of AI, the transformative power of CLM is even more accessible and rapid. Our alliance agreement with Deloitte will enable us to accelerate implementation while helping firms build a more sustainable and compliant future, while delivering a step change in customer experience.”

“Transforming organisations by using AI is something we’re committed to in Deloitte. Our collaboration with Fenergo and the launch of our Centre of Excellence illustrates our focus on providing innovative technology solutions to our clients that drive competitiveness and efficiency,” said Graham Healy, Consulting Partner, Deloitte Ireland. “We believe our mutual clients will also benefit from our broader expertise across financial advisory, business change and target operating model services.”

Financial institutions will also benefit from Fenergo’s unrivalled Perpetual KYC capabilities which streamline and automate periodic KYC review cycles by continuously monitoring client profiles for risk using real-time data. Firms can also leverage Fenergo to more effectively manage ESG requirements in response to growing demand for sustainable and socially responsible investing.