Skip to main content

Fenergo Group Limited reports €12.6 million profit before tax and 20% increase in recurring revenue

Published Date

Dublin, 13 December 2024 -- Fenergo, the leading provider of AI-powered solutions for Know Your Customer (KYC), Anti-money laundering (AML) transaction monitoring and Client Lifecycle Management (CLM), today reports a profit before tax of €12.6 million and a 20% increase in software licence growth in its financial results for the year ending March 2024. 

The positive results are testament to the strength of Fenergo’s software as a service (SaaS) business model and rising demand for its AI-powered CLM, AML and KYC solutions that are trusted by over 100 of the world’s largest financial institutions and corporates to drive operational efficiencies, reduce regulatory risk and enhance client experience. While Europe remains its strongest market, Fenergo also reported growth in the United States (7%) and Asia Pacific and Rest of World combined at 10%. This follows significant investment in the group’s go-to-market strategy in recent years.  

Fenergo’s Chief Executive Officer, Marc Murphy, commented:

“The demand for our solutions is rising at an unprecedented rate as firms strive to innovate and remain competitive amid geopolitical turbulence, changing regulations and high expectations for an exceptional client experience. As our business matures, investment in our SaaS platform and AI capabilities to support our clients on this journey has been paramount. Thanks to our talented teams, extensive partner eco-system and solid go-to-market strategy we have the agility to scale at speed and support firms in new markets such as asset servicing, asset management and energy and commodities.” 

Marc continued:

“In today’s highly competitive AI environment our focus is on incorporating generative AI, machine learning, robotic process automation (RPA) and natural and large language processing (NLP/LLP) capabilities into our solutions to accelerate business outcomes for our clients in their quest to glean value from data, increase productivity and drive operational efficiencies. Today’s earnings reflect the trust that Fenergo has built amongst firms seeking secure and intuitive AI solutions to streamline client lifecycle management processes including document management, transaction monitoring, reporting, search and KYC case management. This trust combined with our people and best-in-class solutions are the cornerstones of our growth strategy.” 

Key milestones in FY2024 include: 

  • Consolidated revenue - €139 million
  • 43 new client bookings including some of the world’s largest asset management firms, energy and commodities providers and banks including LBBW and Proven Bank  
  • 19% increase in asset management & asset servicing revenue  
  • 16% increase in banking revenue  

 

About Fenergo:  

Fenergo is the leading provider of AI-powered Client Lifecycle Management (CLM), know your customer (KYC) and anti-money laundering (AML) transaction monitoring solutions that digitally transform how financial institutions, asset management and fintech firms and corporates onboard and manage clients throughout their client lifecycle. Its software digitally orchestrates every client journey from initial Know your Customer (KYC) and client onboarding, automating regulatory compliance and enabling continuous monitoring throughout the client lifecycle (transaction monitoring, perpetual KYC), all the way to client offboarding. Fenergo is recognized for its in-depth financial services and regulatory expertise and out-of-the-box rules engine which ensures financial institutions are future-proofed against evolving Environmental, Social and Governance (ESG), KYC, AML, tax and prudential regulations across 120+ jurisdictions.