Irish fintech company Fenergo raises €66m

Irish fintech company Fenergo has raised €66 million, a document filed with the Companies Registration Office (CRO) earlier this month shows.

The fast-growing company, which was spun out of Irish tech veteran John Purdy's Ergo Group in 2009, released 353,126 preference shares to CSC Computer Sciences Holdings on June 18th, the document shows.

CSC’s ultimate parent is DXC Technology, a New York listed company that provides business to business IT services with a market value of $15.05 billion (€13.4 billion).

Fenergo, meanwhile, provides software solutions for corporate and institutional banking clients, including HSBC, UBS, BNY Mellon, Scotiabank, Bank of Montreal, BBVA and RBS.

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The company also released D ordinary shares to Andy Mantzios, Fenergo's vice president of client success for the Asia pacific region, worth €120,328 earlier this year. According to a separately filed document, some 5,200 shares were allotted to Mr Mantzios on January 4th.

Fenergo has been on an upward trajectory, according to the most recent set of financial accounts to March 31st 2018. It grew turnover in the 12 month period from €29.7 million to €57.7 million. The company turned around its loss making position into a €2.6 million profit before tax.

With ambitions to launch an initial public offering by 2020, Fenergo is targeting turnover of €100 million by 2019.

Ergo sold its shareholding in Fenergo for $75 million in August 2015 to Insight Partners and Aquline Capital, who subsequently has invested a further $9.5 million in the company.