Fenergo, a provider of AI-powered solutions for Know Your Customer (KYC), Anti-money laundering (AML) transaction monitoring, and Client Lifecycle Management (CLM), reports a profit before tax of “€12.6 million and a 20% increase in software license growth” in its financial results for the year ending March 2024.
The results are said to be a testament to the strength of Fenergo’s 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 FIs and corporates to drive operational efficiencies, “reduce regulatory risk and enhance client experience.”
Although Europe remains its strongest market, Fenergo also reported growth in the US (7%) and Asia Pacific and the Rest of the World “combined at 10%.”
This follows investment in the group’s “go-to-market strategy in recent years.”
Fenergo’s Chief Executive Officer, Marc Murphy, said the demand for their services are rising at an “unprecedented rate” as firms seek to manage the environment including changing regulations.
He added that the competitive AI envirionment means they are focusing on driving operational efficiences.
“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
As covered, Fenergo is the 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 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 FIs are future-proofed against “evolving Environmental, Social and Governance (ESG), KYC, AML, tax and prudential regulations across 120+ jurisdictions.”