Private equity groups Astorg and Bridgepoint acquired majority stakes of Fenergo in a $600 million deal, giving it a $1.165 billion valuation, per The Irish Times. Fenergo offers regulatory compliance software to help financial institutions (FIs) remove friction from the digital client onboarding process while complying with know-your-customer (KYC) and anti-money laundering (AML) requirements.
The acquisition follows a surge in demand for Fenergo’s regulatory compliance solution, and increases its IPO’s chances of success. Restricted branch access last year drove more customers to open accounts online, but FIs’ need to carry out KYC and AML checks added friction to the digital onboarding experience.
Source: Business Insider
By Victor Chatenay
