ABN Amro Ventures, the corporate venture fund of Dutch banking group ABN Amro, has invested in Irish fintech firm Fenergo.

With the investment, Fenergo closed its $80m funding. ABN Amro is said to have invested $6m in the fintech firm.

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Last year, the firm secured investment from IT services firm DXC Technology.

The infusion will be used to strengthen the product line-up as well as purchase strategically significant businesses.

ABN AMRO Ventures director Hugo Bongers said: “This investment will contribute to ABN AMRO’s strategic priority to build a future proof bank and fight financial crime.

“We are impressed with the management team and solution Fenergo offers. In addition, this gives us additional exposure to a group of tier one investors.”

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Fenergo offers client lifecycle management tools to digitise the client onboarding process for firms as well as meet regulatory compliance.

Its clientele includes UBS Asset Management, RBC, NAB, ANZ, among others.  

Fenergo vice chairman Spencer Lake said: “ABN AMRO and DXC Technology’s investment and partnership with Fenergo is testament to the credibility of both firms.

“They will be joining the ranks of BNP Paribas, Insight Venture Partners and our other equity holders. 

“We look forward to further accelerating digital transformation, enabling better client experiences and delivering even greater value to our shared customers going forward.”