Irish fintech Fenergo saw revenue rise more than 7 per cent last year as the company continued to build on its software licence revenue and expand its business.
Newly filed accounts from the company show revenue reached €149 million in the year ended March 31st, 2025, while pretax profit was €21.1 million, almost double the €12 million level of the previous year.
Helping to fuel this growth was the company’s rising recurring revenues. Fenergo notched up €115 million from its software licences, a 15 per cent rise from the €100.3 million a year earlier. The company laid the foundations for this in 2018, when it went from being an on-premise product to software as a service (SaaS). The Covid-19 pandemic accelerated its shift to a SaaS model.
“We built the SaaS products on AWS, and that just allows for easier deployment of the software,” chief executive Marc Murphy explained. “Add on to that, that we’ve built an agentic AI layer, which has made everything more efficient in what we do.”
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Mr Murphy also credits the influence of his chief financial officer Conor Clinch for the growth at the company. “We’ve really systemised how we do our business. It just allows us to put more volume through the machine, and that’s what’s driving the scale, and also our ability to do it more efficiently.”
Founded in 2008, Fenergo develops software for financial institutions that helps them with issues such as regulatory compliance and managing client data. Its customers include 300 of the largest banks and insurers in the world.
The accounts showed revenue from US customers reached €36 million, while the UK was at €14.5 million and France, Sweden and Norway accounted for just under €6 million each. Australia is one of the company’s single largest markets in terms of revenue, accounting for more than €20 million in the latest set of accounts.
Operating profit rose 66 per cent to €12.6 million, while net profit was €18.6 million, up from €11 million a year earlier. Fenergo paid €2.5 million in corporation tax for the year.
Cash generated from operating activities was also higher, rising 13 per cent to €36 million as the group converted revenue into liquidity to fund its operations and invest in product development.
The company also paid out more than €63 million in wages for the year, with more than 500 people employed at the company. That equates to an average salary of €126,000.
Fenergo is planning further expansion. The company announced earlier this year that it would invest €100 million in expanding globally, creating 500 jobs around the world, including 300 in Dublin. The majority of the roles will be in software engineers, senior AI engineering positions and product managers, with plans to create the jobs in the next three years.
