A Dublin-based financial software company has received a 4 million euro investment to support international growth and development.

Fenergo, a company offering software to help banks manage new client data, received the investment from The Ulster Bank Diageo Venture Fund, with co-investment from existing shareholders. The company will use the investment to further expand its global footprint across North America, Europe and Asia Pacific, and accelerate the development of its enterprise platform.

Following the recent financial crisis, new and strengthened regulations - anti-money laundering (AML), know your customer (KYC), Dodd-Frank, and the like - are driving the demand for client onboarding, compliance and reference data management solutions. As compliance obligations continue to evolve, Fenergo hopes to position itself to capitalize on this trend.