Fenergo is building out its infrastructure with the appointment of two sales leads, 100 new recruits, office extensions and a customer success function dedicated to nurturing customer experience. The expansion is a response to a growth spurt at the regtech provider that is expected to generate revenue of over €50 million and breakeven in the fiscal year to the end of March 2018.
The new sales positions are held by Michele Shepard, who joins as chief revenue officer (CRO), and Greg Watson, who takes the role of managing director of sales and strategy. Shepard, formerly senior vice president of sales and marketing, and CRO at Vertafore, a technology provider to the insurance industry that was sold to private equity for $2.7 billion, takes responsibility for all revenue generation and strategy.
Watson joins from HSBC, where he was most recently managing director and global head of the client management group for the global banking and markets division. In this role, he implemented Fenergo software to support client onboarding across 35 countries. At Fenergo, Watson will use his subject matter expertise to help customers implementing or running Fenergo solutions.
Shepard says: “There are 62 banks live on the Fenergo client lifecycle management platform. We need to maintain these bank relationship as we add more.” She expects another seven to 10 banks to go live before the end of the fiscal year and notes opportunities to extend existing relationships with global banks across additional lines of business, all of which will be supported by a customer success function dedicated to the client experience.
The addition of 100 jobs follows the addition of 200 jobs in April 2017 and will lead to employee numbers at around the 600 mark by the end of 2018. The new jobs span the company’s functionality from product and technical development to professional services and sales and marketing. The company has also added an office in Toronto, Canada to meet regional demand and plans to expand its New York office, complementing a Boston operation with towards 50 employees.
Shepard says business is being driven by regulation, particularly Know Your Customer (KYC) and Anti Money Laundering (AML), but adds: “We are starting to see more of our bank customers running initiatives that consider their customers’ lifecycle and focus on improving services. Ultimately, this reduces costs and improves the customer experience.”