Irish technology firm Fenergo has reported revenues of €70.1m in the year to the end of March, an increase of 21% on revenues of €57.8m the previous year. 

But the financial technology specialist slipped into a €5.4m loss, compared to a profit of €2.6m a year earlier. 

Fenergo blamed the loss on product development and innovation spending, as well as the cost of expanding its business.

During the year,  Fenergo added several new clients including ANZ, PNC, Banc of California, National Australia Bank, Canadian Imperial Bank of Commerce, UBS Asset Management, Anglo Gulf Trading Bank, Royal Bank of Canada, First Abu Dhabi Bank, Tricor, Exos Financial and Mizuho. 

It also doubled its spend on research and development to almost €20m, while its headcount increased by 44% with appointments made in all 14 offices around the globe

Eimer McGovern, Fenergo's chief financial officer, said that every financial institution in the world is striving to truly transform the digital client experience. 

"Fenergo is fast becoming the industry go-to for the world's largest financial institutions seeking to  address this challenge while ensuring regulatory certainty," she added.