Enfusion: The Next Step to Bringing the Cloud to Financial Services

By Roy Luo And Ryan Koh | October 21, 2021

As Enfusion takes its next steps in their amazing journey, now as a public company, we are grateful and thrilled today to reflect upon the story of Tarek Hammoud, Stephen Malherbe, Scott Werner, and the generational business and community they have built over the past 15 years.

In 2006, these three gentlemen set upon the ambitious mission to bring the cloud to a historically unreceptive financial services industry, and their unrelenting resolve and dedication to this bold vision has propelled Enfusion to what it is today – a preeminent, global, high-growth software provider focused on transforming the investment management landscape.

But the story begins even earlier: before founding Enfusion, Tarek, Stephen, and Scott were neck-deep, living in a world plagued by legacy architecture – architecture they saw that stood up the world’s leading investment management firms. They realized first-hand the ironic disconnect of heavily customized, monolithic architecture and broken tech stack even in the most “modern” organizations and quickly set up shop in Chicago to build what would become a strategic technology partner for investment managers. We believe they established a foundational technology framework predicated on the belief that the investment management community deserved a truly modern cloud-native platform, in a time when the cloud more broadly was just getting started (as a point of reference: AWS got started in 2006 as well!)

With this foundation, they did what any great product-led growth business would do: they built and they innovated at ridiculously high velocity. They had the foresight to remain steadfast on this path – they brought the cloud to the investment management community years before it became commonplace. Customers wanted to pull them in all sorts of directions , yet they stayed disciplined and focused. The growth came and they expanded – they went from Chicago, to New York, to London, Dublin, and now several offices across Asia. From a single core offering at launch in 2006, they’ve launched order and execution management, analytics, data, mobile apps and capabilities, and more recently catered content solutions designed for the new work-from-anywhere world we live in. This team has shown us the best of what true product-focused executives can bring to bear, and what you can accomplish with an everlasting drive and dedication to your vision.

And as with every successful business, this core founding group built an incredible team around them. In March of 2020, Tarek handed the reins over to now CEO Thomas Kim (“TK”) – we believe a rare and special breed of executive. We have been blown away by TK’s leadership and his stellar execution in helping cement Enfusion as a leading technology partner for the investment management community. What has truly been a unique privilege to witness is the strength of his leadership and management prowess when taking on the reins just as the world turned upside down in the face of the COVID-19 pandemic.

As any executive out there is likely to know, leading a business through periods of high growth is a daunting challenge, and even more so when you are coming into a pre-established culture, workflow, and storied history – now layer on the global health challenges we have not witnessed in over a century and for even the best leaders out there this is a near insurmountable task. It is truly special to have been partners and witness TK lead and manage with such poise, grace, and focused execution – and we believe the results are evident and speak for themselves. Enfusion today now features 635 clients and a team of over 600 people around the world. More than 1/3rd of these clients were acquired since the beginning of 2020. The Company crossed the $100M ARR milestone this year and is now listed as a public company on the New York Stock Exchange. And what’s more, there’s so much more to be done!

When we come across visionary founders and category-defining businesses, we jump at the opportunity to support their journey. We relish the continued opportunity to learn from Tarek, Stephen and Scott and bask in their continued passion day in and day out. Together alongside TK, this is a powerhouse team, driving a mind-blowingly fun ride that we were so fortunate to punch our ticket for just shy of a year ago.

A culmination of sweat, a rollercoaster ride of emotions, and a resilient, passionate team united behind a vision are typically forgotten behind the glowing fanfare at the exchange. At such a critical juncture and milestone in this business’s path, it’s important to pause and reflect for a moment.

In this reflection, in no fewer words, we are just overwhelmed with gratitude: it’s truly been our privilege to witness this amazing journey, and we are thankful to the entire Enfusion team for their partnership and welcoming us as part of their story over the past year. It has been an honor to lock arms with this set of revolutionary founders and executives and realize such an exciting milestone alongside of them – and even more so there is a meaningful journey ahead with so much yet to be done!

From all of us at ICONIQ Growth: a deep heartfelt congratulations to the whole Enfusion family!