Emirates NBD makes strategic investment in trade finance tech firm Komgo
Dubai-based banking group Emirates NBD has made a strategic investment in Komgo, a software firm catering to the trade finance industry. The total amount invested has not been disclosed.
The equity investment was made through Emirates NBD’s Innovation Fund, which was launched earlier this year. The fund aims to establish strategic partnerships with fintech firms that further the bank’s digital transformation ambitions.
Headquartered in Geneva, Switzerland, Komgo’s solutions are geared towards treasury, credit, and trade finance teams, streamlining communications and strengthening operational capacity for over 10,000 enterprise users worldwide. It has offices in Paris, Singapore, London, Toronto, and Houston, and boasts a customer base of more than 200 multinational corporations and banks.
Souleïma Baddi, CEO of Komgo, says Emirates NBD is the first Middle Eastern bank to hold a stake in the company, adding the investment “marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future”.
For Ahmed Al Qassim, group head of wholesale banking, Emirates NBD, the equity investment in Komgo “reflects our commitment to constantly innovate and develop tech solutions that can accelerate business processes”.
“We recognise how the fast-changing fintech landscape impacts our industry and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”