Emirates NBD makes equity investment in trade finance platform Komgo

Image: Emirates NBD/ Dubai Media Office

Emirates NBD has invested in Komgo, a software development and technology services company that’s active in the trade finance sector.

The strategic equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture fund created earlier this year.

The Innovation Fund aims to invest in tech startups and companies in a wide range of stages, from early to growth, depending on the strategic fit for the group.

Komgo’s solutions drive treasury, credit, and trade finance operations, boosting operational capacity for more than 10,000 enterprise users worldwide.

Equity stake in Komgo aligns with Emirates NBD strategy

Komgo, which has Swiss roots, now has a presence in key international cities including Singapore, Paris, London, Toronto and Houston. Its client base includes more than 200 multinational corporations and global trade banks. Approximately $1bn in transaction value flows through the Komgo network on a daily basis.

Ahmed Al Qassim, group head of Wholesale Banking, Emirates NBD, said: “Our strategic equity investment in Komgo reflects our commitment to constantly innovate and develop tech solutions that can accelerate business processes.”

Neeraj Makin, group head of Strategy, Analytics & Venture Capital, Emirates NBD, said: “The Innovation Fund will further support our ambition to be at the forefront of key disruptive industry trends. We believe that technology is crucial for unlocking new possibilities and our Innovation Fund will remain committed to supporting the bank’s growth and vision of becoming the most innovative bank for our customers, people and communities.”

Souleïma Baddi, CEO at Komgo commented, “We are delighted that Emirates NDB has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company.”