Dubai, 04 September 2023: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has invested in Komgo, a leading software development and technology services company transforming the trade finance industry.
The strategic equity investment was made by Emirates NBD’s Innovation Fund, the Bank’s corporate venture fund. Created earlier this year, the fund has the objective of strengthening synergies from strategic partnerships by combining the Bank’s digital ambitions and regional expertise with the agility and technological innovations of fintech companies.
Emirates NBD’s corporate venture capital arm will enable the Group to make investments in tech start-ups and companies that further support its digital strategy. The Innovation Fund’s mandate is to invest in a wide range of stages, from early to growth, depending on the strategic fit for the Group, with the aim of delivering strategic benefits and realising a long-term return from investments.
Komgo’s innovative solutions empower Treasury, Credit, and Trade Finance operations, streamlining communications and strengthening operational capacity for more than 10,000 enterprise users worldwide. From its Swiss roots, the company has expanded to key international locations including Singapore, Paris, London, Toronto and Houston, and is trusted by a diverse customer base that includes more than 200 multinational corporations and global trade banks. Approximately USD 1 billion in transaction value flows through the Komgo Network each day.
Commenting on the announcement, 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. 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.”
Neeraj Makin, Group Head of Strategy, Analytics & Venture Capital, Emirates NBD, said: “Innovation is at the heart of everything we do at Emirates NBD and as technology rapidly evolves, 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 NBD has taken a strategic equity stake in Komgo, becoming the first Middle Eastern bank to hold shares in the company. This marks a significant milestone and a powerful affirmation of Komgo's solid track record and promising future.”
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