Emirates NBD, a prominent banking group in the MENAT region (Middle East, North Africa, and Türkiye), has made a strategic equity investment in Komgo, a leading software development and technology services company revolutionizing the trade finance industry.
The investment was made through Emirates NBD’s Innovation Fund, the bank’s corporate venture fund. Launched earlier this year, the fund aims to leverage 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 enables the group to invest in tech start-ups and companies that align with its digital strategy. The Innovation Fund’s mandate is to invest across various stages, from early to growth, depending on the strategic fit for the group, with the objective of delivering strategic benefits and long-term returns.
Komgo provides innovative solutions that empower Treasury, Credit, and Trade Finance operations, streamlining communications and enhancing operational capacity for over 10,000 enterprise users worldwide. Originally based in Switzerland, the company has expanded to key international locations such as Singapore, Paris, London, Toronto, and Houston. It enjoys the trust of a diverse customer base, including more than 200 multinational corporations and global trade banks. The Komgo Network facilitates approximately USD 1 billion in transaction value on a daily basis.
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, commented on the investment, stating, “Our strategic equity investment in Komgo demonstrates our commitment to continuous innovation and the development of technological solutions that accelerate business processes. We recognize the impact of the rapidly evolving fintech landscape on our industry, and we will continue to discover and support the next generation of technologies that shape the future of finance, further solidifying our position as one of the region’s leading financial institutions.”
Neeraj Makin, Group Head of Strategy, Analytics & Venture Capital at Emirates NBD, emphasized the bank’s focus on innovation and the role of the Innovation Fund in staying at the forefront of disruptive industry trends. Makin stated, “As technology rapidly evolves, the Innovation Fund will continue to 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 remains committed to supporting the bank’s growth and vision of becoming the most innovative bank for our customers, people, and communities.”
Komgo’s CEO, Souleïma Baddi, expressed delight in Emirates NBD’s strategic equity stake and highlighted the significance of this milestone, as it marks the first Middle Eastern bank to hold shares in the company. Baddi sees it as a powerful affirmation of Komgo’s strong track record and promising future.