Trade finance platform Komgo raises USD 29 mln in funding

Wednesday 2 June 2021 11:16 CET | News

Switzerland-based trade finance blockchain joint venture Komgo raised CHF 26 million (USD 29 million) in its third round of funding.

The investment brought in SMBC and an unnamed global financial institution as two new shareholders, bringing the total number to twenty. The Komgo trade finance platform targets the commodities sector. It was launched in 2018 by ING, Societe Generale, ABN Amro, Shell and eleven other organisations involved in the banking and oil sectors. 

Some of the investment from this funding will be allocated towards expanding in the US, with New York and Houston already online. Besides expansion, Komgo will also allocate funds towards marketing to reach companies beyond the pure commodities sector and invest in new features and refine its existing software solutions. 

Komgo has developed four different solutions: konsole, market, check, and trakk. ‘Konsole’ is the main line of service for trade finance, ‘market’ uses blockchain to assist banks in managing risk, ‘check’ digitises KYC exchanges, and ‘trakk’ authenticates and traces digital documents. The solution uses enterprise Ethereum blockchain technology.

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Keywords: blockchain, trade finance, funding, fintech
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Switzerland
This article is part of category

Banking & Fintech