Dubai, UAE — Emirates NBD has announced it invested in Komgo, a software development and technology services company.
The strategic equity investment was made by Emirates NBD’s Innovation Fund, the bank’s corporate venture fund.
Emirates NBD’s corporate venture capital arm will enable the Group to invest in tech start-ups and companies supporting 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, to deliver strategic benefits and realize a long-term return from investments.
From its Swiss roots, Komgo 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 US$1 billion in transaction value flows through the Komgo Network each day.
Commenting on the announcement, Ahmed Al Qassim, Group Head of Wholesale Banking of Emirates NBD, said, “Our strategic equity investment in Komgo reflects our commitment to constantly innovate and develop tech solutions that can accelerate business processes.”
Souleïma Baddi, CEO at Komgo, said, “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. This marks a significant milestone and a powerful affirmation of Komgo’s solid track record and promising future.”
