Walder Wyss advises Komgo on Emirates NBD’s investment
State-owned bank Emirates NBD has made a strategic equity investment in the Swiss based trade finance and treasury network Komgo. The equity investment was made by Emirates NBD’s Innovation Fund, the new Bank’s corporate venture fund. This fund is designed to combine the bank’s digital ambitions and regional expertise with the agility and technological innovations of FinTech companies.
The Geneva based company was set-up in 2018 as a blockchain joint venture between nine major banks and high profile energy commodities firms but expended to become a broad trade finance platform after acquiring Canada’s GlobalTrade Corporation (GTC) late last year. Komgo currently has 10,000 enterprise users worldwide, and a daily transaction processing value of USD 1bn.
Dubai’s largest lender Emirates NBD is the second bank to invest in Komgo during the last three months after Santander announced a working partnership with and strategic investment in Komgo in June.
Bank shareholders in Komgo now include ABN Amro, BNP Paribas, Citi, Credit Agricole, Credit Suisse, Emirates NBD, ING, MUFG, Natixis, OCBC Bank, Santander, SMBC, Société Générale and RaboBank.
Walder Wyss advised Komgo in the investment. The team included partner Patrick W. Vogel (pictured left) and associate Camille Tistounet (both corporate/m&a, pictured right).
