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Blockchain trade finance firm Komgo raises $29 million – Ledger Insights

ByCryptoExpert

Jun 2, 2021


Commerce finance blockchain three way partnership Komgo raised CHF 26 million ($29 million) in its third spherical of funding. The funding introduced in SMBC and an unnamed world monetary establishment as two new shareholders, bringing the full quantity to twenty.

The Komgo commerce finance platform targets the commodities sector. It was launched in 2018 by ING, Societe Generale, ABN Amro, Shell and eleven different organizations concerned within the banking and oil sectors. The truth that the shareholders are a mixture of banks, commodities and buying and selling corporations differentiates komgo from different commerce finance platforms the place traders are usually banks.

To start with, most of Komgo’s transactions have been from oil and commodities corporations utilizing VAKT’s post-trade commodities blockchain, which has a number of widespread shareholders. Komgo started in Geneva and has already expanded to Singapore, with each areas being world commodity facilities. A number of the funding from this funding shall be allotted in the direction of increasing within the U.S, with New York and Houston already on-line. 

In addition to enlargement, Komgo may also allocate funds in the direction of advertising and marketing to succeed in corporations past the pure commodities sector and put money into new options and refine its current software program options. 

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Komgo has developed 4 completely different options: konsole, market, test, and trakk. ‘Konsole’ is the primary line of service for commerce finance, ‘market’ makes use of blockchain to help banks in managing threat, ‘test’ digitizes KYC exchanges, and ‘trakk’ authenticates and traces digital paperwork. The answer makes use of enterprise ethereum blockchain expertise.

The Covid-19 pandemic led to larger demand for digital options throughout all sectors, which contributed to the 50% enhance in commerce finance transactions on Komgo’s platform and 65% development in its consumer base within the final yr. ING reported that fifty of its commodities shoppers are utilizing the answer. Komgo has loads of shoppers that aren’t shareholders, with 29 banks utilizing the platform and 146 corporates. Two which were publicly introduced embrace Lloyds Bank, and Sberbank.

“The character of Komgo’s enterprise, as a B2B monetary software program supplier, signifies that having the requisite institutional help is vital,” mentioned Souleïma Baddi, Komgo’s CEO. “Our base of founding shareholders have to date enabled the corporate to take a number one position within the transformation of commerce finance.”

In the meantime, Komgo bought commerce finance platform TRAFEC firstly of 2020.



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