ING-backed software company Komgo has raised CHF26 million (€23.7 million) in its third funding round from a consortium of investors including ING Ventures.
Komgo digitalises trade finance with a platform that automates finance transactions, allowing banks, traders and other participants to transact in a secure environment.
“We are very proud of the achievements of Komgo and see the initiative as a great example of the commodity trade finance community coming together to drive digital transformation,” said Annerie Vreugdenhil, head of ING Neo, the bank’s innovation unit.
Spurred by surging demand for digital services during the pandemic, Komgo has seen a 50 percent increase in trade finance transactions on its platform and a 65 percent increase in clients in the past year.
Komgo will use the funds to accelerate its expansion strategy and invest in customer success teams, which will enable the company to support clients worldwide. The funds will also be used to refine Komgo’s products and trade finance applications, such as borrowing base facilities, contract renewals, stock reconciliation and secure digital documents.
“By supporting our clients in adopting Komgo, we can serve them better. Working with Komgo enables us to increase transactional security, strengthen audit and compliance capabilities and reduce fraud across the value chain,” said Maarten Koning, global head of Trade and Commodity Finance at ING.
