Santander Corporate & Investment Banking (Santander CIB) has taken a stake in trade finance fintech Komgo through what it describes as a 'strategic equity investment.'
Santander says the move is designed to accelerate the digital transformation of several trade and working capital products. As a result of the partnership, Komgo, who acquired Global Trade Corporation in 2022, plans to expand its trade finance proposition further.
Santander CIB will contribute tailor-made trade and working capital solutions for Komgo’s client portfolio across Europe and the Americas. The bank also plans to use Komgo’s technology to improve communication with clients and further digitise in the area of trade finance and commodities.
As a result of the investment, Santander wants to help clients "simplify and digitalize trade finance” according to Santander CIB’s Global Head of Trade and Working Capital Solutions Mencia Bobo.
She said “Partnering with Komgo means we can automate communications, optimise end-to-end processes, reduce operational risk and deliver the best client experience. In addition, it will enable us to innovate and find synergy in our broad Trade Finance business.”
Souleïma Baddi, CEO of Komgo added: “As a leading financial institution and one of the largest trade banks globally, Santander CIB’s investment in Komgo adds another layer of trust to our network. We are especially proud to be supporting its clients’ transformation journey.”
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