Santander CIB entered the Komgo capital to digitize the trade finance business

Santander CIB invests in financial technology trade leader Komgo Finance With the aim of supporting the digitization of large multinational companies.

This global agreement will accelerate the digital transformation of the sector Trade finance.

Madrid, 21 June 2023.
Santander Corporate and Investment Banking (Santander CIB)one of the main international banks for Trade financeAnd kumgothe multi-bank network of Trade finance The largest in the world, they come together to accelerate the digital transformation of various products Trade and working capital.

With this agreement, Santander CIB becomes a shareholder in Komgo through a strategic equity stake. Both companies hope to achieve synergy by combining Komgo’s cutting-edge technology with Santander CIB’s broad base of corporate customers globally, as well as its combined leadership in Trade finance.

Mencia Bobo, Global Head of Trading and Working Capital Solutions at Santander CIB, He said: “We want to help our customers streamline and digitize their trade finance operations. The agreement with Komgo will allow us to automate communications, improve end-to-end processes, reduce operational risks and deliver the best customer experience. In addition, it will allow us to innovate and find interesting synergies in our trade finance business.”

Salima Badi, CEO of Komgoadded: “Komgo is the trade finance network of choice for the largest banks in the industry and delivers the best experience for corporate users in workflow management. As a leading financial institution and one of the largest banks in the world, Santander CIB’s investment in Komgo adds another layer of confidence to our network. We are really proud to support their customers’ transformation.”

In this way, Komgo will strengthen its leadership by expanding its proposal for Trade financeAfter acquiring Global Trade Company (GTC) last year. Santander CIB will provide expertise and solutions tailored to Trade and working capital for Komgo’s customer portfolio in Europe and America, taking advantage of Komgo technology to improve interactions between customers and banks, as well as implementing innovative solutions in Trade finance and raw materials.