Dubai – Mubasher: Emirates NBD has invested in Switzerland-based software development and technology services firm Komgo through the lender’s Innovation Fund, according to a press release.

Established earlier in 2023, the fund aims to reinforce strategic partnerships by integrating the bank’s digital ambitions and regional expertise with the advanced technological tools of fintech companies.

The DFM-listed bank's corporate venture capital (VC) arm will enable the group to invest in tech start-ups and companies that back its digital strategy.

In line with its growth plans, the Innovation Fund seeks to pump investments into a wide range of stages to achieve strategic benefits and realise a long-term return.

Komgo expanded its footprint across key global markets, including Singapore, Paris, London, Toronto, and Houston. It is trusted by a wide customer base that exceeds 200 multinational corporations and global trade banks.

Komgo Network registers around $1 billion in transaction value on an annual basis.

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “We recognise how the fast-changing fintech landscape impacts our industry and we will continue to find and support the next generation of technologies that will help us shape the future of finance and to further strengthen our position as one of the leading financial institutions in the region.”

Neeraj Makin, Group Head of Strategy, Analytics & Venture Capital, Emirates NBD, indicated: “We believe that technology is crucial for unlocking new possibilities and our Innovation Fund will remain committed to supporting the bank’s growth and vision of becoming the most innovative bank for our customers, people and communities.”

Souleïma Baddi, CEO of Komgo, commented: “This marks a significant milestone and a powerful affirmation of Komgo's solid track record and promising future.”

In the first half (H1) of 2023, Emirates NBD recorded a 130% year-on-year (YoY) leap in net profit after tax to AED 12.30 billion, compared to AED 5.30 million.