Trade finance blockchain joint venture Komgo raised CHF 26 million ($29 million) in its third round of funding. The investment brought in SMBC and an unnamed global financial institution as two new shareholders, bringing the total number to twenty.
The Komgo trade finance platform targets the commodities sector. It was launched in 2018 by ING, Societe Generale, ABN Amro, Shell and eleven other organizations involved in the banking and oil sectors. The fact that the shareholders are a mix of banks, commodities and trading companies differentiates komgo from other trade finance platforms where investors tend to be banks.
In the beginning, most of Komgo’s transactions were from oil and commodities companies using VAKT’s post-trade commodities blockchain, which has several common shareholders. Komgo began in Geneva and has already expanded to Singapore, with both locations being global commodity centers. Some of the investment from this funding will be allocated towards expanding in the U.S, with New York and Houston already online.
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