Today Swiss-based Komgo said it had acquired Canada’s GlobalTrade Corporation (GTC) for an undisclosed sum (more later). The acquisition rounds out the marriage of the customers and the banks onto the same trade finance platform. GTC brings on board its 120 large multinational customers and their 11,000 subsidiaries that use its trade finance solutions.
On the other hand, Komgo has a dozen banks as shareholders in its blockchain trade finance network.
Both companies are heavily focused on digitizing the Letters of Credit process. Komgo positions itself as a commodities trade finance platform. Many of GTC’s clients appear to be industrial, although they likely buy large quantities of commodities. Several of Komgo’s investors are active in the commodities markets, particularly oil, with the likes of Shell, Total, Mercuria and Gunvor.
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