London-based fintech PrimaDollar has hired former Komgo chief executive Kris Van Broekhoven as CEO, and is splitting its trade finance platform and due diligence scoring products into two separate brands.
Van Broekhoven’s appointment is part of a reshuffle of the company’s senior management team, with founder and previous chief executive Tim Nicolle taking up a new role as chief product officer.
The former Komgo chief spent more than three years at the blockchain-based commodity finance platform, having previously held senior commodity, trade and supply chain finance roles at Citi, Deutsche Bank and KBC Bank.
Nicolle says he sought the appointment to “drive the business forward” while enabling him to spend more time with the company’s technology and product development teams.
Van Broekhoven will help oversee a major transformation of PrimaDollar’s business, which has already moved away from export finance in order to focus on working capital facilities for cross-border supply chains.
The first of two new brands, PrimaTrade, will continue those operations and will house the company’s trade finance platform.
The platform allows importers, exporters, finance providers and logistics firms to cooperate on digitising documentation, and subsequently use the data generated to improve working capital flows.
A second brand, ES3G, will run the company’s social scoring system, which provides due diligence on human rights issues within supply chains.
The company says the ES3G offering functions as a way of letting a business’ employees review the fairness of its operations, a system it describes as a “low-cost, immediate and authentic way to measure how workplaces are treating their workers”.
Having already sold its export finance book to Berlin-based fintech Modifi, the PrimaDollar brand and website will go into “temporary retirement”, with the company leaving open the possibility of returning to export trade finance as a principal at a later date.
Van Broekhoven adds he believes PrimaTrade and ES3G’s technology “will have a significant impact in the two markets that we are targeting: import trade finance and ESG”.
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