Israeli Technologies in Open Banking

2021-02-19T13:24:56+00:00February 19th, 2021|FinTech|0 Comments

Open banking is a trend that goes against the historical hesitancy that banks have had to integrate their systems with 3rd party software and platforms, due to strict consumer privacy laws. Following the game-changing nature of PSD2 in Europe, banks are required to open their payment infrastructure and customer data assets to third parties. This will force banks to cooperate with Fintech companies, and seek innovation, as they will no longer only be competing against other banks, but against anyone offering financial services.

WHO TACKLES THIS TREND?

  1. Neema

Neema aims to help migrant workers manage their basic financial needs by offering the Neema Digital Mobile Wallet for the underserved consumer. Created specifically for the migrant worker, the Neema App includes high-level service with low bank fees, cash pickups, mobile wallets worldwide, and an app-based international VISA card. Neema also enables business and financial organizations around the world to expand and optimize their cross-border payment networks by offering the Neema cross-border payment API.

Founded

1/2015

Funding stage

C+

Amount Raised

$2M

  1. FinCom

FinCom.Co is an IT company that developed and commercialized a database entry unification solution working with unstructured data, multiple languages, and spelling mistakes. FinCom.Co’s patented core technology uses over 44 algorithms from machine learning, advanced mathematics, phonetics, and artificial intelligence. The system enables the unification of databases and can match entries across 38 languages, even with transliterations and/or spelling mistakes.

Founded

8/2015

Funding stage

Seed

Amount Raised

$1M

 

  1. Salaryo

Salaryo is a FinTech startup focused on helping small businesses grow and reach financial stability by offering flexible and affordable financing and digital banking products. The company has financed hundreds of entrepreneurs, freelancers, and small business owners in the United States.

Founded

1/2017

Funding stage

Pre-Seed

Amount Raised

$12M

  1. Payoneer

Payoneer specializes in helping businesses transcend borders, limits, and expectations in today’s digital world. Payoneer gives businesses of all types and sizes access to new economic opportunities by enabling them to transact globally as easily as they do locally. Payoneer’s digital platform streamlines global commerce for millions of small businesses, marketplaces, and enterprises from 200 countries and territories. Leveraging its robust technology, compliance, operations, and banking infrastructure, Payoneer delivers a suite of services addressing cross-border payments, working capital, tax solutions, and risk management. Founded in 2005, Payoneer is profitable and has teams based worldwide. Powering growth for customers ranging from aspiring entrepreneurs in emerging markets to leading global digital brands such as Airbnb, Amazon, Google, and Upwork, Payoneer is focused on making global commerce easy and secure.

Founded

1/2005

Funding stage

C+

Amount Raised

$282M

For further information contact Economic and Trade Department at the Israeli Consulate in Mumbai.

Siddhant Gupte; Trade Officer, Mumbai

Email: siddhant.gupte@israeltrade.gov.il 

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