Fosun Considering Israeli Fintech Startup Investment

Shanghai-based conglomerate Fosun International Ltd. is negotiating a multi-million dollar investment in Israeli fintech startup BondIT Ltd., people familiar with the matter who spoke on conditions of anonymity told Calcalist.

If the negotiations end in an agreement, this will be Fosun's first investment in an Israel-based fintech company. While the conglomerate has invested in the industry globally, in Israel Fosun focused mostly on the life sciences sector until now.

In 2013 Fosun bought 95% of the shares of Israel-based aesthetic laser company Alma Lasers for $240 million through its pharmaceutical unit Fosun Pharma, renaming it Sisram Medical Ltd. In 2015 the conglomerate invested $25 million in Israel-based medical device company OrNim Medical Ltd. The same year, Fosun failed to convince the Israeli regulator to green-light a deal in which it planned to acquire 52% stake of Israeli insurer Phoenix Holdings. In 2016, Fosun bought Israel-based Dead Sea cosmetics manufacturer Ahava for $77 million.

Established in 2012, BondIT has two headquarters, one in Hong Kong and one in Herzliya, 9 miles (14 km) North of Tel Aviv. Employing 30 workers, the company develops machine learning-based analytics tools for the fixed income global market.

In 2016 BondIT signed a strategic partnership with Shanghai-based company Wind Information Technology Co., Ltd., a provider of financial data, research, and information to financial institutes in the Chinese market.

In 2015 BondIT was the first Israel-based company accepted to the Hong Kong-based fintech accelerator operated by consulting company Accenture PLC in partnership with Credit Suisse, Goldman Sachs, and J.P. Morgan. At the time, BondIT CEO and Co-founder Etai Ravid said the company is committed to the Asian market.