Fosun Backs Israeli Fintech Incubator The Floor

China-based conglomerate Fosun International Ltd. and its wholly-owned financial services subsidiary Fosun Hani Securities Limited announced on Thursday a $5 million strategic investment in Israeli fintech innovation center The Floor. As part of the deal, Fosun will join The Floor’s board of directors, the companies said.

For daily updates, subscribe to our newsletter by clicking here.

 

Listed as Fintech Next Ltd., The Floor is headquartered inside the Tel Aviv Stock Exchange and serves as a fintech innovation center focusing on digital banking, big data analytics, blockchain, cybersecurity, and artificial intelligence applications. Founded in 2016, The Floor lists HSBC, Deutsche Bank, Santander, Intel, and Accenture among its partners. In May, The Floor announced it has partnered with the Tel Aviv Stock Exchange to jointly establish a blockchain securities lending platform. The Floor has recently established a branch in Hong Kong.

Fosun was represented in the deal by Yair Geva, a partner at Israeli law firm Herzog, Fox & Neeman.

This is Fosun's second investment in an Israeli fintech company. In October 2017, Fosun invested $14.25 in Israeli fintech startup BondIT Ltd. Dually headquartered in Hong Kong and in central Israel, BondIT develops analytics and automation tools for the fixed income global market.

Fosun has been active in the Israeli life sciences sector since its 2013 acquisition of aesthetic laser company Alma Lasers for $240 million. Fosun invested $25 million in Israel-based medical device company OrNim Medical Ltd. in 2015 and bought Israel-based Dead Sea cosmetics manufacturer Ahava for $77 million in 2016. In November 2017, Fosun led a $30 million investment round in clinical stage biotech company MitrAssist Ltd.