The Fintech Market is in a State of Consolidation, Says SafeCharge CEO

The fintech market is in a state of consolidation, David Avgi, the CEO of payment technology company SafeCharge International Group Ltd., said Monday at a fintech conference held in Tel Aviv by Calcalist, Bank Leumi’s tech banking arm LeumiTech, and accounting firm KPMG. SafeCharge was acquired by Nuvei Corporation last month for $889 million.

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“When there is increased competition, large corporations want more control,” Avgi said, referring to the current market situation. “It is a market where volume, or the player with the most traffic, is the winner,” he added. $14 billion were transferred using SafeCharge’s technology in 2018, Avgi said.

SafeCharge was founded in 2006 by CEO David Avgi and Israeli businessman Teddy Sagi. The company specializes in payment processing, smart payment, and risk management technologies. The company, which employs around 400 people globally, has a research and development center in Tel Aviv. It reported revenues of $138.5 million for the fiscal year 2018, up 24% from 2017.