Fintech company Credit24 going public on TASE at a NIS 160 million valuation
The company will try to raise NIS 40-50 million in May, since its current credit portfolio of NIS 20 million is insufficient to process the credit requests it receives
Golan Hazani | 11:37 18.04.2021
Non-bank lending credit companies are taking the Tel Aviv Stock Exchange by storm. Credit24 operates in the consumer credit market and is trying to raise NIS 40-50 million ($12-$15 million) over the next month by issuing shares at a valuation of NIS 160 million ($49 million). Calcalist has learned that the fundraising will take place based on the company’s yearly financial reports. Credit24 raised initial capital from its founders, family members, and associates, which was used to finance its operations over the past four years. The company’s current credit portfolio of NIS 20 million ($6 million), is no longer sufficient to process the credit requests it is receiving. On its website, Credit24 presents what it calls its “smart system” platform, which conducts automated financial analyses with independent learning capabilities based on artificial intelligence. The digital platform is designed to provide automated online credit, 24/7, independent of human assistance. The technology behind Credit24 was developed by a team of executives, graduates of the elite 8200 intelligence unit of the Israeli military, among them the company’s CEO Eran Horowitz, its VP of Product Asaf Yoffe, and its Technology VP Ziv Rozbach.