Bank Hapoalim to invest $10 million in digital wallet Neema
Hapoalim, which cooperates with the fintech company through its Bit app, is in advanced stages to invest at a company valuation of $40-$50 million. In 2020, Discount Bank acquired 15.5% of Neema’s shares at a NIS 28.5 million valuation ($8.95 million)
Golan Hazani | 09:14 29.11.2021
Bank Hapoalim is in advanced stages to strategically invest in the Israeli fintech startup Neema. Hapoalim is expected to invest $10 million in the company at a $40-$50 million valuation. Neema has developed a digital wallet that allows users to conduct money transfers along with other financial services specifically for unserved populations in the Israeli financial market, such as foreign workers. Neema was founded in 2015 and one of its co-founders is company CEO Moshe Kimhi. In 2019, the company was acquired by the Direct Insurance group, which is controlled by cousins Muki and Doron Schneiderman. In May 2020, Bank Discount acquired 15.5% of Neema’s shares at a NIS 28.5 million ($8.95 million) pre-money valuation through its investment arm Discount Capital. It now seems an additional financial body plans on investing in Neema, banking giant Bank Hapoalim.