7% of Israelis move money overseas every two months, according to Neema

A new survey from Israeli fintech company Neema has revealed that 7% of Israelis move money overseas, either in or out of the country, roughly once every two months. Whereas the market for international money movement is typically dominated by large institutions, Co-founder and CTO Yuval Giveon argues that people are looking for an alternative service.

“It has been a great year,” he told CTech at Fintech 2023. “Whenever the water is stormy in the traditional fintech or financial industry, people come to fintechs and look for solutions that are parallel to the traditional system that might not serve them or might not serve them well.”

Neema claims to create digital accounts that are parallel to the Israeli banking system and offer the ability to move money without the time and cost restraints currently felt in more traditional banking services.

“The beauty of it is that there is not really a typical person,” he continued. “It is you and me. People with relatives abroad, people that are going to relocate or came from relocation, people who study, or people with businesses. Everyone. We live in a global world, and people need to send money for a variety of scenarios, so we are there for them.”

You can watch the entire exchange in the video above.