Priya Patel
TL;DR:
– More than 500 Israeli fintech companies have raised billions of dollars in the last five years to bring about a major technological revolution.
– The relationship between banks and fintech companies is delicate, with fintech companies working to improve the banks’ ability to grant credit and retain customers.
Speaking on a panel at Calcalist’s Economy of Tomorrow conference, Chen Amit, founder and CEO of Tipalti, discussed the evolution of the fintech field and future predictions. He mentioned that his company has seen near-zero abandonment rates due to their payment system. However, he also emphasized that the free flow of money that existed in recent years is gone, resulting in more hesitant investors and struggling companies looking to be acquired.
Or Liban, Head of Israel and the Middle East at Airwallex, discussed the global focus of his company and their strategy to work with both Israeli and international clients. Keren Danziger, CEO of the Pagaya Investment Funds, emphasized the need for more financial services in Israel and access to credit databases with decades of data.
Lilach Bar David, co-founder and CEO of Lili, mentioned the power shift to customers and the ability for them to choose how they receive financial services. Limor Hassid Levenberg, Director of Data and Digital at Bank of Jerusalem, highlighted the cooperation and infrastructure that can be provided between traditional banking and fintech companies.
The panelists agreed that there are many fintech companies in Israel, but the market still lacks comprehensive financial services without human intervention. They also discussed the challenges and opportunities of working with Israeli clients and the need for licenses to operate abroad.
