JERUSALEM (Xinhua) — The foreign funds raised by Israeli financial technology (FinTech) companies reached a new record of 422 million U.S. dollars in the first half of 2018, an Israeli report said on Sunday.
The amount, raised in 45 transactions, registered a 33-percent rise from the second half of 2017, said the report by Start-up Nation Central, a non-governmental organization dedicated to the Israeli innovation ecosystem.
About 30 percent of the funds were channelled into the payment industry, while some 30 million dollars were raised by FinTech companies in growth stages, the report said.
There are currently around 480 Israeli companies operating in the FinTech sector. An examination of 277 Israeli FinTech firms showed a 26-percent increase in revenue in 2017.
Notably, 31 Israeli FinTech companies posted a revenue of more than 10 million dollars in 2017, compared to only 26 a year ago.