Management of Blender Financial Technologies opened trading this morning in celebration of its IPO on TASE.
Blender is the first Fintech company listed on TASE and the 14th new company joining TASE's public companies' family since the beginning of 2021.
Blender will be included in TASE's Software and Internet Sector, which currently comprises 20 companies with a total market cap of NIS 84 billion.
Blender's Fintech activity includes the development and operation of a system for the management of credit and savings, in Israel and overseas. The company develops and integrates a technological system that is based on the proprietary algorithms of the company. Using tools and methodologies from the fields of big data, machine learning, behavioral psychology and more the system facilitates swift and efficient extension of customized credit.
Blender's loan technology eliminates the need for physically meeting with the loan applicant and supports seamless scalability into new geographical territories. As part of its digital banking activities in Europe, the company extends consumer loans to households, while in Israel the company primarily serves as a platform for P2P credit.
The company is currently in the final stages of obtaining a specialized banking license in Europe and intends to use the IPO proceeds for further growth, including compliance with the capital adequacy ratios that are required for the license and for the expansion of its operations in Israel and Europe.
The company raised NIS 80.5 million in an IPO of shares and 2 series of warrants, based on a company value of NIS 292.5 million after the money.
At the beginning of April 2021, the shares of the company are expected to join TASE's TA-Growth, TA Tech-Elite, TA Global-BlueTech and TA-Technology indices under the new companies' fast-track entrance.
Dr. Gal Aviv, CEO of Blender Financial Technologies, said: “We are delighted and proud to be the first Fintech company listing on TASE. This entails both a privilege and an obligation - we have the privilege of being the first and the obligation to prove our vision of innovation and competition. As Israel's leading P2P company, Blender is a blend of business success and social success. At the same time, Blender is preparing for its next big step of becoming an all-European virtual bank for high-yield savings and consumer credit and expanding the range of its European services. We believe that through TASE Blender can grow its activities in Israel and Europe and become a major global player."
Lior Navon - Head of Sales and Market Development at TASE, said: “We look forward to seeing more Fintech companies list on TASE, which would be conducive to competition and allow private consumers more efficient financial services at lower costs. I wish the company success in its innovation of credit and savings management, which will benefit both the public and the Israeli economy."
In the picture from right to left: ADV Annie Aviram, Legal Advisor; Barak Gur, VP Product & Founder; Dr. Gal Aviv, CEO & Founder; Doron Aviv, Chairman; Boaz Aviv, CTO & Founder; Chagai Gefen, CFO, and Stav Bloch VP Business Development.
Credit: Tel Aviv Stock Exchange.
