Israel-based 1bsolomon is looking for an equity partner to invest in its new e-commerce platform. The Israeli company has raised $75 million in growth capital from Insight Partners. With this money, it plans to expand its technology to other countries.
About Earnix Ltd.
Earnix is a software company based in Israel. It provides mission-critical systems to banks and insurers, spanning the globe. They are most known for their AI based rating engines, but they also provide a whole lot more. As the name suggests, the company provides a slew of solutions for its customers, including fully operationalized telemetrics. In its quest to become a global provider, the company has recently raised a whopping $4 million in pre-money funding led by Insight Partners. The funding will be used to accelerate its growth and expand its footprint across the globe. Specifically, Earnix will be using its newly minted cash to fuel the latest wave of M&A activity, facilitate rapid platform development, and support the big-picture-minded activities of its human capital.
The company hasn’t been shy about its commitment to innovation. Earlier this year, the company unveiled its newest product: Earnix Replicator, a product designed to automate the complex process of replacing paper-based forms with electronic ones. This technology enables banks and insurers to streamline their internal processes and improve the customer experience.
Financial technology roots in Israel
Israeli FinTech industry is rapidly evolving. The government has encouraged local and international financial bodies to establish FinTech R&D activities in Israel. A wide range of players are actively involved in the field including banks, VC funds, and investment companies.
Israeli banks provide banking services to FinTech companies. Banks are also active in the innovation arena, integrating their own solutions in strategic planning.
Innovation in the Israeli FinTech scene has received a boost from global bodies like Citibank and Barclays. These two banks have established innovation centres in Israel and have invested in local startups. As a result, the country has become a key fintech hub.
Israeli FinTech companies are known for delivering mature solutions that are easy to implement. Some of these include identity management platform Scanovate, digital wallets, and predictive digital banking. Another start-up, Lemonade, is a wholly digital insurance company.
One of the reasons for the success of the Israeli FinTech industry is the entrepreneurial culture. This culture encourages experimentation, failure, and initiative. It is a culture that embodies the importance of self-reliance.
75 million in growth round led by Insight Partners
Insight Partners has closed its latest fund with $20 billion in capital commitments. The New York-based venture firm aims to partner with high growth technology companies. With offices in London and Tel Aviv, it also has a presence in Asia, Latin America and the Middle East. It is one of the world’s largest software investors.
PlainID is a leading provider of authorization and identity access management solutions. Its recent $75 million round will be used to fuel the company’s expansion into new markets and accelerate its product development. Executives include Gil Levonai, Chief Marketing Officer, and Thomas Ammirati, Chief Revenue Officer. This round was also accompanied by a host of other investors, including Viola Ventures, Itai Tsiddon and, of course, Insight Partners.
Jellyfish, the other Singapore-based startup in the know, is the first to raise a large number of capital, courtesy of Accel, Tiger Global, Wing Venture Capital and Insight Partners. Jellyfish’s latest funding round also marks a major US expansion, with 130 employees currently based in the Pacific Northwest.