Fintech company Credit24 going public on TASE at a NIS 160 million valuation

Non-bank lending credit companies are taking the Tel Aviv Stock Exchange by storm. Credit24 operates in the consumer credit market and is trying to raise NIS 40-50 million ($12-$15 million) over the next month by issuing shares at a valuation of NIS 160 million ($49 million). Calcalist has learned that the fundraising will take place based on the company’s yearly financial reports. Credit24 raised initial capital from its founders, family members, and associates, which was used to finance its operations over the past four years. The company’s current credit portfolio of NIS 20 million ($6 million), is no longer sufficient to process the credit requests it is receiving.