Israel’s First Digital Bank secures $120 million Series A at $320 million valuation
The Israeli AI-based digital bank has secured investments led by renowned Swiss wealth management group Julius Baer, Japanese financial conglomerate SBI, and China-based technology company Tencent
First Digital Bank (FDB), an artificial intelligence (AI) based Israeli digital bank, has announced a $120 million Series A investment round at a $320 million valuation. The round included renowned financial investors such as Swiss wealth management group Julius Baer, the Japanese financial conglomerate SBI and China-based technology company Tencent.
This round follows a $65 million Seed investment by Prof. Amnon Shashua, the founder and CEO of Mobileye, who will also participate in this equity investment round, and will remain the controlling shareholder of the bank. Also participating in this round are prominent investors such as U.S. private equity firm West Coast Equity Partners, the Hebrew University of Jerusalem Provident Fund and Far East Ventures, the venture capital arm of Far East Organization in Singapore.
FDB is an Israeli based, licensed digital bank aspiring to spearhead the autonomous banking transformation, with proprietary AI tools and technologies. The bank, the first to receive a banking license in Israel in over 43 years, is currently in a pilot stage and is expected to soft launch to the Israeli public in early 2022. The bank is planning to expand into other international markets in the future.
“I firmly believe that AI technology, which is currently transforming significant parts of our lives, can be the key to resolving the financial struggles faced by so many families worldwide,” said Shashua. “We thank our new partners for their trust and look forward to building future strategic collaborations.”
Gal Bar Dea, FDB CEO said: “FDB is now joining forces with highly reputable and financially strong global investors. Our new investors will enhance FDB’s resilience, enabling us to offer consumers a true alternative to the traditional banks in the market.”